International

The International Monetary Fund (IMF) believes that Iraq needs to sell oil at a price of $75.8 per barrel to achieve budget equilibrium and avoid deficit. A table presented by the Fund indicated that the balance in Iraq’s budget for 2023 will be achieved if the oil is sold at …

The Group of Seven (G7) and EU countries intend to ban the import of pipeline gas on routes where Moscow has previously cut supplies as part of the 11th package of sanctions against Russia. Azernews reports that the ‘Financial Times’ newspaper has published information about this with reference to the …

The Iraqi Oil Minister, Hayan Abdul-Ghani, stated that Iraq wants to resume oil exports from the Kurdistan region of Iraq to the Turkish port of Ceyhan, starting from Saturday, but it is waiting for Turkey’s approval, Reuters reported. Experts say that Turkey’s presidential elections taking place on Sunday might postpone …

The float-over installation of the topsides of a 15,000-tonne offshore drilling platform was completed on Saturday using a jacket platform, the steel frame supporting the topsides, in south China’s Guangdong Province, according to the China National Offshore Oil Corporation (CNOOC). The Enping 20-4 platform in Enping oilfield, located in the …

The U.S. Administration could begin crude oil repurchases to fill the Strategic Petroleum Reserve as early as in June, after a Congressionally-mandated sale from the SPR is completed next month, U.S. Secretary of Energy Jennifer Granholm said on Thursday. “That congressionally mandated sale of 26 million barrels will be completed …

The European Union is considering formally banning Russian crude flows via the Druzhba pipeline to Germany and Poland, which have already stopped importing Russia’s crude, Bloomberg reported on Friday, citing documents it has seen. The Druzhba pipeline is a key artery of oil supply from Russia to Europe. It has …

The total number of total active drilling rigs in the United States fell by 17 this week, according to new data from Baker Hughes published Friday, after falling by 7 last week. It is the largest single-week drop in the number of oil and gas rigs in the United States …

Freight rates for supertankers have plunged by 75% in a month since several large OPEC+ producers announced a new round of oil production cuts that will lead to lower volumes shipped between May and December this year. Daily rates on the Middle East to China route for the very large …

German utility EON SE warned that Europe may not have seen the end of turmoil in its energy markets and the situation could still take a turn for the worse. “The crisis is not over yet,” the energy company’s Chief Financial Officer Marc Spieker said Wednesday alongside an earnings report. …

A study published in Nature Energy on Monday has revealed that the U.S. Oil Patch is home to tens of thousands of inactive offshore oil and gas wells that remain unplugged, posing the risk of possible leaks into the ocean. The study estimates that whereas plugging and abandoning these wells …