National Iranian South Oil Company (NISOC) has signed a cooperation memorandum of understanding (MOU) with Basra Oil Company (BOC), Shana reported. The MOU was signed on the sidelines of the 13th Specialized Exhibition of Khuzestan Manufacturing Oil Industry Equipment in Iran’s southwestern Khuzestan Province. According to NISOC Head Alireza Daneshi, …

The Russian oil price cap mechanism is still meeting its objectives, a G7 price cap coalition official told Reuters on Friday. Any Russian production cuts that may be forthcoming will disproportionately hurt developing countries, the G7 official added. Earlier on Friday, Russia announced a 500,000 bpd crude oil production cut—crude …

The total number of total active drilling rigs in the United States rose by 2 this week, according to new data from Baker Hughes published on Friday. The total rig count rose to 761 this week—126 rigs higher than the rig count this time in 2022 and 314 rigs lower …

Russia plans to voluntarily reduce oil production by 500,000 barrels per day, or around 5 percent of output, in March, Deputy Prime Minister Alexander Novak said on Friday, following the introduction of Western price caps. The G7 economies, the European Union and Australia agreed to ban the use of Western-supplied …

The OPEC Fund for International Development (the OPEC Fund) and Africa Finance Corporation (AFC) have signed a $50m loan agreement to finance the development of infrastructure critical to economic growth and job creation across the continent. The proceeds of the ten-year loan will be used to improve connectivity, transport, logistics, …

The two massive earthquakes that devastated a large area of southern Turkey and northern Syria on February 6 are causing problems for Azerbaijan’s oil exports. Crude exports via the Baku-Tbilisi-Ceyhan (BTC) pipeline and Turkey’s main oil terminal at Ceyhan have been halted with no clear indication what the problem is …

Russia and China signed an intergovernmental agreement on gas supplies on the Far East route. The Russian Ministry of Energy has prepared a draft government decree to ratify the agreement. This intergovernmental agreement provides for the construction of a cross-border section of the gas pipeline. It starts at the Gas …

The recent powerful earthquake in Turkey may postpone the establishment of a gas hub in the country, but this project will be implemented nonetheless, the Kremlin said. “Of course, it [the gas hub project] cannot be a priority for Turkey right now. We treat it with understanding. Consequently, there may …

Asia will for the first time use half of the world’s electricity by 2025, even as Africa continues to consume far less than its share of the global population, according to a new forecast released Wednesday by the International Energy Agency, IEA. Much of Asia’s electricity use will be in …

TotalEnergies saw its net profit double in 2022 to a record $36.2 billion and announced an increase in dividends and share repurchases after the best annual results for the company and for Big Oil ever. The French supermajor reported on Wednesday $36.2 billion in adjusted net income for 2022, double …