The International Energy Agency (IEA) will revise its global oil demand growth projections based on the economic growth prospects of China and some other countries, its executive director Fatih Barol said on Saturday. He reiterated the IEA’s view that oil markets are expected to tighten in the second half of …

China National Petroleum Corporation (CNPC) has started drilling an ultra-deep well with a designed depth of 10,520 meters (6.5 miles) in the Sichuan province, news agency Xinhua reports. The ultra-deep well is targeting natural gas and is located in the northwest of the Sichuan Basin. There are multiple sets of …

Saudi Aramco said on Friday it had completed the purchase of a 10% stake in a Chinese petrochemical firm for the equivalent of $3.4 billion as the Saudi oil giant continues to expand its downstream footprint in one of its key export markets. Aramco successfully closed the acquisition of a …

The price of Basra crudes has experienced a slight increase as the week concluded with Saudi Arabia and Russia, the world’s leading oil suppliers, announcing further cutbacks in their oil production. Basra Heavy crude witnessed a marginal rise as the final session closed yesterday, up by 48 cents, to settle …

Current actions by OPEC+ to support the oil market are sufficient for now, UAE Energy Minister Suhail al-Mazrouei said on Friday, and the group is “only a phone call away” if any further steps are needed. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by …

China’s imports of key energy commodities from Russia surged to all-time highs last month, highlighting the growing interdependence of the two nations as the war in Ukraine drags on well into its second year. Imports of thermal and coking coal from Russia swelled to 10.6 million tons in June, above …

QatarEnergy has signed a long-term condensate supply agreement with the Dubai-based ENOC Group, it said recently. Under the 10-year sales agreement, QatarEnergy will supply up to 120 million barrels of condensates to ENOC starting July. The deal was by QatarEnergy, for and on behalf of Qatar Petroleum for the Sale …

Oil steadied as persistent demand concerns and dollar strength were offset by declines in crude stockpiles in the US. West Texas Intermediate traded above $75 a barrel, after declining by 0.5 per cent on Wednesday. Nationwide inventories fell with stockpiles at the Cushing, Oklahoma, storage hub shrinking by the most …

Despite concerns about underinvestment in upstream, peak oil and gas demand can be met in the 2030s without a substantial increase to current annual investment levels of US$500 billion, according to a new Horizons report from Wood Mackenzie. Current upstream spending is a little more than half of the US$914 …

European natural gas declined as recovering fuel flows from Norway eased supply concerns, with investors becoming more bearish again. Benchmark Dutch futures fell as much as 6.2% with Norwegian supplies rising back to April levels early on Thursday, according to grid data. Shipments from the Nordic country, Europe’s top gas …