International

This week saw two documents published by two government departments: the European Commission in Brussels and the Department of Treasury in Washington. The Commission’s document was a proposal for “a new instrument” aimed at limiting excessive gas prices in Europe. The Treasury’s document was guidance on the implementation of a …

The State Organization for Marketing of Oil (SOMO) confirmed on Saturday that OPEC+ decision to reduce production did not affect Iraq’s oil exports, and suggested that oil prices in the coming year would range between 85-95 USD. Iraq’s representative in OPEC, Saadoun Mohsen, told the state news agency (INA) that …

French Ambassador to Libya, Mostafa Mihraje, has called for establishing a joint committee between the French Petroleum Institute and the Libyan oil sector, expressing the readiness of his country’s companies to provide technical assistance on this side. Mihraje held talks with Libya’s Minister of Oil and Gas, Mohamed Aoun, which …

The days of explosive growth in U.S. shale oil production are over. American oil production is rising, but at a much slower pace than it did before the 2020 crash, and at lower rates than expected a few months ago. The new priorities of the shale patch – capital discipline …

Europe should be able to cope with the natural gas supply crunch in the coming months thanks to considerable reserves although the continent could face a bigger energy crisis next winter, the head of the International Energy Agency has said. Fatih Birol said that, barring unforeseen events, “Europe will go …

The Inflation Reduction Act that Congress passed earlier this year was hailed by the wind, solar, and EV manufacturing industries and environmentalists as the key to the energy transition, providing billions in funding for low-carbon electricity production and, of course, EVs. Because of the ambitious EV plans of the administration—and …

Ambassadors from the 27 EU countries are discussing the G7 proposal with the aim of reaching a common position by the end of the day. Views in the EU are split, with some pushing for a much lower price cap and other arguing for a higher one. The G7, including …

China’s coal production is set to climb for the sixth year in a row, reaching a new record, as the Beijing government acts to ensure supplies in the top miner and consumer of the fuel, spurring further declines in prices. Output could reach 4.4 billion tons in 2022, driven by …

Crude oil inventories sagged by another 4.8 million barrels, American Petroleum Institute (API) data showed on Tuesday, after dropping 5.8 million barrels in the week prior. Analysts anticipated a smaller 2.2 million barrel draw. U.S. crude inventories may have grown by roughly 21 million barrels so far this year, according …

Like the first cuckoo of spring, the annual autumn refrain from senior Iraqi oil officials of new production targets has that pleasant ring of the familiar about it to seasoned oil industry watchers. Sometimes it is 6 million barrels per day (bpd), sometimes 7, and sometimes 8, but it always …