Global oil demand looks robust in a balanced market this year, Shaikh Nawaf Al-Sabah, chief executive of Kuwait’s state oil firm Kuwait Petroleum Corporation (KPC), told Bloomberg in an interview published on Thursday. “From my perspective I think it remains a healthy market on the demand side,” the executive said, …

The Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC) Haitham Al-Ghais announced, on Wednesday, that the organization is expected to secure a larger share of India’s oil imports in the coming decades due to its proximity. This comes after OPEC’s recent diminished dominance, attributed to competition from discounted …

Iranian President Ebrahim Raeisi says that Tehran has proven that it is not looking for a nuclear weapon and is only using nuclear energy for peaceful purposes. The Iranian President made the remarks in an interview for an Algerian TV network during his recent visit to Algiers. Having access to …

Saudi Arabia raised the official selling prices of its crude for Asian buyers following the extension of the OPEC+ production cut agreement until the end of the first half of the year. The price for the country’s flagship Arab Light grade was raised by $0.20 per barrel over the Oman/Dubai …

Crude oil prices recently logged their second monthly gain in a row as OPEC+ extended their supply curb deal until the end of Q2 2024. The gains have been considerable, with WTI adding about $7 per barrel over the month of February. Yet a lot of analysts remain bearish about …

Exxon and Malaysia’s state-run Petronas will extend exploration for a gas discovery off the coast of Suriname, the country’s national oil company, Staatsolie, said on Monday. Eyeing a repeat of the huge oil and gas success in the same basin offshore Guyana, explorers in Suriname are also reportedly considering a …

Anonymous sources within OPEC revealed on Sunday that certain OPEC members and allies, spearheaded by Russia, have reached an agreement to prolong voluntary oil output reductions from the first quarter into the second quarter of 2024. These cuts, initially totaling approximately 2.2 million barrels per day (bpd), were endorsed by …

More than 350 industry professionals gathered in Dubai last week to give hydrogen a reality check. It became apparent during two days of discussions that, as a future fuel for the Middle East and North Africa (MENA), hydrogen will not be easy to establish. The flurry of project announcements over …

India expects companies to invest nearly $5 billion in a network of natural gas pipelines in its northern and northeastern states and federal territories, including Kashmir, India’s Minister for Petroleum and Natural Gas, Hardeep Singh Puri, said on Monday. Companies are expected to invest $4.95 billion (410 billion Indian rupees) …

Oil and gas companies could be a source of additional funding for a UN climate financing to help developing economies cope with the consequences of climate change, according to a draft EU document seen by Reuters. After failing so far to establish a clear-cut framework of how much wealthy developed …