International

China Petroleum & Chemical Corporation, or Sinopec, has found oil and gas at a shale exploration well in the Sichuan province in the southwest, estimating that the initial flows could lead to the discovery of around 100 million metric tons of hydrocarbons. The Xingye-9 exploration well in the Chongqing municipality …

The EIA’s first outlook for 2025 shows forecasted U.S. crude oil production reading 13.4 million barrels per day—a new record for the country. The Energy Information Administration’s latest Short-Term Energy Outlook report published on Tuesday represents the first peek into predictions for 2025. Those predictions include the United States hitting …

Environmentalists received a blow this week as Norway’s parliament agreed to allow Arctic seabed exploration to mine for critical minerals as it attempted to shift away from its reliance on oil and gas. The decision could make Norway the first country in the world to commercialize deep-sea mining to harvest …

Despite missile and drone attacks on container ships in the Red Sea from the Yemeni Houthis, tanker traffic remained stable in December, Reuters has reported, citing vessel tracking data. On a daily basis, the data showed there were 76 tankers carrying crude oil and fuels in the Red Sea. This, …

Back in February 2020, British oil and gas multinational BP Inc. announced an ambitious goal to become net-zero by 2050 through, among other things, aggressively cutting oil and gas production and also undertaking one of the industry’s most expansive renewable electricity build-outs. In April of the same year, deep in …

The shipping industry is one of the focal points of the energy transition, given the amount of hydrocarbon fuels it uses. Increasingly stringent rules about emissions from that industry have been one tool for pushing it into a transition direction. Another should have been the regular process of scrapping old …

Given that Libya still has 48 billion barrels of proved crude oil reserves – the largest in Africa – recent comments from National Oil Corporation (NOC) chairman Farhat Bengdara that it is on track to rise oil production from the circa-1.2 million bpd seen in recent months to 2 million …

Fuel demand in India reached the highest level in seven months in December 2023, topping 20 million tons in total, oil ministry data cited by Reuters shows. On a monthly basis, demand was up by 6.2%, while on an annual basis, the increase stood at 2.6%. Among fuels, all but …

Houthi rebel disruptions reaching the Straits of Hormuz could double oil prices, Goldman Sachs has warned. In an interview given to American television station CNBC yesterday, head of the company’s oil research division Daan Struyven said: “the Red Sea is a transit route and a prolonged disruption there, oil can …

Libya’s largest oil field halted production after protesters entered the facility, according to a person with direct knowledge of the operations. The country’s National Oil Corp. had warned earlier that a full stoppage and a force majeure were likely if the north African country was unable to meet the demands …