Brent crude now trades above fiscal breakeven prices for the four biggest oil producers in the Middle East after Saudi Arabia convinced fellow OPEC+ members to keep output largely unchanged. The shock move by OPEC+ triggered a rally in Brent prices, which rose to almost $70 a barrel. That’s higher …

China’s first road map to achieving net zero emissions by 2060 may be too slow to stop the world’s biggest polluter from hastening global warming. Thousands of Chinese delegates applauded when Premier Li Keqiang stood in the Great Hall in Beijing at the start of the National Party Congress on …

Iran is to construct an oceanic port in the Sea of Oman where the country’s largest oil terminal will be built. Iranian Minister of Roads and Urban Development Mohammad Eslami said the project is aimed boosting the country’s crude exports. “We have always wanted to take [Iran’s] oil exports beyond …

The international rig count, except for the US and Canada, increased by 24 units month-on-month (MoM) in February 2021, bringing the total count to 701, data of energy services firm Baker Hughes showed. The oil rigs in the Middle East rose by nine MoM to 260 in February but declined …

Schlumberger New Energy, Chevron Corporation, Microsoft and Clean Energy Systems today announced plans to develop a ground-breaking bioenergy with carbon capture and sequestration (BECCS) project designed to produce carbon negative power in Mendota, California. The BECCS plant will convert agricultural waste biomass, such as almond trees, into a renewable synthesis …

The German government has agreed to pay nuclear power station operators 2.4 billion euros in compensation for losses suffered during the country’s early nuclear shutdown in the wake of the Fukushima disaster, ending a long legal battle. “The government has reached an agreement with EnBW, E.ON/PreussenElektra, RWE and Vattenfall,” Germany’s …

OPEC+’s surprise move to keep a lid on crude exports is hitting oil tanker owners afresh. Shares of owners giant supertankers including Frontline Ltd., International Seaways Inc. and DHT Holdings Inc. all fell late Thursday and into Friday. The Organization of Petroleum Exporting Countries and its allies wrong-footed oil traders …

Russia’s oil production declined last year for the 1st time since 2008 and reached its lowest level since 2011 following a global deal to cut output and low demand due to the coronavirus. According to an article by Reuters, Russian oil and gas condensate output declined to 10.27 million barrels …

South Korea signed an agreement with the United Arab Emirates on Thursday to cooperate on the hydrogen economy, further expanding their partnership currently focused on nuclear energy, oil and gas. During the Korea-UAE Industry and Energy Cooperation Forum held online, South Korean Minister of Trade, Industry and Energy Sung Yun-mo …

Japan needs steep emission reductions as soon as possible, and latest from 2030 onwards, to meet its 2050 net zero carbon targets, along with accelerated gas and power market reforms and rapid development of low carbon power sources, the International Energy Agency said in its Japan 2021 Energy Policy Review …