International

Iraq expects global oil demand to grow at a pace of 3% a year in 2023, and OPEC’s second largest oil producer does not plan to cancel projects due to the current slowdown, the country’s oil minister said Oct. 20. In 2023, “will start the normal oil demand increase of …

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said the OPEC+ countries that had produced beyond the level stipulated by the crude oil output-cut agreement have pledged to compensate during the period from October to December. Speaking at the opening of an OPEC+ ministerial monitoring committee (JMMC), Prince Abdulaziz …

Russia and Saudi Arabia held a second, and unusual, phone call this week to discuss the OPEC+ agreement after officials from the group warned on Friday of the potential for a weaker oil market in 2021. President Vladimir Putin and Saudi Arabia Crown Prince Mohammed Bin Salman spoke Saturday in …

Libya’s daily oil production has risen to around 500,000 barrels, according to people familiar with the situation, as the war-battered nation restarts its energy industry after a truce. Sharara, the country’s biggest oil field, is pumping roughly 110,000 barrels a day, according to two people with knowledge of the situation, …

Every month OPEC (Organization for the Petroleum Exporting Countries) releases a report on the oil industry and the overall OPEC oil price and trend evolution. The report of this October showed the price of oil remained glued to the $40 level for several months now. In all, OPEC now sees …

Russian Energy Minister Alexander Novak said on Wednesday he had invited other BRICS countries – Brazil, India, China and South Africa – to take part in joint oil and gas projects in the Arctic. In a speech at a meeting of energy ministers from the group of major emerging economies, …

The Minister of Oil, Ihsan Abdul-Jabbar Ismail, stressed on Tuesday the importance of expediting plans for gas investment associated with oil operations in Al-Rumaila oil field. Ismail said in a statement received by Shafaq News agency, “the maintenance of production in Al-Rumaila oil field and the available investment opportunities in …

The Covid-19 pandemic and an ongoing shift to renewables are accelerating an exodus of the world’s largest oil and gas companies from South-east Asia, dimming prospects for investment and raising the possibility of supply shortages once demand recovers. US and European oil majors have either announced or are thought to …

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 …