International

Petrodollars are once again flowing in for Saudi Arabia. The kingdom is earning more money from oil exports than at any time since 2018, as the global economic recovery and OPEC+ production cuts boost prices. The producers’ cartel meets on Monday and has signaled it will continue with a gradual …

The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq did not export any oil to the United States in the past week. EIA stated in a report, “U.S. imports oil 5.389 million bpd in the past week.” The top three source countries of U.S. import oil are Canada …

Russian oil and gas condensate output rose to 10.72 million barrels per day (bpd) in September, the highest level since the 11.34 million bpd pumped in April 2020, Reuters calculations based on an Interfax report showed on Saturday. Total oil and gas condensate production was 43.86 million tonnes last month, …

Organisation of the Petroleum Exporting Countries (OPEC) said the proven crude oil reserves in the bloc’s member countries increased by 0.3 per cent to 1.237 billion barrels at the end of 2020, following a firm increase its previous year. At the end of 2020, world proven natural gas reserves fell …

It’s not just extra natural gas that Europe’s struggling energy markets are finding tough to get from Russia. Power producers in the continent are being forced to ask Russia for more coal to ease an energy crunch with winter approaching and record-high gas prices denting profitability, according to officials at …

China’s electric carmakers are darting into Europe, hoping to catch traditional auto giants cold and seize a slice of a market supercharged by the continent’s drive towards zero emissions. Nio Inc, among a small group of challengers, launches its ES8 electric SUV in Oslo on Thursday (30 September) – the …

As a severe power crunch roils China’s northeastern industrial heartland, senior officials face mounting pressure from alarmed citizens to ramp up coal imports thick and fast in order to keep lights on, factories open and even water supplies flowing. With electricity shortages sparked by scant coal supply crippling large sections …

NATO Secretary-General Jens Stoltenberg on Monday asked China to show more transparency on its nuclear arms program. Stoltenberg held a talk with Chinese Foreign Affairs Minister Wang Yi by a video link to discuss NATO-China relations and international security challenges, Stoltenberg’s office announced in a press statement. Stoltenberg reaffirmed that …

Two investments banks, Goldman Sachs and Bank of America, have projected the crude oil price to hit between $85 and $100 in the coming months. The banks’ projection would come as good news for Nigeria despite production output struggles. In a note published on Friday, Goldman Sachs predicted an $80 …

Russia’s reserves of natural gas could run low in 70 years at the current production level, while oil reserves should last about 30 years, geological firm Rosgeo estimates show. “Over the past 25 years there have been ten times fewer new reserves discovered than in the previous 25 years, with …