International

Iraqi drilling company has started boring a new oil well in the Maysan governorate in the south of Iraq, the State-owned company said in a press release on Saturday. The company said it deployed the 2,000 HP “IDC-23” drilling device to reach 3,290 meters depth in the new well named …

“Thanksgiving was a Thanksgiving day for the speculators,” said Saudi energy minister Prince Abdulaziz bin Salman. “But let them dare to do another Thanksgiving. They will be ouching like hell.” Saudi Arabia’s energy minister warned traders against shorting oil, saying OPEC+ could react quickly to any fall in prices. OPEC+, …

Goldman Sachs Group Inc. plans to reduce the carbon footprint of its fossil-fuel clients by a fifth, and slash emissions in other key customer groups as it acts on a pledge to make its business climate neutral by mid-century. By 2030, the Wall Street firm intends to have lowered the …

Russia does not appear to be backing down from its oil and gas commitments, with speculation over new partnerships with India, as well as plans to up its crude output from January, its fossil fuel industry is going from strength to strength. Russia and India signed several energy cooperation agreements …

Mitsui OSK Lines (MOL) and Royal Vopak (Vopak) have come to an agreement whereby Vopak will acquire 49.99% of the shares in the vessel owning company of MOL FSRU Challenger, whose name will be changed to Bauhinia Spirit, a nod to Hong Kong’s flag, which features the tropical plant. This …

The European Union plans to stop funding new oil and gas pipelines in future, as it switches the focus to promoting energy sources that are less harmful to the climate. Negotiators from the EU member states and the European Parliament agreed on Wednesday morning on a reform of the TEN-E …

Japanese automakers are looking for ways to catch up with European and U.S. competitors in China, which has grown to become the world’s largest car market. Around 2 million vehicles were sold in China in 2000, before the country joined the World Trade Organization. Sales have since grown over tenfold …

China will loosen blanket restrictions on energy consumption in order to ensure environmental and climate targets do not erode future economic growth, according to a policy document issued after an agenda-setting meeting of the country’s top leaders. The country will also move towards capping carbon dioxide emissions from overall energy …

Higher Saudi prices for January, lower overall demand for crude amid the Omicron uncertainty, the Chinese crackdown on illicit practices at its independent refiners, and refinery maintenance season starting in late Q1 2022 have resulted in Asian refiners abstaining from extra Saudi crude supply for loading in January. Refiners in …

Saudi Arabia and Kuwait confirmed that they are working to increase production from the Khafji and Wafra joint operations, Saudi Press Agency reported, citing a joint statement. The two parties agreed to implement the memorandum of understanding (MoU) on the neutral zone and the adjacent submerged zone, the statement added …