International

Ambassadors of several European Union countries reiterated Saturday to the Chairman of the Libyan National Oil Corporation (NOC) Mustafa Sanallah their full support for the NOC to regain oil production rates as before the January shutdown. Italy, Sweden, Denmark, Austria, Spain, Belgium, Norway, Finland, Poland, Hungary, and Holland’s ambassadors hailed …

Saudi Arabia is considering the cancellation of plans for the Organization of the Petroleum Exporting Countries to raise oil production early next year, The Wall Street Journal reported Thursday, citing comments from senior Saudi oil advisers. They cited the rise in COVID-19 cases in many parts of the world, as …

Turkey expects to raise its estimate for the amount of natural gas discovered in the Black Sea and plans to announce the new guidance as early as next week, according to people with direct knowledge of the matter. The government will outline a sizable revision to the initial discovery of …

OPEC expects to emerge from the pandemic with a greater share of global oil sales, after 2020’s price downturn battered rivals in the US and elsewhere. The Organization of Petroleum Exporting Countries boosted forecasts for the amount of oil it will need to supply over the next four years, shifting …

Oil prices eased on Friday, slipping at the end of a week of big gains made on the risk that supplies from Norway could be slashed by up to 25% due to a strike by oilworkers. Brent was down by 14 cents at $43.20 a barrel by 0740 GMT, having …

The COVID-19 pandemic has interrupted the development of Norway’s offshore oil and gas projects, pushing up costs and postponing startups, the government and oil company Equinor said on Wednesday. The costs of ongoing projects rose by 13.2 billion Norwegian crowns ($1.4 billion) from a year ago on an inflation-adjusted basis, …

Libyan Central Bank Governor Sadiq Al-Kabir called for an immediate resumption of oil operations to shore up the economy amid an unprecedented decline in monetary reserves. “We need to raise the production to 1.7 million barrels per day to cover the country’s spending,” Al-Kabir said at a forum that centered …

Libya’s oil output has risen to 295,000 barrels following a truce in the OPEC nation’s civil war and the lifting of a blockade on energy facilities. Fields that feed the newly restarted eastern ports of Hariga, Brega and Zueitina are ramping up production, according to a person with knowledge of …

Saudi Arabia’s Finance Ministry sees oil prices at around $50 a barrel for the next three years, according to Goldman Sachs Group Inc.’s analysis of the kingdom’s pre-budget statement. “Using our own estimates for the breakdown of government revenues, we calculate that the numbers presented in the budget statement are …

At the moment, the energy news out of China is a deluge of reports and think pieces about the government’s recently unveiled an extremely ambitious plan to become carbon neutral by 2060 – very big news from the nation that is responsible for a quarter of the world’s total greenhouse …