Iraq plans to increase oil production to eight million barrels per day (BPD) by the end of 2027, Iraqi Oil Minister Ihsan Abdul Jabbar told the Iraqi news agency (INA) on Tuesday. The oil ministry’s spokesman, Assem Jihad, also told INA that oil-producing countries reconsidered their plans because of the …

Export proceeds of Russian state-run energy giant Gazprom saw an enormous increase of 73% from January to June 2021 compared to the same period a year ago, according to Russia’s Federal Customs Service. In monetary terms, the growth amounted to $20.01 billion, while the physical volume of exports totaled 108.4 …

Russian private natural gas producer and exporter Novatek is looking to sell LNG to Vietnam, it said, as it announced August 10 that it has opened an office in the capital Hanoi. The office will support its expansion into the global gas markets and provide continuous support for the its …

China will encourage renewable power generators to add energy storage or peak-shaving facilities, aiming to boost renewable power consumption and to ensure stable operation of the grid system, the country’s state planner said on Tuesday, Reuters reports. “China’s renewable energy has been developing rapidly in recent years, but shortcomings such …

Oil prices rose more than $1 on Tuesday, recouping some of the losses in the previous session, as rise of demand in Europe and the United States outweighed concerns over a rise of COVID cases in Asian countries. Brent crude was up $1.20, or 1.7%, at $70.24 a barrel by …

China’s newest oil refiners are thriving by aligning themselves with President Xi Jinping’s vision, expanding even as their older rivals and several other private businesses have been reined in by Beijing. These newcomers have gained the moniker “Teapot 2.0” in China, and are benefiting because they are fitting into Xi’s …

China has switched from driving global demand for major commodities to being a drag on growth, with July’s customs data confirming the weakening trend for imports of crude oil, iron ore and copper. The exception to the trend was coal, but the sharp gain in July’s imports of the polluting …

Iran has not abandoned discussions between the 4+1 Group on Iran’s nuclear program in Vienna, Austria, the Spokesman of the Ministry of Foreign Affairs of Iran, Saeed Khatibzadeh said in a press conference, Trend reports citing the ministry. According to Khatibzadeh, if the US returns to its obligations under the …

Recalling the disastrous nuclear bombing by the US on Nagasaki 76 years ago, the mayor of the Japanese city on Monday urged world leaders to “commit to nuclear arms reductions.” “In order to follow a single path toward a world free of nuclear weapons amidst these two conflicting movements, world …

Oil prices dropped 2 percent on Monday, extending last week’s steep losses on the back of a rising US dollar and concerns that new pandemic curbs in Asia, especially China, may set back the global recovery in fuel demand. Brent crude futures slid $1.41, or 2 percent, to $69.29 a …