International

Asian buyers have snapped up a huge volume of cheap US oil early in the latest trading cycle for spot physical barrels, raising the prospect of reduced demand for Middle Eastern crude. South Korean and Indian oil refiners have so far purchased around 16-to-18 million barrels of US crude this …

The Energy Information Administration has lowered its forecast for crude oil production for this year and next, according to a new report. The Energy Information Administration (EIA) made several adjustments to its production forecasts in its Short Term Energy Outlook published on Tuesday. The EIA now sees U.S. crude oil …

Germany’s economy will lose over £220bn (€260bn) in added value by the end of the decade, following Russia’s invasion of Ukraine and skyrocketing energy prices – revealing negative effects on the country’s labor market. According to a study from the Institute of Employment Research (IAB), Germany’s price-adjusted gross domestic product …

The signing last week of a multi-pronged memorandum of understanding (MoU) between the Saudi Arabian Oil Company – formerly the Arabian American Oil Company – (Aramco) and the China Petroleum & Chemical Corporation (Sinopec) is a critical step in China’s ongoing strategy to secure Saudi Arabia as a client state. …

Turkey on Tuesday (9 August) sent its newest drill ship on the first eastern Mediterranean energy exploration mission in nearly two years. The search for natural gas in energy-rich waters around the divided island of Cyprus has turned into an irritant in Turkey’s ties with the European Union. President Recep …

The 165th day of Russian aggression and war against Ukraine is coming to an end. Unpunished evil always returns and commits a bigger crime. Unfortunately, the lessons of Russian aggression against Georgia on 8 August 2008 and the beginning of the war against Ukraine in 2014 were not learned by …

After years of uncertainty and stagnation, the offshore drilling market is on the rebound and is in the early innings of an upcycle in investment and activity that will outpace the 2016-2019 cycle, major services and rig providers say. Analysts and top offshore drilling executives say that offshore rig utilization …

India is among the top importers of crude oil, depending on foreign fuels to meet 85% of its requirements. And it seems to have put its overdependence on imported oil to its advantage when the Ukraine war pushed the fuel prices in the global markets. Saudi Arabia seems to have …

China’s natural gas output has exceeded 100 billion cubic meters per year during the past consecutive five years, thepaper.cn learned from Chinese energy giant China National Petroleum Corporation (CNPC) on Sunday. The rising output is a result of multiple factors such as technology progress and China’s accelerated efforts to develop …

The UAE government’s net operating surplus more than doubled in the first quarter to Dh36.4 billion ($9.9 billion) as surging oil prices boosted public revenue, finance ministry data showed on Monday. High oil prices and increased production have been a boon for the UAE’s economy this year, along with a …