International

Libya’s crude oil production continues to increase as one of its companies has nearly doubled its output to 100,000 barrels per day (bpd) compared to production levels before the blockade of Libyan oil ports and oilfields in January. Libya’s Sirte Oil and Gas Production and Processing Company has nearly doubled …

The Russian government has approved the participation of the China Petroleum & Chemical Corporation (Sinopec) in a large petrochemical project. Thus, the Cabinet, led by Michail Mishustin, is acting in accordance with Moscow’s strategy of establishing closer economic relations with Beijing. As per a framework agreement signed by the parties …

US President-elect Joe Biden is expected to pick Jennifer Granholm to be his energy secretary and Gina McCarthy as the head of newly-formed Office of Domestic Climate Policy, according to reports. Former Michigan Governor Granholm worked from 2003 until the end of 2010 to diversify the state’s economy, which is …

OPEC announced, on Tuesday, that Iraq is the country that has reduced its oil production the most, while Libya was the most productive country in the organization in November 2020. The organization said in its monthly report, “total OPEC-13 crude oil production averaged 25.11 million barrels per day in November …

Excitement over the rollout of the coronavirus vaccine today had oil prices surging this morning, but the rally fizzled after OPEC put out its monthly oil market report. Citing further uncertainty in the transportation sector caused by surging cases of COVID-19, the group lowered its estimates for a recovery in …

In addition to the great consequences for human health, the pandemic has led to serious socio-economic shocks in most countries of the world, including in the Arab countries, Minister of Energy of Algeria Abdelmadjid Attar said RABAT, December 14. /TASS/. An extremely difficult situation has developed in the global economy …

China is looking to attract investments in shale gas developments by easing restrictions on foreign entities and subsidizing costs in a bid to boost its natural gas production while its demand continues to grow. China has shale gas reserves but the geology to extract those resources is challenging, so it …

Russia has signaled it may be starting to prepare for a permanent decline in crude oil demand over the long term, even after the devastating effects of the coronavirus pandemic are over. “The peak of consumption may have already passed,” Deputy Finance Minister Vladimir Kolychev told Bloomberg in an interview. …

Iraq is poised to sign a multibillion-dollar contract with China ZhenHua Oil Co., a bailout from Beijing for the cash-strapped government which will receive money upfront in exchange for long-term oil supplies. The deal is the latest example of China, via state-controlled trading companies and banks, lending to struggling oil …

The United Arab Emirates will provide Asian oil buyers with a little more crude next month after OPEC+ reached a compromise deal on cuts. While OPEC’s third-largest producer will still reduce supply to Asia in January, the curbs won’t be as deep as this month in percentage terms. Abu Dhabi …