International

Washington has granted Iraq a shortened 45-day sanctions waiver to import Iranian gas that will expire days before US President Donald Trump’s term ends, an Iraqi official said Saturday. Baghdad buys gas and electricity from its neighbor Tehran to supply about a third of its power sector, worn down by …

Baker Hughes reported on Friday that the number of oil rigs in the United States fell by 5 to 231, ending eight weeks of increases to oil rigs in the U.S. The total number of active oil and gas rigs decreased for the week by 2, with oil rigs decreasing …

Iraq plans to invite international companies to compete in order to build a 300,000 b/d refinery south of the country, the oil minister said Nov. 18, as OPEC’s second largest oil producer seeks to wean itself off crude products imports. The refinery, to be built in Fao in the Basra …

The UAE achieved 126% compliance with its OPEC+ quota in October, the energy ministry said late Nov. 17, as OPEC’s third largest producer sought to compensate for overproduction in August. The country’s compliance since the cuts were implemented in May is 101%, the ministry said in a statement on the …

China’s biggest offshore oil and gas producer CNOOC Group will add 1.62 million cubic metres of storage capacity for liquefied natural gas (LNG) at its Binhai terminal in the eastern province of Jiangsu. The expansion will consist of six tanks with storage capacity of 270,000 cubic metres each and construction …

Libya’s warring sides have agreed to unify forces that protect oil facilities following the United Nations-sponsored talks with the head of the country’s National Oil Corporation (NOC). The talks were held on Monday in Brega, part of the coastal area known as the Oil Crescent. “Today in this historic location, …

Energy giant Saudi Aramco said Monday it had hired banks to sell dollar-denominated bonds, to boost finances as the coronavirus pandemic weighs heavily on global demand for crude oil. This comes two weeks after the company, seen as Saudi Arabia’s main cash cow, posted a 44.6 percent slump in third-quarter …

Sharply weaker oil prices, the COVID-19 pandemic, and heightened geopolitical uncertainty have done little to blunt Brazil’s epic offshore oil boom. By September 2020 Brazil had soared to be the third-largest supplier of crude oil to China, the world’s second-largest economy. The scale of Brazil’s deep-water offshore oil boom is …

China is making a major power play to expand its global energy influence. The United States has long played an outsized role in global geopolitics and energy markets thanks to the shale revolution which jettisoned the country to the top of the fossil fuel food chain. But if you’ve been …

Libya will not join OPEC quotas until its production stabilises at 1.7 million barrels per day (bpd), a Wall Street Journal reporter tweeted here, citing National Oil Corp chief. Libyan oil production could reach 1.3 million bpd within a month, NOC’s Mustafa Sanalla told the Journal. OPEC-member Libya is exempt …