International

Norway currently has 90 oil and gas-producing fields, but – within a few years – it could rise to more than 130. While the world is struggling to adapt to a changing climate, the Norwegian petroleum industry is booming. Diderik Lund, an economics professor at the University of Oslo, told …

The UAE remains fully committed to the Declaration of Cooperation issued by OPEC+ oil producing countries, according to the Ministry of Energy and Infrastructure. The UAE “reiterates” that any decisions will be taken collectively by the OPEC+ group at the next Ministerial meeting. The comments come amidst major developments in …

Russia became the world’s largest oil producer in terms of volumes, outpacing the US in September 2021, the state statistics service Rosstat reported on Wednesday. In particular, Moscow produced 10.45 mln barrels of oil per day in July compared to 11.31 mln barrels per day produced by the US in …

US President Joe Biden has today announced that the Department of Energy will make available releases of 50 million barrels of oil from the country’s strategic petroleum reserve to lower gas prices. Last week, Mr Biden asked the Federal Trade Commission to investigate possible wrongdoing of oil and gas companies …

Russian President Vladimir Putin plans no top-level international contacts for discussing the situation on the global oil market so far, Kremlin Spokesman Dmitry Peskov told reporters on Tuesday. “No, the president has no [such plans],” he said when asked a respective question. When asked to comment on statements made by …

The Kremlin said on Tuesday that Russia remained committed to fulfilling its OPEC+ obligations and that President Vladimir Putin had no plans to contact OPEC+ partners despite talk of key consumer countries releasing their strategic oil reserves. The United States is expected to announce a loan of crude oil from …

Germany could resume the certification process for the Russia-led Nord Stream 2 natural gas pipeline in a few weeks, an analyst at a Moscow-based brokerage told Reuters on Monday after a call with senior executives at Gazprom. Last week, Germany said it had suspended the process of certification of the …

Saudi Aramco said it will continue to look for investment opportunities in India as it provides tremendous growth opportunities over the long term, Bloomberg reported. “We will continue to evaluate new and existing business opportunities with our potential partners,” the giant oil company said, adding that it has a long-term …

The Middle East is the historic heartland of the global oil and gas industry. The region holds almost half of the world’s proven hydrocarbon reserves and, in 2020, it produced nearly one-third of the world’s oil. But the world’s energy sector is changing fundamentally and the region’s position at the …

Japan is considering tapping into its national oil reserves, the country’s PM has confirmed, after Washington reportedly urged top oil consumers to release their reserves to tackle high crude prices. Speaking to reporters during his visit to the southern Japanese city of Matsuyama on Saturday, Prime Minister Fumio Kishida said …