The Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, known as OPEC+, agreed to raise output by 648,000 barrels per day (bpd) in July. According to an OPEC statement, the 29th OPEC and non-OPEC Ministerial Meeting decided to advance the planned production adjustment for September and “redistribute …

Iran and the Republic of Azerbaijan have signed a deal to double the amount of Turkmenistan’s gas that is transferred to Azerbaijan through the Islamic Republic’s territory under a swap deal. The deal to increase the gas transfer through Iran to Azerbaijan was signed during a visit by the Iranian …

Iranian Foreign Ministry Spokesman warned against undermining and weakening the credibility of the International Atomic Energy Agency (IAEA). In a tweet on Friday, Saeed Khatibzadeh wrote, “As one of the original signatories to NPT, Iran calls on all to beware of further erosion of the IAEA’s credibility.” “No one can …

The European Union on Friday formally approved an embargo on Russian oil and other sanctions targeting major banks and broadcasters over Moscow’s war on Ukraine. EU headquarters says Russian crude oil will be phased out over six months, and other refined petroleum products over eight months. It says that “a …

LNG production in Qatar has fallen this year, even with increased calls for the fuel amid an energy crisis in Europe as the bloc attempts to wean itself off Russian gas, Bloomberg reported on Friday. Qatar exported less than 35 million tons of LNG from January to May—a loss of …

Iraq’s oil output will reach 4.580 million barrels per day as of July following an OPEC+ decision to increase production, an Iraqi Oil Ministry spokesperson said on Friday, according to the state news agency. “Production increase will be at a rate of 70,000 bpd,” spokesman Aasem Jehad said, noting that …

China aims to double its wind and solar capacity by 2025, according to a new road map that also allows for more coal-fired power plants to bolster energy security. The world’s biggest polluter earlier estimated it needs to double wind and solar use by 2030 to deliver on its pledges …

U.S. exports of liquefied natural gas remained close to record levels last month, at 7.29 million tons, or the second-highest since records of such exports began. According to Refinitiv Eikon data, Reuters reported that the May total was a 12-percent increase on the year and also a substantial increase on …

OPEC+ is set to stick this week to its monthly modest oil output increases despite seeing tighter global markets, five OPEC+ sources said on Wednesday, June 1, as the group fast approaches its maximum production capacity. Oil prices rallied above $124 per barrel this week following new European Union sanctions …

The Netherlands and Germany will drill for gas in the North Sea together, with production expected to start in 2024, the Dutch government has announced. According to the Dutch government’s website, production will take place in the North Sea, about 19 kilometres north of Schiermonnikoog and Borkum. A pipeline is …