International

The Qinshui coalbed methane field in north China’s Shanxi Province, the largest of its kind in the country, produced 6 million cubic meters of gas on Tuesday, hitting a fresh daily high. Located in the southeast of Shanxi, the PetroChina Huabei Oilfield’s Qinshui coalbed methane field spans more than 3,000 …

Russia’s budget deficit in the coming year might exceed the expected 2% of GDP as the oil price cap hurts export income, the country’s Finance Minister Anton Siluanov said on Tuesday. This marks the first time a Russian official has acknowledged that the $60 per barrel price cap imposed on …

From 1 February, Russia will completely ban the sale of oil to countries that have introduced a price cap on its exports. The $60 (€56) cap was agreed at the beginning of December by the EU, the G7 group of nations and Australia. On 27 December, Russian President Vladimir Putin …

Europe will find it difficult to replace Russian crude oil and product supply once the full effect of the EU embargoes on Russian petroleum products is felt, according to Russian Deputy Prime Minister Alexander Novak. “Europe used to be a key market for the sale of our oil products. Let …

TC Energy, the operator of the Keystone Pipeline, has received approval from the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) for its plan to restart the section of the pipeline from Steele City close to the Nebraska-Kansas border to Cushing, Oklahoma. The company, however, did not say when the …

Japan signed two sets of cooperation agreements with Saudi Arabia on Dec. 25 in the fields of hydrogen, fuel ammonia and carbon recycling, strengthening the current relationship primarily based on buyer and supplier of crude oil. The cooperation agreements were the latest in Japan’s efforts to develop its large-scale supply …

Global metal manufacturing is already set to change in 2023. Indeed, the European Council and European Parliament recently reached a provisional agreement over the Carbon Border Adjustment Mechanism (CBAM). This would impose new tariffs on materials from carbon-intensive industries imported into the 27-member bloc. According to members of the Committee …

Three Japanese insurance companies will stop insuring ships for damage in all Russian waters due to the war in Ukraine, potentially affecting Japan’s energy imports such as liquefied natural gas (LNG), the Nikkei newspaper said on Saturday (Dec 24). Tokio Marine & Nichido Fire Insurance Co, Sompo Japan Insurance Inc …

Turkey on Friday accused Cyprus of increasing tension in the Eastern Mediterranean after a consortium of Italian and French energy companies found more natural gas off the island earlier this week. Cyprus’ hydrocarbon activities “have been carried out unilaterally,” and “violate the rights of the Turkish Cypriots, who are one …

To say that the six countries that make up the Gulf Cooperative Council (GCC) live and breathe hydrocarbons is hardly an exaggeration. About 60years ago, the average city in Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Qatar, Bahrain, and Oman was home to maybe a few thousand people; fast …