International

U.S. crude oil production has overwhelmingly exceeded earlier forecasts and has grown at a much faster pace this year, offsetting much of the OPEC+ efforts to push up prices by coordinated supply reductions. U.S. production growth is expected to continue into the new year, thanks to further gains in efficiency …

Chinese state energy giants plan to ask the United States for exemptions from the fresh sanctions on Russia’s Arctic LNG 2 project in a rare request to the U.S. as LNG deliveries could be threatened, Bloomberg reported on Friday, citing sources familiar with the issue. The U.S. imposed last month …

The U.S. set a new annual oil production record on December 15, based on data from the Energy Information Administration. Although the official monthly numbers from the EIA won’t be released for a couple of months, we can calculate that a new record has been set based on the following …

OPEC nations Iraq, Nigeria and the Republic of Congo affirmed their commitment to the oil-producer group following the exit of Angola last week. “We reiterate our firm support for unity and cohesion at the heart of OPEC and OPEC+,” Congo’s Minister of Hydrocarbons, Bruno Jean-Richard Itoua, said in a statement. …

Potential contract cancellations for the construction of ice-class LNG carriers and U.S. sanctions on the latest Russian LNG export project could hamper Russia’s plans to boost LNG sales now that its pipeline route to Europe is largely cut off. There aren’t enough ice-class LNG tankers built to carry LNG from …

China could see its oil production growth taper off in the coming years as the recent new discoveries could prove challenging to develop while output at mature fields declines, according to analysts and forecasters. Since 2019, China has boosted its crude oil production every year, by around 2% per year, …

Nearly five million barrels of Sokol grade crude oil from Russia is languishing en route to Indian refiners, caught in a sanctions trap for a month, Bloomberg News reported on Wednesday. According to Bloomberg, citing tanker tracker data, one tanker, the NS Century, remains stuck near Sri Lanka due to …

Oil prices have spiked and could remain elevated as companies try and find alternative cargo routes following vessel attacks in the Red Sea. International benchmark Brent crude has shot up to $79.35/bbl as of this morning, having opened on Monday at $77.24/bbl. The attacks, which have been occurring daily since …

Gazprom PJSC and China National Petroleum Corp. (CNPC) have agreed to increase the volume of Russian gas export to China through the Power of Siberia Pipeline next year, Russia’s state-owned Gazprom said. At a meeting between representatives of the oil and gas majors, “[i]t was noted that Russian gas supplies …

Global coal demand is set to rise by 1.4% this year and surpass a record-high level of 8.5 billion tons for the first time, the International Energy Agency (IEA) said on Friday. While coal demand in the United States and the EU is set for a 20% record decline this …