International

As the price of Russia’s flagship crude fell below the $60 per barrel price cap and international benchmarks slumped, India expects to increase its purchases of Russian oil, an anonymous senior government official in India told Reuters on Friday. The price of Russia’s flagship crude, Urals, has dropped below the …

G7 leaders are expected to announce on Wednesday a ban on Russian diamonds and measures to manage some 300 billion euros ($323.58 billion) in immobilised Russian central bank assets and the G7 oil price cap, sources familiar with the matter said. G7 leaders are having a virtual meeting later on …

Turkmenistan picked the lowest possible of hanging fruit at the ongoing COP-28 climate summit in Dubai by announcing it will sign up to the Global Methane Pledge, a voluntary agreement that commits adherents to cut methane emissions by 30 percent by 2030. In his speech to the UN Climate Change …

Russian President Vladimir Putin is scheduled to visit the United Arab Emirates and Saudi Arabia on Wednesday. The talks will focus on bilateral relations and the Israel regime-Hamas war, Kremlin spokesman Dmitry Peskov said on Tuesday. Peskov said that discussions on oil market cooperation will be on the agenda of …

The head of the International Monetary Fund on Sunday underlined the case for carbon pricing at the COP28 climate summit, saying that the oil and gas industry recognizes “the writing on the wall.” A long-time proponent of carbon pricing, IMF Managing Director Kristalina Georgieva said this approach creates an incentive …

Rising global crude stockpiles and weak demand could prompt Saudi Arabia to lower the price of Arab Light, its flagship crude, for Asian customers for January for the first time in seven months, a Reuters survey showed on Friday. Saudi Aramco, the world’s largest crude oil exporter, could lower the …

China’s largest offshore crude oil producer, Bohai Oilfield, has seen its daily oil and gas output reach more than 100,000 tonnes of oil equivalent, a record high over the past five decades, said China National Offshore Oil Corporation’s Tianjin branch on Thursday. Since the construction of the base in 1965, …

OPEC+ is continuing to hold talks on 2024 oil policy, with no delay to a meeting scheduled for Thursday currently expected, two sources from the producer group said on Wednesday. On Tuesday, sources had said a further delay to the meeting of the Organization of the Petroleum Exporting Countries and …

Aircraft developer Zeroavia has secured the backing of the UK infrastructure bank in its latest fundraising round, as it looks to build hydrogen-electric engines for low-carbon flying. The firm, which has bases in London, Kemble and California, said it had raised a total of $116m (£91.9m) in Series C funding …

Days after the International Energy Agency (IEA) said that the oil and gas industry faces “a moment of truth” in choosing between fueling climate change and becoming a part of the solution, OPEC criticized the agency for vilifying the industry and for playing down energy security and affordability. Last week, …