African countries are planning to launch their own financing vehicle for oil and gas projects in the face of growing pressure from Western financial institutions to abandon the development of these resources. The group of 18 states needs $5 billion to kickstart what it calls an energy bank. They call …

European energy ministers are weighing two options for importing Russian natural gas, which continues to flow into the EU despite the war in Ukraine, Bloomberg reported on Oct. 15. At a meeting in Luxembourg, ministers from the EU’s 27 member countries are set to discuss their readiness for the upcoming …

Azerbaijan’s gas production is poised to outpace its oil output, driven by a series of significant projects in the pipeline, Rystad Energy, an independent research and business intelligence firm, told Trend. The country’s upstream gas sector is on track for substantial growth, aiming to increase gas output by 51% to …

China National Offshore Oil Corporation (CNOOC) has revealed a record cumulative production of 9 billion m3 of natural gas and more than 900 000 m3 of crude oil from the Deep Sea #1 field. Production from the field is set to rise further as CNOOC, China’s third-largest national oil company, …

Iran’s oil production continued to rise in September despite a global decline in output and restrictions imposed on the country’s exports because of US sanctions. Latest data by the Organization of the Petroleum Exporting Countries (OPEC) cited by local news agencies on Monday showed that Iran’s oil output had increased …

OPEC’s crude oil production slumped by 604,000 barrels per day (bpd) in September compared to August, as Libya’s output was largely halted amid a political standoff and Iraq moved to improve compliance with the OPEC+ cuts. All 12 OPEC producers pumped on average 26.04 million bpd of crude last month, …

Chinese imports of coal surged to a monthly high in September, driven by increased consumption and falling international coal prices. China imported last month a total of 47.59 million metric tons of coal, a 13% increase from September 2023, data from the country’s General Administration of Customs showed on Monday. …

Natural gas demand is set to increase more than previously expected, the International Energy Agency reported recently. Demand will remain strong next year as well, the agency predicted, warning that this might lead to a problematic situation with supply—because that’s not growing fast enough. Just a year ago, the International …

The value of Iran’s non-oil exports to Russia rose 12 percent in the first six months of the current Iranian calendar year (March 20-September 21) compared to last year’s first half, the Islamic Republic of Iran Customs Administration (IRICA) data showed. According to the mentioned data, Iran exported 1.3 million …

Libya’s oil production experienced a significant decline due to a political crisis that lasted for a month. The crisis involved tensions between rival factions and led to the closure of important oil fields and ports. Output dropped by over 80%, from 1.2 million barrels per day (bpd) to approximately 500,000 …