International

Rising costs and sanctions on Russia have lowered the profitability of oil exports for Kazakhstan’s state oil and gas firm KazMunayGas, which has been forced to accept discounts on its crude being carried via the Russian pipeline network. The CPC pipeline carries oil from Kazakhstan’s Tengiz oilfield to export infrastructure …

The UAE secured 32.1 percent of Japan’s crude oil needs in April, as the country’s imports of crude oil from the UAE reached 28.08 million barrels in April 2022, said the Agency for Natural Resources and Energy in Tokyo. The agency, part of the Japanese Ministry of Economy, Trade and …

Director of the Middle East and Central Asia Department at the International Monetary Fund Jihad Azour indicated that the expected MENA GDP growth is 5%, but masks “important differences across countries with oil exporters upgraded.” According to the International Monetary Fund in its latest Middle East and Central Asia Regional …

US President Joe Biden has blamed Russia for another crisis, saying his country might not be able to generate enough electricity to meet consumer demand. He partially blamed the ongoing conflict in Ukraine. Biden declared an energy emergency on Monday, saying national security and quality of life are jeopardized by …

Russian Foreign Minister Sergei Lavrov on Saturday said Western sanctions would have no effect on the country’s oil exports and predicted a big jump in profits from energy shipments this year. “Considering the price level that has been established as a result of the West’s policies, we have suffered no …

Asian shares steadied on Monday as U.S. stock futures made cautious gains ahead of U.S. inflation data later in the week, while the euro touched a seven-year top on the yen amid wagers of European Central Bank tightening. Oil prices firmed after Saudi Arabia raised prices sharply for its crude …

U.S. imports of crude oil from Iraq last week averaged 326 thousand barrels per day (bpd), the Energy Information Administration (EIA) said this weekend. In its weekly report on U.S. oil imports, EIA said that the U.S. net oil imports averaged 5.561 million bpd last week, down by 325 thousand …

The Iraqi Ministry of Oil said on Friday (June 3) the country’s oil production will climb to 4,580,000 barrels per day (bpd) as of July after an agreement with OPEC+, state media reported. Ministry spokesman Aasem Jehad said per the agreement, Iraq’s rate or production will increase by 71,000 bpd, …

The Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, known as OPEC+, agreed to raise output by 648,000 barrels per day (bpd) in July. According to an OPEC statement, the 29th OPEC and non-OPEC Ministerial Meeting decided to advance the planned production adjustment for September and “redistribute …

Iraq’s oil output will reach 4.580 million barrels per day as of July following an OPEC+ decision to increase production, an Iraqi Oil Ministry spokesperson said on Friday, according to the state news agency. “Production increase will be at a rate of 70,000 bpd,” spokesman Aasem Jehad said, noting that …