With oil tumbling ahead of the grueling 2023 recession, the last thing OPEC+ and (bullish) oil traders wanted to see is even more supply coming on line, and yet that’s precisely what the core gulf hub is proposing. According to Bloomberg, the United Arab Emirates – which in recent years …

Oil prices posted gains of more than 1 per cent in Asian trade on Wednesday on falling U.S. crude inventories and a lower greenback, but concerns OPEC+ will leave output unchanged at its upcoming meeting and weak China data limited gains. Brent crude futures firmed 95 cents or 1.14 per …

There is no evidence that Iran intends to develop nuclear weapons, reviewing its participation in the NPT, Vladimir Yermakov, director of the Russian Foreign Ministry’s Non-Proliferation and Arms Control Department said. “Iran has been and remains a conscientious participant in the Treaty on the Non-Proliferation of Nuclear Weapons. The conclusion …

The government is investing in clean energy, in addition to gas and LNG, to become energy independent and become the energy hub of Europe. Prime Minister Giorgia Meloni (Brothers of Italy/Ecr) told voters before the general election on 25 September that she wants to make Italy, particularly the south, an …

The Biden administration has proposed a set of new rules aimed at curbing gas flaring on public lands, with the Bureau of Land Management saying these measures would result in $39.8 million in additional royalties for the United States. Per the proposal, every company applying for an oil and gas …

Data released by the Ports and Maritime Organization of Iran show that over 142 million tons of goods have been unloaded and loaded in the Iranian ports in the first 8 months of the current Iranian year of 1401. During the said period (Mar. 21-Nov.21), 34,543,036 tons of non-oil goods …

Qatar has agreed to supply Germany with liquefied natural gas under a long-term deal as the latter continues to seek alternatives to Russian pipeline gas supply. State-owned QatarEnergy signed deals with ConocoPhillips that will see deliveries of about 2m tons of LNG annually to Germany over 15 years, starting in …

European Union diplomats meeting for a second week in a row failed to agree on a ceiling to cap Russian oil exports as countries remained divided about how to best to reduce Moscow’s capacity to fund its war in Ukraine. The European Commission brought down its initial suggestion of $65-$70 …

Oil prices rebounded on Tuesday after losing almost $4 a barrel during the previous trading session ahead of the OPEC+ meeting on Dec. 4, when OPEC+ producers will decide on their output strategy for January onwards in the face of declining Chinese demand. International benchmark Brent crude traded at $85.53 …

The National Oil Corporation (NOC) has given the green light to restart the ethylene plant, the largest station for producing petrochemicals in North Africa, after a hiatus of more than eight years. “The NOC Chairman and board members praise the efforts of the company’s management and employees to restart this …