Saudi Arabia’s King Salman said the OPEC+ production agreement was “essential” for oil market stability and urged all participating countries to comply with the pact. Oil market stability and balance are pillars of Saudi energy policy as crude supports the growth of the global economy, King Salman said in an …

South Korea plans to double the number of electric and hydrogen vehicles on its roads next year as part of efforts to achieve its goal of net zero carbon emission by 2050. The government will seek to bring up the number of electric and hydrogen cars in use to about …

Risen Energy Co. is planning to build a 45 billion yuan ($7 billion) integrated solar power factory in Inner Mongolia that’ll run on clean energy. The plant will produce materials across the supply chain from industrial silicon to finished solar modules, the company said in a Dec. 27 filing with …

The global upstream sector is set for a rebound next year, when overall investment in exploration and production is expected to exceed $400 billion for the first time in three years. Yet, despite record high cash flows and oil at over $70 a barrel, reinvestment rates will stay at near …

Energy and Natural Resources Minister Fatih Dönmez has said Turkey must concentrate on producing its own natural gas not to be affected by the fluctuations in global energy prices, adding that the quality of the natural gas discovered in the Black Sea was high. “If we had oil, natural gas …

Iran insisted on Monday that the United States and its allies promise to allow Tehran to export its crude as negotiations on restoring the tattered nuclear deal were to resume in Vienna. The remarks by Iranian Foreign Minister Hossein Amirabdollahian signal that Iran is pressing its position ahead of the …

Iranian Oil Ministry and the Academic Center for Education, Culture, and Research (ACECR) have signed two memorandums of understanding (MOUs) and two contracts for expanding cooperation in various areas. The mentioned agreements were signed on Monday by ACECR Head Hamidreza Tayebi and the representatives of companies affiliated with the Oil …

US oil may retest a resistance at $73.99 per barrel, a break above which could lead to a gain into $74.98-$76.59 range. The contract is riding on a fierce wave (c), which has briefly travelled above the peak of the wave (a) around $72.87. It is expected to extend into …

China’s oil consumption is expected to keep growing for a decade on robust chemical demand, reaching a peak of about 780 million tonnes per year by 2030, a research institute affiliated with China National Petroleum Corp (CNPC) said on Sunday. Last year, the research group, called the CNPC Economics & …

A surge in renewable energy in India is set to massively increase spot power trading, according to the country’s largest electricity bourse. Buyers will increasingly turn away from traditional long-term contracts in favor of cheaper renewable energy, said Rohit Bajaj, head of business development at Indian Energy Exchange Ltd. More …