International

Itay will no longer grant concessions for oil and condensate exploration and production, a draft of a new government decree shows. The decree, seen by Reuters, specifies that the oil exploration and production ban will only apply to new concessions—not existing ones that have already secured government approval. The ban …

Developed economies with higher per-capita emissions could help developing economies to transition away from fossil fuels and accelerate clean energy rollout, Fabio Panetta, the governor of Italy’s Central Bank, said on Monday. The plan would help reduce the overall cost of the energy transition globally, Panetta said at a G7 …

Several major oil-producing countries, including Saudi Arabia and Russia, are pushing back against talks on an agreement at the upcoming COP29 climate summit to mitigate the use of fossil fuels, negotiators from Western countries told the Financial Times. The group of oil-rich nations, which include Saudi Arabia, Russia, and Bolivia, …

Libya’s crude oil exports are projected to fall by at least 300,000 barrels per day (bpd) in September, despite a modest recovery in production. Analysts at FGE have reported that Libya’s crude production has risen by around 200,000 bpd since the beginning of the month, now standing between 650,000 and …

The Grangemouth refinery, Scotland’s only crude processing facility, is set to close in the second quarter of 2025, its owners confirmed on Thursday, as the refinery has been struggling to compete with the new complex facilities in Asia, Africa, and the Middle East. The Grangemouth refinery, which was opened by …

Chinese authorities have asked local carmaking companies to make sure key electric vehicle technology stays home even as they expand their manufacturing capacity across the world. The government is recommending carmakers to produce the key parts of the cars domestically and then export the so-called knock-down kits to the factories …

QatarEnergy has inaugurated the “Rex Tillerson” liquified natural gas (LNG) vessel in the Chinese city of Shanghai, marking the first such ceremony of the Qatari company’s major shipbuilding programme. Named after the 69th U.S. Secretary of State, the ship was constructed at the Hudong-Zhonghua Shipyard as part of a 12-ship …

The US Energy Information Administration (EIA) announced on Sunday that Iraqi oil exports to the US had risen during the past week. “In a span of a week, the US imports of crude oil from nine major countries amounted to 4.876 million bpd, down by 732,000 bpd from the previous …

Japan’s Toyota Motor Corporation has drastically cut its electric vehicle production target by 30% compared to previous plans, on the back of the slower EV uptake globally, Nikkei reported on Friday. Toyota, one of the world’s biggest car manufacturers, now aims at rolling out 1 million EVs in 2026, down …

OPEC+ has reached a deal to delay the unwinding of its production cuts that were planned to begin in October, anonymous OPEC+ sources told Bloomberg on Tuesday. The group now plans to ease output cuts beginning in December. OPEC+’s existing plan is to begin the careful process of rolling back …