Saudi Arabia recently came under attack for allegedly trying to block negotiations on climate action, and it has been named among countries that have tried to downplay the urgency of such action. It is not the poster boy for net-zero ambitions. And yet, the Kingdom has some major ones in …
Read More »Iraqi Ministry of Oil Stresses Iraq’s Need for more Investments
Iraqi Oil Minister Ihsan Abdul-Jabbar Ismail stressed today the importance of attracting new investments, especially in projects that achieve sustainable development for Iraq and clean energy. The minister’s statement came during his participation in the ADIPEC exhibition in Abu Dhabi. Ismail said that the oil sector needs more investments, financing …
Read More »OPEC Brands Transition from Oil to Renewables Dangerous
The Organization of the Petroleum Exporting Countries (OPEC) said the narrative that the energy transition is from oil and other fossil fuels to renewables is ‘misleading’ and ‘potentially dangerous’. That comes just a few hours after the announcement of the Glasgow Climate Pact that includes in its text a reference …
Read More »OPEC Presents Its World Oil Outlook 2021 at ADIPEC
Abu Dhabi, United Arab Emirates, 16 November 2021–The Organization of the Petroleum Exporting Countries (OPEC) today held a special session to present the 15th edition of its World Oil Outlook (WOO), as part of the Organization’s participation at ADIPEC 2021 in Abu Dhabi, United Arab Emirates (UAE). Under the patronage …
Read More »No Need for OPEC+ to Raise Oil Production Faster, Oman Says
Oman said there was no need for OPEC+ to accelerate oil-production increases, signaling at least some members of the group will continue to resist U.S. pressure for more crude. OPEC+ is already raising daily supply by 400,000 barrels per month and that’s enough, Oman’s Energy Minister Mohammed Al-Rumhy said in …
Read More »West Qurna-2 Produces Its One-Billionth Barrel of Oil
Iraq’s West Qurna-2 oilfield has just produced its one-billionth barrel of oil. At a ceremony to mark the event, which was attended by Lukoil President Vagit Alekperov, Oil Minister Ihsan Abdul Jabbar said the field started with production of 220,000 bpd, rising to 400,000 bpd, with plans for peak production …
Read More »Iraq to Start Developing Akkas Gas Field to Pave Way for Foreign Investments
Iraq will start developing the Akkas gas field in an initial stage to pave the way to attract foreign investments, the oil ministry said Nov. 13, as OPEC’s second biggest producer seeks to boost its gas output. State-run Iraqi National Oil Co. discussed during a meeting plans to nationally operate …
Read More »Putin Hopes Belarus won’t Shut off Russian Gas Supplies to Europe
Russian President Vladimir Putin hopes that Belarus will not shut off the transit of Russian gas to the EU. “Theoretically, of course, [President of Belarus Alexander] Lukashenko, as the President of a transit country, can probably give an order to cut off our supplies to Europe. But this would be …
Read More »U.S. Shale Oil Output Surges to Highest since Early in Pandemic
Surging oil and natural gas prices are spurring production increases from West Texas to the Upper Great Plains that probably will lift output to levels not seen since the early days of the pandemic, according to Rystad Energy AS. U.S. shale-oil production is expected to reach 8.68 million barrels a …
Read More »Rosneft CEO Warns of New Super-Cycle in Oil, Gas Markets on Rapid Demand Growth
Rosneft CEO Igor Sechin warned Nov. 12 of a potential super-cycle in oil and gas markets amid fears of a continued rapid growth in demand outpacing supplies. The warning comes as pressure mounts on the need to ease surging energy prices, with oil hovering near three-year highs and volatility in …
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