Refiners in Asia have asked for additional oil supply under term contracts this summer as the conflict between Israel and Iran is hiking premiums for spot supply, Reuters reported on Friday, citing sources in the oil trade industry. As hostilities escalate, spot premiums for oil supply from the Middle East …

The Johan Castberg oilfield in the Barents Sea has reached full capacity of 220,000 barrels per day (bpd), operator Equinor said on Friday, noting that peak capacity has been reached just three months after the field in Norway’s Arctic waters came on stream. Seventeen of a total of 30 wells …

Oil prices are likely to remain capped below $80 per barrel despite the escalating Israel-Iran conflict, research firm Rystad Energy said on Monday, as Iran and Israel continue to trade strikes with the escalation now in its fourth day. “Based on our earlier disruption simulations, we see oil prices capped …

OPEC’s crude oil production rose by 180,000 barrels per day (bpd) to 27 million bpd in May, with producers part of the OPEC+ agreement raising output by much less than the 411,000 bpd headline hike planned for last month as some members compensated for past overproduction. The five OPEC members …

In the past, oil price wars were short, sharp and, to those who profited from them, sweet. Now, an oil price war is a more cautious affair—assuming what OPEC is doing with its supply return is a price war, of course. And because most assume just that, all eyes are …

The price of Brent oil rose by over 11% week-on-week on Monday, related to the ongoing Iran-Israel armed conflict. While it stood at $66.2 on June 9, it reached $73.7 on Monday as of 0700GMT, up by 11.3%. The escalating tensions between Israel and Iran are heightening concerns about the …

A total of 93 oil and gas firms made it in the latest edition of the Forbes Global 2000 rankings of the world’s largest public companies. Forbes’ Global 2000 ranks the largest public companies in the world using four metrics—sales, profits, assets, and market value, and all these have reached …

As several countries expand their green hydrogen production capacities, regions will have to develop new pipelines and energy transportation corridors to support a green transition across borders. Some countries are more well-suited to producing green hydrogen than others, meaning that energy sharing could help non-production countries gain access to clean …

On Saturday, Iraq’s Foreign Minister Fuad Hussein warned that global oil prices could surge to $300 per barrel if military tensions between Iran and Israel continue to escalate. The warning came during a phone call with his German counterpart, Foreign Minister Johann Wadephul, as the two discussed rising instability in …

In a major breakthrough, China has successfully produced Yttrium-90 (Y-90) using a commercial nuclear reactor, the China National Nuclear Corporation (CNNC) announced on Sunday. The Y-90 glass microspheres, produced through irradiation at the Qinshan Nuclear Power Base in east China’s Zhejiang Province, have passed relevant tests, indicating that the country …