Refiners in China processed and imported record volumes of crude oil in 1H23, sourcing much of the additional crude oil runs from Russia, Iran, Brazil, and the US. These increases, sparked by China’s initiatives to ease COVID-19 mobility restrictions and reopen its economy, are a return to a more than …

Oil and gas analysts are anticipating a bounce back in exploration spend from the historic lows of recent years. Investment, excluding appraisal, is expected to average $22 billion per annum in real terms up to 2027, according to a new report from Wood Mackenzie. Driving the looming increase is tailwinds …

The discount of Russian oil exported to India has tightened considerably, from some $30 to Brent crude last year to as little as $4 per barrel, Eurasia Daily Monitor has reported, adding that shipping costs, on the other hand, have increased. Per the agency, the shipping costs per barrel of …

Saudi Arabia’s crude oil exports dropped in June to the lowest level in 21 months, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday. The Kingdom, the world’s top crude oil exporter, shipped 6.80 million barrels per day (bpd) of crude in June, down by 124,000 …

Adnoc Gas, estimated to have the seventh largest gas reserves globally, has signed a five-year liquefied natural gas supply agreement with Japan Petroleum Exploration Co (Japex) The agreement is valued between $450 million and $550 million, the company said in a statement on Thursday to the Abu Dhabi Securities Exchange, …

After riding a fossil-fuel boom for decades, Gulf Arab states are eyeing “green” hydrogen as they try to transition their economies and ease the climate crisis at a stroke. Oil producers Saudi Arabia, the United Arab Emirates and Oman are investing heavily in the climate-friendly fuel in a search for …

Non-oil commodities worth $1.738 billion were exported from Khuzestan province, in the southwest of Iran, during the first four months of the current Iranian calendar year (March 21-July 22), an official with the customs department of the province announced. Behrouz Qareh-Beygi put the weight of exported commodities at 6.572 million …

China’s oil imports from Iran have been soaring in August so that the shipments are expected to reach 1.5 million barrels per day (bpd), the highest since 2013, Blomberg reported citing estimates from data intelligence firm Kpler. Based on the Kpler data, China shipped in 917,000 bpd of Iranian oil …

The National Iranian Gas Company (NIGC) has renewed and revised a contract with Armenia to increase the volume of natural gas exports to the landlocked neighboring country until 2030, Shana reported. The terms of the contract, under which Iran exports natural gas to Armenia in exchange for electricity, have been …

Oil prices inched lower on Wednesday, influenced by weak economic data from China, the world’s largest oil importer. International benchmark Brent crude traded at $84.86 per barrel at 10.30 a.m. local time (0730 GMT), a 0.04% drop from the closing price of $84.89 per barrel on Tuesday. The American benchmark …