International

The UAE sought to clarify its position on oil supply ahead of a crucial meeting of OPEC+, the producers’ alliance led by Saudi Arabia and Russia. A statement from the Emirates’ Ministry of Energy and Infrastructure said: “UAE believes that the market needs an increase in production and supports an …

Iraq backs a proposal by the Organization of the Petroleum Exporting Countries and its allies to extend a pact on output curbs until December 2022, Oil Minister Ihsan Abdul Jabbar said on Sunday, adding he expected oil prices to remain at $70 per barrel or above until then, reports Reuters. …

Iraq’s Oil Minister Ihsan Abdul said Lukoil PJSC sent him a notification to sell its stake in the West Qurna-2 field to Chinese companies, and that BP Plc wants to pull out of the giant Rumaila field. In a video posted on a Facebook page under his name, the minister …

Turkey will carry on exploring for oil and gas in the eastern Mediterranean, President Tayyip Erdogan said on Friday in comments that may revive tensions with the European Union and Greece amid attempts to repair their frayed ties. Turkey is at odds with EU members Greece and Cyprus over energy …

The meeting of the OPEC+ ministerial monitoring committee and the OPEC+ ministerial meeting will be held on Friday, July 2, the OPEC Secretariat said in a statement. As sources told TASS earlier, the ministers failed to reach an agreement on productions levels from August at Thursday meeting and decided to …

The oil and gas industry is embracing new technologies to save time and costs and, most recently, to reduce the carbon footprint of its supply chain as the energy sector is under increased pressure to reward shareholders while helping to fight climate change. Along with artificial intelligence, machine learning, digital …

Saudi Arabia plans to launch a second national airline, Crown Prince Mohammed bin Salman (MBS) announced Tuesday as part of a broader plan of diversifying the oil-dependent kingdom’s economy by making the country a global logistics hub. The creation of another flag carrier would catapult Saudi Arabia into the 5th …

According to these sources, Russia has been producing some 10.42 million bpd of crude oil and condensates since the start of the month, which is lower than May’s average of 10.45 million bpd. The reason for the decline could be related to difficulties with boosting production at older fields, other …

An OPEC+ panel has warned of “significant uncertainties” and the risk of an oil glut after April 2022, according to an internal report, building a case for extending the current deal that has maintained curbs on supply. A 3D-printed oil pump jack is seen in front of displayed OPEC logo …

Basrah Gas Co. — a joint venture between Iraq’s state-owned South Gas Co., Shell and Mitsubishi Corp. — will receive a $360 million from the World’s Bank’s private sector financing arm to help OPEC’s second largest producer reduce gas flaring from its southern oil fields. The International Finance Corp. and …