OPEC+ appears in control of crude prices as U.S. production is lagging pre-pandemic levels, according to a senior executive at the world’s biggest independent oil trader, Vitol Group. The decline in U.S. drilling and output leaves little competition to efforts by the producers’ group to manage markets, Mike Muller, Vitol’s …

Oil majors are under growing pressure to stop drilling for crude to help curb climate change, but companies say they will wean themselves off fossil fuels at their own pace. The demand for change is coming from many sides: lawsuits, shareholders and the International Energy Agency have all turned up …

Russian oil giant Rosneft PJSC warned of an impending shortfall in supply as global producers increasingly channel funds into a “hasty” energy transition. “The world risks a severe deficit of oil and gas,” Rosneft Chief Executive Officer Igor Sechin said Saturday at the St. Petersburg International Economic Forum. “The world …

Russia is advancing projects to have waste-to-energy plants produce electricity, Sergei Ivanov, Special Presidential Representative for Environmental Protection, Ecology, and Transport said at an economic forum in Russia. “Garbage will never end. It is just like the forest, the wind and the sun. I hope the sun will not go …

On Saturday, Libya’s Oil Minister of the Government of National Unity (GNU), Mohamed Oun, said that Libya is planning to increase its output of crude oil to four million barrels per day (bps) within a year. During a visit of the government delegation to Paris, the Libyan Minister said that …

Baker Hughes Co. on Friday reported the total number of rotary drilling rigs operating in the United States ended the week at 456, representing a one-unit decline from a week ago. The most recent U.S. rig count reflects no change in the number of oil (359) and a one-unit drop …

Turkey has discovered further deposits of natural gas in the Black Sea, according to people familiar with the matter, and is likely to make an announcement soon. Initial data from the offshore Amasra-1 well show a significant amount of newly discovered gas, the people said, asking not to be identified …

The world has already passed the coal consumption peak and will pass the oil consumption peak within a decade, head of the Russian Accounts Chamber Alexei Kudrin said at the St. Petersburg International Economic Forum on Thursday. “I believe we will pass the oil consumption peak over this decade. We …

As part of today’s Saint-Petersburg International Economic Forum, in the presence of Minister of Energy of the Russian Federation Nikolay Shulginov, PAO NOVATEK (“NOVATEK” and/or the “Company”) and a subsidiary of TotalEnergies SE (“TotalEnergies”) signed a Memorandum of Understanding (“MOU”) on decarbonization, hydrogen and renewables. The Parties intend to cooperate …

It is currently impossible to suspend investment in new oil production projects as the price will otherwise reach $200 per barrel, Deputy Prime Minister Alexander Novak said at the St. Petersburg International Economic Forum on Thursday. “I cannot imagine a situation, for example, where investments in new projects are suspended …