Energy Policy

The IEA and Ukraine today signed a two-year joint work program to help the country’s energy system recover from the destruction caused by Russia’s invasion and lay the foundations for its transition to a secure and sustainable energy future. The agreement was signed at the IEA’s Paris headquarters following a …

China’s president Xi Jinping mentioned on his trip to Riyadh last week that the Shanghai Petroleum and Natural Gas Exchange would be “fully utilized in RMB settlement in oil and gas trade.” Most commodities including crude oil are traded in US dollars. The renminbi trade was part of several “priority …

Referring to the measures taken in South Pars Gas Field and other fields to increase natural gas output rate, CEO of National Iranian Oil Company said that South Pars Phase 11 will be put into operation stage after two decades. Mohsen Khojasteh-Mehr CEO of NIOC and Deputy Oil Minister made …

A new survey from Argus showed on Friday that OPEC+ production fell to 38.29 million bpd last month—1.81 million barrels per day short of its reduced quota. The 19 OPEC+ members subject to the quota produced 310,000 bpd fewer barrels in November when compared to the month prior. But that’s …

The Group of Seven (G7) nations and Australia on Friday said they had agreed a $60 per barrel price cap on Russian seaborne crude oil after European Union members overcame resistance from Poland and hammered out a political agreement earlier in the day. The EU agreed the price after holdout …

Referring to Iran’s compensatory measures in response to the recent BoG anti-Iran resolution, IAEA chief Grossi said that the IAEA-Iran ties need to get back on track. “We don’t seem to be seeing eye-to-eye with Iran over their obligations to the IAEA,” Director-General of the International Atomic Energy Agency (IAEA) …

Germany has formally decided to abandon an international energy accord that fossil fuel companies had used to oppose measures against climate change, the country’s energy minister said Wednesday, AP reported. The move follows similar decisions by Italy, France, Spain, and other European countries to leave the 1998 Energy Charter Treaty, …

There is no evidence that Iran intends to develop nuclear weapons, reviewing its participation in the NPT, Vladimir Yermakov, director of the Russian Foreign Ministry’s Non-Proliferation and Arms Control Department said. “Iran has been and remains a conscientious participant in the Treaty on the Non-Proliferation of Nuclear Weapons. The conclusion …

Saudi Arabia’s Energy Minister has warned countries against misusing their crude oil stockpiles to manipulate the oil markets. According to the Kingdom’s Energy Minister, Prince Abdulaziz bin Salman, who has been sparring with U.S. President Joe Biden in recent weeks, strategic crude oil stockpiles are designed to be used to …

Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis”, the head of the International Energy Agency (IEA) said on Tuesday (25 October). Rising imports of LNG to Europe amid the Ukraine …