International

UAE’s discovery of new oil resources will take the country’s total conventional oil reserves to 107 billion barrels, placing the OPEC nation near Russia, one of the world’s largest energy exporters. The find “strengthens the country’s position in sixth place in the world in the list of countries with the …

OPEC officials will meet this week on Wednesday, Thursday, and Friday to iron out details ahead of the meeting on November 30 and December 1 that will determine the fate of OPEC’s oil producers for 2021. OPEC sources told Reuters on Monday. Wednesday and Thursday will see OPEC’s economic commission …

The Organization of the Petroleum Exporting Countries and its allies are expected to extend oil production cuts into the new year in an effort to avoid a global glut of inventories. But with Covid-19 cases accelerating in many parts of the world, raising the risk of further economic restrictions, its …

The United States continues its attempts to derail the construction of the Nord Stream 2 gas pipeline from Russia to Europe, German utility firm Uniper said. “Uniper regrets to say that the US is still trying to undermine the important infrastructure project, which is Nord Stream 2. We believe it …

Saudi Arabia and Russia are in a tight race to become China’s top oil supplier in 2020, with both countries boosting crude exports to the economic powerhouse even as the coronavirus pandemic hit global demand for oil this year. Saudi Arabia, which was China’s top supplier last year, has exported …

Washington has granted Iraq a shortened 45-day sanctions waiver to import Iranian gas that will expire days before US President Donald Trump’s term ends, an Iraqi official said Saturday. Baghdad buys gas and electricity from its neighbor Tehran to supply about a third of its power sector, worn down by …

Baker Hughes reported on Friday that the number of oil rigs in the United States fell by 5 to 231, ending eight weeks of increases to oil rigs in the U.S. The total number of active oil and gas rigs decreased for the week by 2, with oil rigs decreasing …

Iraq plans to invite international companies to compete in order to build a 300,000 b/d refinery south of the country, the oil minister said Nov. 18, as OPEC’s second largest oil producer seeks to wean itself off crude products imports. The refinery, to be built in Fao in the Basra …

The UAE achieved 126% compliance with its OPEC+ quota in October, the energy ministry said late Nov. 17, as OPEC’s third largest producer sought to compensate for overproduction in August. The country’s compliance since the cuts were implemented in May is 101%, the ministry said in a statement on the …

China’s biggest offshore oil and gas producer CNOOC Group will add 1.62 million cubic metres of storage capacity for liquefied natural gas (LNG) at its Binhai terminal in the eastern province of Jiangsu. The expansion will consist of six tanks with storage capacity of 270,000 cubic metres each and construction …