International

OPEC chose veteran Kuwaiti oil executive Haitham al-Ghais to become the organization’s top diplomat, as the group and its allies navigate a delicate recovery from the pandemic. Al-Ghais – a multilingual technocrat whose three-decade oil industry career includes stints in Beijing and London – will become Secretary-General in August, taking …

The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq exported 268 million bpd of oil to the United States in the past week. EIA stated in a report, “U.S. imports oil 6.170 million bpd in the past week.” The top three source countries of U.S. import oil are …

Rising power costs in Europe, almost wholly down to the cost of natural gas, resulted in reduced output at Europe’s largest aluminum smelter, Aluminium Dunkerque Industries France. Losses there ballooned to €20 million ($22 million) during November, as natural gas prices quadrupled this year. Most aluminum smelters operate on long-term …

The OPEC+ group will likely proceed with its oil production policy of the past few months by deciding next week to add another 400,000 barrels per day (bpd) to its collective output quota, OPEC+ and Russian sources told Reuters this week. OPEC and its Russia-led non-OPEC partners in the OPEC+ …

Iraq will scale up oil exports in January to 3.3 million barrels per day (bpd), Minister of Oil Ihsan Abdul-Jabbar Ismail said. Ismail’s remarks came during a press conference he held earlier today, Thursday. The Minister explained Iraq is committed to OPEC’s gradual production raises of 40,000 barrels to its …

China has issued its first batch of 2022 crude oil import quotas at a volume 11per cent below 2021’s first allotment, according to industry sources and a document reviewed by Reuters, with large private firms winning out over smaller processors, Global oil prices pared gains following the drop in import …

Saudi exports surged in October on the back of higher oil prices, which hit a 2021 peak during that month. Saudi Arabia exported goods and commodities worth a total $28 billion in October, according to the Kingdom’s General Authority for Statistics, as cited by Bloomberg. Crude oil accounted for 77.6 …

Turkey’s total oil imports increased by 22.3% on an annual basis to 4.20 million tons in October, according to data released by the country’s energy watchdog on Thursday. Crude oil imports, the category with the highest oil import volume, rose by 24.2% in October to 2.89 million tons, the Energy …

Saudi Arabia’s King Salman said the OPEC+ production agreement was “essential” for oil market stability and urged all participating countries to comply with the pact. Oil market stability and balance are pillars of Saudi energy policy as crude supports the growth of the global economy, King Salman said in an …

The global upstream sector is set for a rebound next year, when overall investment in exploration and production is expected to exceed $400 billion for the first time in three years. Yet, despite record high cash flows and oil at over $70 a barrel, reinvestment rates will stay at near …