International

OPEC+ needs to be careful in implementing its policy because it needs to balance the market amid forecasts of softening demand in the first quarter of 2022, the UAE’s energy minister said on Nov. 8. “We are seeing in the first quarter [of 2022]…a surplus in the balance due to …

Current oil prices at around $80 per barrel adequately reflect the situation on the market, Russian Deputy Prime Minister Alexander Novak told Rossiya-24 in an interview after the OPEC+ meeting, Oilprice anaylsed. There are a number of both bullish and bearish factors that will determine where prices will go in …

The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq’s export oil to the United States increased to 187 thousand bpd in the last week. EIA stated in a report, “The United States oil exports recorded 5.319 bpd in the first week of November.” The top three source countries …

U.S. President Joe Biden is considering a release from the Strategic Petroleum Reserve (SPR) as a possible move to reduce gasoline prices in the United States, after OPEC+ ignored on Thursday calls for putting extra barrels on the market, U.S. Energy Secretary Jennifer Granholm told Bloomberg on Friday. “The SPR …

The UK, Germany, Italy, South Korea, and Indonesia are among the 40 countries that signed a pledge to phase out coal. That seems a positive development for the climate. But on closer inspection, it appears that the global ‘coal to clean power transition’ commitment failed to rally the support of …

The largest oil exporters in the Middle East, key members of OPEC, are reaping the benefits of the rally in crude oil prices. At the same time, they are recouping market share in the most important oil market, Asia. For the first time this year, the Middle East’s share of …

U.S. President Joe Biden blamed a surge in oil and gas prices on a refusal by OPEC nations to pump more crude. Speaking at a climate summit in Glasgow, Scotland, Biden also attributed higher inflation to the coronavirus slowing down the supply chain.

The Shengli Oilfield affiliated to Sinopec in Dongying, east China’s Shandong Province, reported a discovery 485 million tons of shale oil, and a shale oil reserve of more than 4 billion tons after pilot exploration, the state broadcaster CCTV reported on Tuesday. The maximum daily shale oil output of a …

Turkey discovered an additional 60 million barrels of oil equivalent reserves with 26 new onshore explorations this year, Fatih Dönmez, the minister of energy and natural resources, announced on Nov. 1. Speaking in parliament, Dönmez summarized the achievements that Turkey made with its own vessels on the completion of 15 …

After a power crunch battered the world’s second largest economy from September, China has achieved significant improvement in coal supply due to expanded output and stabilizing prices. As winter approaches, the country is boosting energy supplies in full swing to ensure winter heating needs. China Energy said the coal industry …