Energy Policy

The International Energy Agency (IEA) upgraded the forecast for oil demand growth by 230,000 barrels a day to 5.7 million barrels a day (mbd), but noted that the post-COVID recovery remained fragile. Last month, the IEA also upgraded the forecast for world oil demand growth in 2021 by 0.1 mbd …

Saudi Arabia remains confident that the OPEC+ agreement to increase output over the next three months was the right move, said its energy minister. “It’s still a good decision,” Prince Abdulaziz bin Salman said in an interview in Riyadh on Thursday. “I don’t see anything yet that disturbs us, me …

Last week’s surprise decision from OPEC+ to ease the production cuts by a cumulative 2 million barrels per day (bpd) by July relies on expectations of robust oil demand recovery in the second quarter. Yet, recent demand concerns suggest the alliance’s supply management policies could once again be more in …

Iran’s Oil Minister Bijan Zanganeh said that the country has produced 25 million tons of petrochemicals during the past calendar year (ended March 20). “Iran’s petrochemical production capacity reached 25 million tons in last year,” Zanganeh said at the end of the 15th OPEC Plus Ministerial Meeting, and added that …

The OPEC and its allies have agreed to gradually increase oil production in the coming months, moving cautiously in pace with the recovery of the global economy from the COVID-19 pandemic, reports stated on Thursday. The oil cartel and its allied nations agreed to add back some 2 million barrels …

Nicolas Maduro speculated that Venezuela could pay for coronavirus vaccines with oil. “Venezuela has oil tankers, it has clients who buy its oil. Our country will allocate a portion of our produce to ensure the shipment of the required vaccines. Oil for vaccines,” the head of state said on TV …

The initial focus should be on hydrogen production technologies “satisfactory for all the consumers in respect of the environmental aspect” and on hydrogen production cost, Deputy Energy Minister Pavel Sorokin said MOSCOW, March 24. /TASS/. There is a need to review all the effective projects in the domestic hydrogen energy …

Saudi Arabia and Russia pledged to continue cooperation on the OPEC+ production cut agreement, as Saudi foreign minister Prince Faisal bin Farhan said March 10 the group is aiming for a “fair” price for crude oil. “I would like to assure that we and Russia would like a oil price …

Iranian Foreign Minister Mohammad Javad Zarif warned that Tehran will take serious action in response to any possible West-sponsored resolution at the International Atomic Energy Agency (IAEA) Board of Governors. “The foreign minister presented a report on the latest developments at the IAEA Board of Governors during the meeting (with …

Norway’s oil fund, the world’s largest sovereign wealth fund, bought shares in four Turkish energy companies with investments totaling around $140 million up to the end of 2020, according to official figures from Norway’s Norges Bank Investment Management. The giant fund made its biggest energy investment in Eregli Iron and …