Iran’s oil minister said Iran’s oil production capacity has increased 40 percent with the rise in investment in semi-finished oil projects. Since the beginning of the administration of President Ebrahim Raisi (August 2021), increasing investment opportunities in the oil industry’s projects has been prioritized as one of the key factors …
Read More »OPEC’s Crude Oil Production Rose Slightly in August
Crude oil production from the OPEC alliance actually climbed in August by 40,000 bpd, according to a new survey published by Bloomberg on Friday. Saudi Arabia’s output may have fallen in August by 170,000 bpd, according to the survey, but Nigeria and Iran’s production increased, largely offsetting Saudi Arabia’s cuts. …
Read More »Drilling Continues to Disappoint as Oil Prices Climb
The total number of active drilling rigs in the United States fell by 1 this week, according to new data from Baker Hughes published Friday. The total rig count fell to 631 this week. So far this year, Baker Hughes has estimated a loss of 148 active drilling rigs. This …
Read More »US Backs Chevron in Dispute with Cyprus over Giant Gas Field
Washington has weighed into a dispute between Cyprus and international companies led by Chevron over how to develop a giant offshore gas field, backing the US company’s plan to link it to neighboring Egypt, two industry sources and a US source said on Friday. The Chevron-led consortium proposed connecting the …
Read More »Oil Prices Hit Multi-Month Highs to Snap 2-Week Losing Run amid Tightening Crude Supplies
Oil prices hit multi-month highs to snap a two-week losing run amid expectations of further supply cuts by Opec+ members. Brent, the benchmark for two thirds of the world’s oil, rose 1.98 per cent, or $1.72, to settle at $88.55 a barrel. It hit a session high of $88.75, its …
Read More »Canada’s Oil and Gas Industry Cuts Emissions while Boosting Output
Canada’s oil and gas companies have managed to boost production from conventional resources while reducing carbon dioxide and methane emissions over the decade to 2021, the industry association CAPP has reported. Between 2012 and 2021, CAPP said, Canada’s oil and gas producers increased their total conventional hydrocarbon output by 21%, …
Read More »Aramco Looks to Break another Record with $50 Billion Share Offering
The world’s largest oil company, Saudi Aramco, is considering the world’s largest offering, according to the Wall Street Journal. According to Saudi officials and “other people familiar with the plan,” Saudi Aramco is considering selling off as much as $50 billion in shares. If The Kingdom goes through with the …
Read More »India Set to Install Record-High Rooftop Solar Capacity in 2024 Fiscal Year
India is on track to install a record-high capacity of solar rooftops in the 2024 fiscal year as solar module prices are falling and enterprises are looking to source greener energy, a new report showed on Friday. Rooftop solar is booming in India and the country is expected to install …
Read More »Kazakhstan Buys Tankers to Transport Oil Bypassing Russia
Kazakhstan is buying tankers to transport its oil through the Caspian and Black seas. Thus, the country can look for an alternative to the main export pipeline through the Russian Federation. A division of the state-owned company “KazMunayGaz” has already purchased two tankers with a deadweight of 8,000 tons each …
Read More »The EU’s Imports of Russian LNG Surged by 40% in the First Half of 2023
The EU’s liquefied natural gas imports from Russia jumped by 40% between January and July 2023 compared to the same period of 2021, before the Russian invasion of Ukraine, campaign NGO Global Witness said on Wednesday. Unlike Russian oil, Russian gas is not banned or under sanctions in Europe. But …
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