Libya’s National Oil Corporation (NOC) declared force majeure on crude exports from its oil terminals amid continued blockades of production and ports, which have severely crippled Libya’s oil exports. The force majeure comes after weeks of protests and closures amid the new rift in Libya’s political class over who should …

A report released by the Organization of Petroleum Exporting Countries (OPEC) shows Iran has earned more than $25 billion in revenue from oil exports in 2021. OPEC reported $560 billion in revenue from oil sales in 2021 in its annual report, which shows a 77 percent increase in comparison with …

Russia’s move to reshuffle ownership of the Sakhalin-2 natural gas project may constrict global markets even more by pushing Japan to compete with Europe for alternative sources of supply. President Vladimir Putin’s decree to transfer rights for the plant to a new Russian company has no immediate impact on the …

Ever since China gave Saudi Crown Prince Mohammed bin Salman (MbS) the opportunity to save face after his many unsuccessful attempts to float Saudi Aramco in what was supposed to be a glorious initial public offering (IPO), MbS has been in Beijing’s debt and Saudi Arabia has appeared to drift …

Gas supplies to Europe are holding firm despite ongoing troubles at the Nord Stream 1 pipeline, leaving the market in equilibrium, albeit temporarily. That’s according to Rystad Energy analyst Lu Ming Pang, who made the statement in a market note sent to Rigzone late Wednesday. The Rystad analyst outlined in …

Head of the Atomic Energy Organization of Iran (AEOI) Mohammad Eslami underlined that the moves by Iran to install new centrifuges at the Fordow Nuclear Facility is happening under the Strategic Action Plan of the Iranian Parliament. “This issue has been pursued within the Iranian Parliament’s Strategic Action Plan to …

The Organization of the Petroleum Exporting Countries (OPEC) said Wednesday, that Iraq possesses the fourth largest proven oil reserves in the world. National Iraqi news agency (NINA) reported OPEC stated in its annual report that proven crude oil reserves in the world amounted to 1,545,071 trillion barrels at the end …

Gazprom could reportedly seek to change the terms of its delivery contracts if countries implemented a price cap on Russian gas. That follows reports which claimed that G7 leaders will start exploring the options around imposing possible price caps on Russian oil and gas imports. It is expected that the …

Japan’s Foreign Ministry on Wednesday confirmed that China has finished building a new drilling facility for gas fields in a contested area of the East China Sea for the second time in two weeks. The facility is located on the Chinese side of a Tokyo-proposed median line separating the nations’ …

Major oil producers led by Saudi Arabia and Russia are expected to stick to a previously decided output boost at their meeting on Thursday, despite pressure to further increase production. Russia’s invasion of Ukraine has exacerbated concerns about oil supplies, sending prices to record highs this year. Hard on the …