International

The European Union will have its regulations in order before the Russian crude oil price cap and ban goes into effect, the EU’s energy commission told Reuters on Friday. Although the G7 price cap has yet to be quantified. The G7 plan to cap the price of Russian crude oil …

OPEC Secretary General Haitham al-Ghais said on Wednesday that the organization is ready to “intervene for the benefit of oil markets”, Saudi-owned Al-Arabiya TV reports, citing Ghais as saying that OPEC is aware, cautious and monitoring economic developments worldwide. In early October, OPEC+ announced plans to reduce oil production by …

The Biden administration has asked Congress to approve $500 million in funds for the modernization of the four sites of the country’s Strategic Petroleum Reserve, suggesting in its request that the SPR is at risk of shortfalls. In a request to Speaker Nancy Pelosi, the White House’s Office of Management …

Adnoc Drilling, the largest national drilling company in the Middle East by rig fleet size, is looking to expand into the GCC as drilling activity increases after a surge in crude oil prices, according to the company’s chief executive. Rig activity in the GCC, which includes Bahrain, Kuwait, Qatar and …

China is adding coal plants to tackle energy security concerns, but this doesn’t mean it is backing away from its previously stated emissions curbs, Chinese delegates said at the COP27 summit this week. China may be adding new coal plants to prevent a repeat poor performance from recent years that …

The World Bank Group has created the Hydrogen for Development Partnership (H4D), a new global initiative to boost the deployment of low-carbon hydrogen in developing countries. The announcement was made on November 15, Energy Day, at COP27. H4D will help catalyse significant financing for hydrogen investments in the next few …

It is possible that U.S. Secretary of State, Antony Blinken, believed for a moment that his call to the new Iraqi Prime Minister, Mohammed Shia al-Sudani, saying that Washington “is eager to work with the government and people of Iraq to improve respect for human rights, increase economic opportunities, advance …

The Organization of the Petroleum Exporting Countries (OPEC) announced Tuesday that eight out of 13 countries, including Saudi Arabia, decreased their oil production last October. OPEC said in a report the production of OPEC member countries of oil dropped by 210,000 barrels per day (bpd) in the past month to …

Asian share markets were mixed on Tuesday and oil was weaker as investors sought to digest the economic implications of China’s COVID policy adjustments and a rescue package for the country’s struggling property sector. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.1%, following mild losses for …

Crude oil began trade today with a gain on the resurgence of hopes that Chinese demand is about to enter recovery mode. The hopes followed announcements from China that some pandemic restrictions will be relaxed. The gains, albeit modest, reflect a reversal in market sentiment, which just last week led …