High energy prices are jeopardizing the world’s pandemic recovery, the International Energy Agency’s executive director said Feb. 16, calling on OPEC and its allies to hit their oil production targets and for countries not to wield energy as a geopolitical weapon. “Today, very high oil and gas prices are putting …

At around the same time as Russian President, Vladimir Putin, had his first in-person meeting with his Chinese counterpart, Xi Jinping, for nearly two years – at the opening of the Winter Olympics ceremony in Beijing – and reiterated that there is ‘no limit’ to how far Russian and Chinese …

Oil prices slumped early on Tuesday after Russia said some troops are returning to bases, which the market interpreted as a possible sign of de-escalation of the tension following several days of warnings that Russia would invade Ukraine “any day now.” Profit-taking also pushed oil prices lower as investors and …

The U.S. is exporting liquefied natural gas at a record pace these days, as gas prices and geopolitical tensions in Europe rise amid the energy crisis and the Russia-Ukraine standoff. LNG tankers were loading or being docked at each of the seven LNG export facilities in the United States on …

Natural gas reserves in Germany, which has one of the highest underground storage capacities in Europe, have fallen to historically low levels compared with previous years. “The occupancy rate is now around 35%,” a representative of the Ministry of Economy said during a briefing on Monday, adding that the government …

As announced by the managing director of Iranian Central Oil Fields Company (ICOFC), 90 new development wells and 17 workover wells will be dug in the operational zone of South Zagros Oil and Gas Production Company (SZOGPC) in a course of five years. Ramin Hatami made the announcement in a …

Iraq has struggled to attract major fresh investments into its energy industry since signing a flurry of post US-invasion deals over a decade ago A $27-billion deal between France’s TotalEnergies and Iraq, that Baghdad hoped would reverse the exit of oil majors from the country, has stalled amid disputes over …

Shares of Exxon Mobil and Chevron traded slightly weaker on Monday amid renewed hopes of a diplomatic solution to the ongoing tensions along the border of Russia and Ukraine. Exxon fell 1.7% while Chevron fell 2.1% as crude prices eased amid signs of a concession by Ukraine to Russia, though …

China National Offshore Oil Corporation (CNOOC) on Monday announced that one of its oil exploration projects, Liza Phase II in the Stabroek Block near Guyana, commenced production safely and ahead of schedule. It is expected to reach peak production of approximately 220,000 barrels of crude oil per day this year, …

The International Energy Agency on Friday raised its forecast for world oil demand in 2022 but warned of a “chronic” failure by OPEC and its allies to meet their output targets. The 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, …