International

A trial program focused on domestically made Natural Gas Hydrate (NGH) exploration equipment has been completed in the South China Sea, Global Times learned from China National Offshore Oil Corporation (CNOOC) on Monday, marking a forward step in China’s NGH detection and exploration development. CNOOC said the trial program had …

The European Union is set to take the lead in climate policy action among the world’s biggest greenhouse gas emitters this week, with a raft of ambitious plans designed to cut emissions drastically over the next decade. The policies, if approved, would put the bloc – the world’s third-largest economy …

British tabloid “The Sun” wrote about “the growing fear of a third world war” against the backdrop of the emergence of Russian submarines in the Baltic Sea and US participation in the “war games” in the Black Sea. The publication notes that a submarine with Oscar-II class cruise missiles (according …

China’s ambitious goal of replicating North America’s shale revolution will change the dynamics of the global liquefied natural gas (LNG) market to the benefit of gas importers in the Arabian Gulf. Last week China took a big step towards opening up its vast gas reserves with a deal struck between …

The International Monetary Fund said on Thursday Saudi Arabia’s economy is recovering well from the COVID-19 pandemic and the fund expected the non-oil economy to grow by 4.3 percent this year, with overall GDP growth seen at 2.4 percent. Real oil GDP is expected to shrink by 0.4 percent, the …

Russia is leading efforts to close divisions between Saudi Arabia and the United Arab Emirates to help strike a deal to raise oil output in coming months, three OPEC+ sources said, with OPEC and its allies yet to set a date for their next oil policy meeting. Disagreement between the …

OPEC’s sudden disarray would seem to be an opportunity for U.S. shale producers to lock in profits, with oil prices near multi-year-highs, but sources at those companies say they are not taking chances with the market’s volatility. Shale producers are famous for boosting output whenever oil prices surge. However, the …

Iraq supports the proposal to increase OPEC+ production between August and December and backs the extension of the output cuts agreement till the end of 2022, the country’s oil minister said July 4, as ministers prepare to meet to resolve an impasse spilling over from last week’s meeting. The OPEC+ …

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. …