International

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 …

Deputy Prime Minister Alexander Novak has said that Russia is willing to cut its crude oil production, if necessary, as part of its response to the G7 price cap of $60 per barrel on the country’s crude exports. Novak told the Rossiya 24 television channel that output could fall by …

Senex Energy announced it was suspending an investment project in the Surat Basin in Queensland after the Australian government approved a cap on domestic gas prices that caused outrage in the industry. “New laws passed by the Albanese Government that could arbitrarily dictate investment returns for gas producers puts at …

Crude oil prices could reach $121 per barrel when China’s economy reopens following a string of Covid-related restrictions, Daniel Yergin, vice chairman of S&P Global, told CNBC. “If China gets over Covid… then you add a lot of demand to the market,” Yergin explained, also saying that S&P Global’s base …

Russian President Vladimir Putin on Wednesday has inaugurated the Kovykta natural gas field in eastern Siberia, located strategically to allow Russia to increase gas exports to China amid growing tensions between Moscow and the West. The inauguration is the culmination of efforts that began about a decade ago to develop …

OPEC and its allies have no choice but to remain proactive given the uncertainties that face the market, the Saudi Arabian oil minister said. “The market has been subject to some extreme shocks and if it were not for the proactive approach and the pre-emptive steps that OPEC+ adopted, these …

China’s second largest hydropower facility on the upstream branch of the Yangtze river was formally completed on Tuesday after the last generating unit was connected to the grid. The Baihetan hydropower plant is equipped with sixteen1-gigawatt (GW) turbines, making it the second largest hydropower generator in China and the world, …

The United States hasn’t been a net exporter of oil and oil products since World War II. Now, it is on course to become a net exporter next year, with oil and product exports already hitting record highs of 3.4 million bpd and 3 million bpd respectively. Meanwhile, Reuters reports, …

Russia is still considering its response to the $60 price cap on its crude oil, but it is close to completing the work on the countermeasures, Kremlin spokesman Dmitry Peskov said on Monday. The EU banned from December 5 maritime transportation services from shipping Russia’s crude oil to third countries …

India is taking most of Russia’s Urals crude oil loading in December as it remains top buyer for a second month in a row, according to traders and Refinitiv data. Volumes and India’s share of the exports are expected to rise month on month despite a shorter loading plan for …