Saudi Arabia’s 2060 net-zero emission target may be derailed by “unforeseen circumstances” because achieving the target depends on a number of factors, including evolution of technology, the country’s energy minister said Nov. 3. “Depending on what happens, we could bring that [2060] date much earlier and I hope much earlier, …

Europe’s large dependence on one single natural gas supplier has contributed to the current energy crisis, according to the head of the LNG department at Swiss-based energy company Axpo. Axpo head Antonio Canseco, in his speech during Europe’s largest and most influential meeting place for the global gas industry, the …

U.S. President Joe Biden blamed a surge in oil and gas prices on a refusal by OPEC nations to pump more crude. Speaking at a climate summit in Glasgow, Scotland, Biden also attributed higher inflation to the coronavirus slowing down the supply chain.

Russia’s Nord Stream 2 may need a few more months to clear remaining red tape before the controversial pipeline begins pumping natural gas to Germany to help ease Europe’s energy crunch. The Baltic Sea project, which has raised concerns over the Kremlin’s control of energy supplies to the continent, is …

The Shengli Oilfield affiliated to Sinopec in Dongying, east China’s Shandong Province, reported a discovery 485 million tons of shale oil, and a shale oil reserve of more than 4 billion tons after pilot exploration, the state broadcaster CCTV reported on Tuesday. The maximum daily shale oil output of a …

Iran’s envoy to Russia denies reports suggesting Moscow controls rights for drilling gas in Caspian Sea. A Tuesday statement by Khazar Exploration and Production Company (KEPCO), the Iranian firm which controls petroleum operations in the Caspian Sea, also denied the claims by Dadras, saying they were utterly baseless and constituted …

As world leaders discuss the fight against climate change, global oil demand has bounced back above the key level of 100 million barrels a day last seen before the Covid-19 pandemic, according to BP Plc. Fossil fuel consumption is recovering despite growing urgency in the effort to curb emissions of …

South Korea’s aggressive new climate target will require the country to significantly ramp up its renewable energy generation, particularly in the wind sector. President Moon Jae-in pledged to cut the nation’s greenhouse gas emissions by 40% from 2018 levels by 2030 in his speech at the annual U.N. climate conference …

Turkey discovered an additional 60 million barrels of oil equivalent reserves with 26 new onshore explorations this year, Fatih Dönmez, the minister of energy and natural resources, announced on Nov. 1. Speaking in parliament, Dönmez summarized the achievements that Turkey made with its own vessels on the completion of 15 …

Oil prices were steady on Tuesday as producer group OPEC undershot its expected pace of output increases last month, while the world’s top oil consumer China ramped up operating rates to meet a spike in diesel demand. Brent crude futures edged higher by 3c to $84.74 a barrel by 5.07am …