Companies

OPEC+ will need to maintain its latest oil supply cuts throughout next year in order to keep the global market in balance, according to Citigroup Inc. The Organization of Petroleum Exporting Countries and its allies have announced that it will cut supplies by a further 900,000 barrels a day during …

Speaking at COP28 in Dubai, Saudi Aramco CEO Amin Nasser repeated calls for more upstream investment in the interests of both energy security and to meet growing global demand. Those arguing against fossil fuels have criticized oil and gas industry expansion plans. However, the United Arab Emirates — a fellow …

Saudi oil giant Aramco’s Chief Executive on Monday told a panel on the sidelines of the COP28 climate summit in the UAE that that all the renewable energy coming to market is still not enough to handle additional demand. Aramco CEO Amin Nasser added that more investment in the oil …

TotalEnergies Marketing South Africa is divesting its 36.36 percent minority stake in National Petroleum Refiners of South Africa (Natref) to the Prax Group. Located at Sasolburg, South Africa, the Natref refinery has a capacity of 108,500 barrels of oil per day, and supplies the main South African inland market in …

Abu Dhabi Future Energy Company PJSC, better known as Masdar, on Friday unveiled a contract to buy a 49% stake in the 3-GW Dogger Bank South offshore wind farm in the UK, along with other deals for renewable energy initiatives in the Kyrgyz Republic, Kazakhstan and Indonesia. The UAE state-owned …

Saudi Aramco is forecast to cut the price of its flagship oil grade to Asia for the first time since June as an influx of cheaper US and European barrels drives up competition in the world’s biggest importing region. The state-owned Saudi Arabian producer will reduce the official selling price …

Russia’s Gazprom PJSC plans to invest $17.6 billion (RUB 1,573.627 billion) in projects next year. The company’s management committee reviewed the preliminary operating results for 2023 and the projected investment program and budget for 2025-2026, the company said in a media release. The committee endorsed the drafts of the investment …

BP said on Monday it has entered Japan’s power market after receiving approval from the industry ministry to operate as a retail electricity provider. BP, focused on transforming itself into an integrated energy company, said in a statement the move was part of its plan to expand its investment in …

In a strategic pivot towards Asia, Gazprom PJSC has reported delivering record volumes of natural gas to China through the Power of Siberia 1 pipeline, exceeding its supply obligations. The Russian energy giant fulfilled an elevated request from China National Petroleum Corporation (CNPC) on Thursday, marking a significant moment as …

Russian state-owned energy giant Gazprom has said it planned to cut investment spending by a fifth next year amid dwindling gas flows to Europe and a heavy tax burden. Since Russia launched its assault on Ukraine in February 2022, European countries have sharply cut gas imports from Russia in a …