International

Oil revenues for Libya reached record levels last May, as they recorded 1.322 billion dollars in crude oil and 53 million dollars in gas and condensates, the National Oil Corporation (NOC) announced on Sunday. The corporation said that net revenues for the month of May from sales of crude oil, …

India, the world’s third-biggest oil importer, has significantly reduced its imports from the Middle East as part of a drive to diversify crude sources. The share of Middle Eastern crude in India’s oil imports fell to a 25-month low in May, tanker data provided by trade sources showed, as refiners …

The Iraqi state-owned Oil Marketer, SOMO, said on Sunday that the Chinese oil companies were the top buyers of Iraqi oil in May. In an official chart published on its official website, SOMO said that Chinese importers of Iraqi oil were eight, the most among 32 companies. Indian and U.S. …

With oil prices rising to levels not seen in over two years, US shale, bouncing off one of its worst-ever years, could be looking at record profits in 2021. Oil execs and producers are historically pretty good at making money. Oil is a roller coaster of an economic sector, based …

The U.K. continues to stand by its oil and gas commitments even following this month’s G7 climate change conference in Cornwall, international pressure to move away from fossil fuels, and the ceasing of operations by other North Sea states. Energy minister Anne-Marie Trevelyan stated this week that the U.K will …

The US Energy Information Administration (EIA) said on Saturday that Iraqi crude oil exports to the US declined to 155,000 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, …

The United Arab Emirates could become the first nation among the Organization of the Petroleum Exporting Countries to set a net-zero goal, a move that would please Western countries pushing for stronger climate commitments but won’t require it to sell less oil. The country is considering a 2050 target to …

Moscow is considering making a proposal that the group should ease a global supply deficit by increasing output, according to Russian officials familiar with the matter. Other OPEC+ nations are also discussing a potential supply hike in August, although specific numbers haven’t been mentioned, said a delegate. Crude just hit …

Iraq has signed a contract to drill 96 oil wells in the West Qurna-1 oil field located in the southern province of Basra to raise the production, according to a statement by the Ministry of Oil. The state-run Basra Oil Company and the contractors for the West Qurna-1 oil field, …

China National Petroleum Corporation announced on Sunday the discovery of a shale oil field with geological reserves of 1 billion tonnes in northwest China’s Ordos Basin, making it the largest in the country. The leading energy company said the accumulated proven geological reserves of its Changqing Oilfield reached 1.052 billion …