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 …
Read More »Birol: World Is in Its First Truly Global Energy Crisis
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 …
Read More »Qatar Urges to Depoliticize Oil and Gas
Oil and gas trade must be depoliticized, Saad al-Kaabi, energy minister and head of Qatar’s state energy company, said this, calling on politicians to abandon sanctions and agreements against the free market, Reuters reported. Kaabi’s comments came ahead of a meeting of the Gas Exporting Countries Forum (GECF) in Egypt …
Read More »Turkey Accuses Washington of ‘Bullying’ Saudi Arabia over OPEC+ Oil Cuts
Turkey’s Foreign Minister Mevlüt Çavuşoğlu on Friday accused the United States of bullying its ally Saudi Arabia after OPEC+ announced oil production cuts despite Washington’s objections. Earlier this month, OPEC+ announced that it will cut oil production by 2 million barrels a day, starting in November, in a move that …
Read More »UAE: OPEC+ Decision has no Political Motive
The United Arab Emirates believes that OPEC+ made the right technical choice when it agreed to cut production, and the unanimous decision had nothing to do with politics, UAE Energy Minister Suhail al-Mazrouei said, according to Reuters. “We fully trust and believe in the technical credibility of OPEC and OPEC+. …
Read More »Oil Min: Iran will Become Energy Hub in the Region
Iran’s oil minister said on Thursday that oil and gas swap between Iran and Russia would turn Iran the hub of energy in the region. Javad Owji, who accompanied Iran’s First Vice-President Mohammad Mokhber in Moscow to attend the second meeting of the Caspian Economic Forum (CEF), said that Iran …
Read More »OPEC+ Cuts ahead of Winter Fan Global Inflation Concerns
Concerns over tight oil supplies and soaring inflation have intensified after the OPEC+ group of nations announced its largest supply cut since 2020 ahead of European Union embargoes on Russian energy. The move has widened a diplomatic rift between the Saudi-backed bloc and Western nations, which worry higher energy prices …
Read More »Iran, Japan Discuss Developing Economic Cooperation
Iranian Oil Minister Javad Owji and Japanese Foreign Minister Yoshimasa Hayashi in a meeting stressed the need for enhancing Tehran-Tokyo cooperation. Stating that Iran can play an important role in Japan’s energy supply, the Iranian oil minister called for boosting the level of economic cooperation between the two countries. “Japanese …
Read More »European Energy Security Faces New Risks with Nord Stream Explosions
The temporary optimism among European politicians and governments about a less volatile natural gas market during the winter of 2022-2023 has come to an end. Just as market fundamentals seemed to be strengthening as a result of rising storage volumes and lower demand, there are a number of new risks. …
Read More »Energy Crisis Forces more Ambition in EU Green Buildings Law
Soaring energy prices are mounting pressure on Europe to renovate its ageing, inefficient buildings as governments scramble to protect citizens from rising utility bills. Europe’s buildings are responsible for 40% of its energy consumption and many are in desperate need of better insulation in order to decrease the EU’s reliance …
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