International

The number of active offshore rigs in the U.S. remained stuck at 17 for the second week in a row, according to weekly rig count reports by Baker Hughes. Baker Hughes Rig Count: U.S. +7 to 491 rigs U.S. Rig Count is up 7 from last week to 491 with …

Saudi Arabia and Russia have clinched a deal for an OPEC+ production increase by partly submitting to the United Arab Emirates’ demands for a more generous quota. But the compromise still leaves Riyadh and Moscow on top. Of all the adjustments agreed recently to the group’s baselines – the level …

Late in the race, Russia has recently announced investments targeting electric vehicle (EV) growth in an attempt to catch up with the transition across the rest of Europe. Russia is expected to start work on its EV infrastructure creation, starting in Moscow. The city plans to install 200 EV charging …

Polish Prime Minister Mateusz Morawiecki said he disagreed with the position of the United States and Germany on the issue of the Nord Stream-2 gas pipeline. The head of the Polish government noted that Poland’s allies, including Germany and the United States, “selfishly approached the issue of building this gas …

China has been raising its marine fuel sales in recent years, aiming to grow its share of Asia’s large bunkering market, which is valued at more than US$30 billion and is dominated by Singapore, Bloomberg reports. Singapore, the leader of the bunkering market, sold nearly 50 million tons of marine …

Saudi Arabia and the other members of OPEC+ may have more room to raise production in the coming years than the market believes if Baker Hughes’ latest earnings are anything to go by. The oilfield services provider said on Wednesday its adjusted profit fell 9 percent in the second quarter …

European energy system will need similar amounts of natural gas in a feasible net-zero future as it does today, shows the study commissioned by the Hydrogen4EU consortium. Hydrogen4EU is a research partnership aiming to inform on the contribution of low-carbon and renewable hydrogen in reaching the European energy transition goals. …

Oil prices fell more than 2% on Monday afternoon during Asia hours after OPEC and its allies agreed to end oil production cuts. Brent crude futures fell 2.13% to $72.02 per barrel, while U.S. crude futures fell 2.09% to $70.31 per barrel. But having a deal is “better than no …

At the 19th meeting of the ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC countries, Azerbaijan supported the decision to extend the “Declaration of Cooperation” until the end of 2022, which implies an increase in daily crude oil production by 400 thousand …

As oil prices continue to rise and global demand is bouncing back to pre-pandemic levels, people could be buying into electric vehicles (EV) as an alternative to expensive fuel costs. The International Energy Agency (IEA) says that rising oil prices are expected to encourage people to shift away from traditional …