Governments in long-established oil-rich nations around the world are coming under fire for their decisions over oil and gas versus renewable alternatives. The once-coveted natural resource is now a question of great contention. But how will the oil industry fare over the coming decades as governments strive for green while …
Read More »EIA: US Imports of Iraqi Crudes Dropped
The US Energy Information Administration (EIA) said on Sunday that Iraqi crude oil exports to the US declined to 77,000 barrels per day (bpd) during the past week. According to a report released by the EIA, “The United States imported crude oil from Iraq at a rate of 77,000 bpd, …
Read More »OPEC+ could Reconsider Output Increase
The increase in oil output agreed last month by OPEC+ nations could be reconsidered at its next meeting on Sept. 1, Kuwait’s oil minister said on Sunday. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, collectively known as OPEC+, will meet on Wednesday to discuss the …
Read More »Demand Is Recovering, but Oil Investments are not
The price of Brent Crude has hovered around the $70 per barrel mark for about three months. In July 2021, the price averaged $75, while in July 2020 it was $43 per barrel, meaning it saw a 60 percent increase in just one year. As oil demand is recovering sooner …
Read More »Shell Plans to Boost Oman Renewable Energy Portfolio
Global energy major Royal Dutch Shell plans to add new clean energy projects in Oman and boost its renewables portfolio as the sultanate aims to generate 30 per cent of its electricity from green sources by 2030. The company launched the 25-megawatt Qabas solar plant in Sohar in January, which …
Read More »Lukoil Plans to Ramp up Oil Output at West Qurna 2 Field to 480,000 b/d in 2022
Russia’s second-largest crude oil producer Lukoil hopes to increase oil output at the West Qurna 2 project in Iraq to 480,000 b/d next year, the company said during a conference call Aug. 27. Lukoil had previously considered quitting the project in the country due to the current investment climate, but …
Read More »European Commission: Gazprom must Sell Nord Stream 2
Gazprom must sell the Nord Stream 2 gas pipeline to comply with European competition standards. This view is shared by the European Commission, reports Frankfurter Allgemeine Zeitung, citing officials in Brussels. The EU Third Energy Package prohibits the same company from being both a gas supplier and the owner of …
Read More »Iran’s Non-Oil Trade Rises 38% in 5 Months yr/yr
The value of Iran’s non-oil trade rose 38 percent during the first five months of the current Iranian calendar year (March 21-August 22) as compared to the same period of time in the past year, the head of the Islamic Republic of Iran Customs Administration (IRICA) announced. Speaking to the …
Read More »Nord Stream 2 at Final Implementation Stage
The Nord Stream 2 gas pipeline project is at the final implementation stage, the Russian gas holding Gazprom said on Friday. The project status was reviewed by the CEO of Gazprom Alexei Miller and the CEO of Austria’s OMV Rainer Seele. “More than 50-year history of reliable export of Russian …
Read More »Iran Nuclear Chief Hails Advancement in Quantum Tech
The head of Atomic Energy Organization of Iran (AEOI) said that the country’s advancement in quantum technology in the last five years is valuable and praiseworthy and suggests a bright future in this area. In a meeting on Saturday attended by AEOI chief Ali-Akbar Salehi and head of Nuclear Science …
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