International

Oil-exporting countries in the region are expected to fare better this year as higher crude prices bolster their finances Cairo, Egypt. The Arab world’s third-largest economy was one of a few economies to escape a coronavirus-induced contraction in 2020 but growth is expected to soften this year. Reuters The Middle …

Energy and Natural Resources Minister Fatih Dönmez has said that another exploratory natural gas well could be drilled in a field in the south or west of the Sakarya Gas Field in the Black Sea this year. Turkey on June 4 announced the discovery of 135 billion cubic meters (bcm) …

OPEC+ appears in control of crude prices as U.S. production is lagging pre-pandemic levels, according to a senior executive at the world’s biggest independent oil trader, Vitol Group. The decline in U.S. drilling and output leaves little competition to efforts by the producers’ group to manage markets, Mike Muller, Vitol’s …

On Saturday, Libya’s Oil Minister of the Government of National Unity (GNU), Mohamed Oun, said that Libya is planning to increase its output of crude oil to four million barrels per day (bps) within a year. During a visit of the government delegation to Paris, the Libyan Minister said that …

The world has already passed the coal consumption peak and will pass the oil consumption peak within a decade, head of the Russian Accounts Chamber Alexei Kudrin said at the St. Petersburg International Economic Forum on Thursday. “I believe we will pass the oil consumption peak over this decade. We …

Oil exports from Russia in January – May 2021 fell by 13% compared to the same period last year to 91.2 mln tonnes, according to statistics released by the Central Dispatching Department of Fuel Energy Complex (CDU TEK) on Wednesday. Russia participates in the OPEC+ agreement on oil production cuts, …

Spending cuts enforced across the global energy industry last year due to the pandemic will be clawed back in 2021, with investment poised to grow 10% to $1.9tn. That is a return to pre-crisis levels, but the composition of capital expenditure will be more tightly focused on electricity generation than …

Russia’s coal production is expected to reach the level of 2019, after which coal producers started to reduce output amid the coronavirus pandemic-related economic crisis and the falling demand in western countries, by the end of this year, Deputy Energy Minister Anatoly Yanovsky told reporters on Tuesday. “I think that …

Climate activists who scored big against Western majors last week had some unlikely cheerleaders in the oil capitals of Saudi Arabia, Abu Dhabi and Russia. Defeats in the courtroom and boardroom mean Royal Dutch Shell, ExxonMobil and Chevron are all under pressure to cut carbon emissions faster. That’s good news …

Qatar could become the swing LNG (liquefied natural gas) producer and its LNG expansion plans are slated to boost real economic growth and fiscal surpluses to high-single digits and mid-single digits on average over 2021-27, according to Bank of America report. “Qatar’s LNG strategy appears to be focused on defending …