The oil and gas industry is embracing new technologies to save time and costs and, most recently, to reduce the carbon footprint of its supply chain as the energy sector is under increased pressure to reward shareholders while helping to fight climate change. Along with artificial intelligence, machine learning, digital …

There is economic life after the pandemic. While the novel coronavirus hasn’t been vanquished, oil demand has significantly risen in the past couple of months. According to the IEA, by the end of 2022 demand could have rebounded to pre-Covid levels. Rising prices are causing mild distress in Moscow which …

Qatar Petroleum (QP) on Wednesday entered into a long-term Sale and Purchase Agreement (SPA) with Shell for the supply of 1 million tons per annum (MTPA) of LNG to the People’s Republic of China for ten years. LNG deliveries will commence in January 2022 to various LNG terminals in China, …

Saudi Arabia plans to launch a second national airline, Crown Prince Mohammed bin Salman (MBS) announced Tuesday as part of a broader plan of diversifying the oil-dependent kingdom’s economy by making the country a global logistics hub. The creation of another flag carrier would catapult Saudi Arabia into the 5th …

According to these sources, Russia has been producing some 10.42 million bpd of crude oil and condensates since the start of the month, which is lower than May’s average of 10.45 million bpd. The reason for the decline could be related to difficulties with boosting production at older fields, other …

An OPEC+ panel has warned of “significant uncertainties” and the risk of an oil glut after April 2022, according to an internal report, building a case for extending the current deal that has maintained curbs on supply. A 3D-printed oil pump jack is seen in front of displayed OPEC logo …

BP company has announced the increase in production volume in the concession area, Block 61, from one billion cubic feet per day to one and a half billion cubic feet per day. A statement issued online by Oman News Agency (ONA), said: “BP company raised the volume of production in …

The countries of the OPEC+ agreement in May completed a deal to reduce oil production by 114%, the figure has been stable at this level since February 2021. In absolute terms, they managed to remove 7.47 mln barrels per day (bpd) from the market in May, according to the materials …

China is proposing a policy to accelerate energy storage deployments, with its core a target to take the country’s storage capacity excluding pumped hydro to 30GW by 2025 – triple the level of Wood Mackenzie’s current forecast. Although the five-year timeframe could prove challenging from an economic standpoint, China has …

Telephone contacts between Russian President Vladimir Putin and the leadership of Saudi Arabia before the OPEC+ meeting are not planned, Russian presidential spokesman Dmitry Peskov said on Tuesday. “They are not planned yet,” he said. Answering a question about whether there are any contradictions in the positions of Moscow and …