International

The UK, Germany, Italy, South Korea, and Indonesia are among the 40 countries that signed a pledge to phase out coal. That seems a positive development for the climate. But on closer inspection, it appears that the global ‘coal to clean power transition’ commitment failed to rally the support of …

The largest oil exporters in the Middle East, key members of OPEC, are reaping the benefits of the rally in crude oil prices. At the same time, they are recouping market share in the most important oil market, Asia. For the first time this year, the Middle East’s share of …

U.S. President Joe Biden blamed a surge in oil and gas prices on a refusal by OPEC nations to pump more crude. Speaking at a climate summit in Glasgow, Scotland, Biden also attributed higher inflation to the coronavirus slowing down the supply chain.

The Shengli Oilfield affiliated to Sinopec in Dongying, east China’s Shandong Province, reported a discovery 485 million tons of shale oil, and a shale oil reserve of more than 4 billion tons after pilot exploration, the state broadcaster CCTV reported on Tuesday. The maximum daily shale oil output of a …

Turkey discovered an additional 60 million barrels of oil equivalent reserves with 26 new onshore explorations this year, Fatih Dönmez, the minister of energy and natural resources, announced on Nov. 1. Speaking in parliament, Dönmez summarized the achievements that Turkey made with its own vessels on the completion of 15 …

After a power crunch battered the world’s second largest economy from September, China has achieved significant improvement in coal supply due to expanded output and stabilizing prices. As winter approaches, the country is boosting energy supplies in full swing to ensure winter heating needs. China Energy said the coal industry …

OPEC+ is ready to risk prices going higher and affecting demand rather than add more supply to curb the upward potential of benchmarks, Reuters’ John Kemp wrote in a column this week. According to Kemp, OPEC+, like US shale oil drillers, tend to put more weight on the downside risks …

The US Energy Information Administration (EIA) said on Sunday that Iraqi crude oil exports to the US dropped to 4.901 barrels per day (bpd) during the past week. According to a report released by the EIA, “The United States imported crude oil from Iraq at a rate of 155,000 bpd. …

Saudi Aramco said oil-output capacity across the world is dropping quickly and companies need to invest more in production. It’s a “huge concern,” Chief Executive Officer Amin Nasser said in an interview in Riyadh, Saudi Arabia’s capital. “The spare capacity is shrinking.” His comments come with crude prices having soared …

European Union energy ministers are set for another spat over how to cushion consumers and companies from soaring power and natural gas prices, with political and legal constraints leaving little room for immediate action. At an emergency meeting in Luxembourg on Tuesday, the ministers will discuss how the EU could …