International

Luberef, a subsidiary of Saudi Aramco, reported a 3.9% higher profit for the second quarter of the year despite a sizeable decline in revenues. The company, which reported the figures in a statement for the Saudi stock exchange, attributed the increase in profit to tax adjustments that reduced its expenses …

As the electric vehicles (EV) car market booms, automakers are looking to expand their ranges to include electric trucks. Consumer interest in electric trucks has been about as strong as the offering, limited due to the low distance range and long recharging times involved. However, several car manufacturers now have …

Russian President Vladimir Putin said the proposed “gas hub” in Türkiye is still on the agenda. He noted that Moscow wants to set up an electronic platform for gas sales in Turkey, and they do not want to store gas there. Last year, Putin proposed the idea of creating a …

Global crude oil prices witnessed significant gains, driven by a scarcity of supply following cuts by Saudi Arabia and OPEC countries. Basra crude increases in its last session on Friday, contributing to a bullish trend in the market. The Basra Heavy crude closed at $81.79 per barrel in its last …

Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day for another month to include September, five analysts said, to provide additional support for the oil market. In June, OPEC+ agreed on a broad deal to limit oil supply into 2024 and Saudi …

The first signs of a slowdown in activity in the U.S. shale patch emerged earlier this year as declining oil prices prompted drillers to reduce the number of active rigs. Then data suggested that well yields were also dropping—a sign of potential natural depletion that would make drillers think twice …

China is investing record amounts of money into renewable energy sources, but it continues to rely heavily on coal to cope with rising power demand. During the first half of this year, coal production, coal imports, and coal-fired electricity generation jumped and offset a significant decline in power output at …

Oilfield services groups are feeling the squeeze from a slowdown in activity in the US shale patch as companies scale back on oil and gas drilling. The world’s biggest oilfield services providers, responsible for the industry’s grunt work from drilling wells to building roads, reported a hit to North American …

Current actions by OPEC+ to support the oil market are sufficient for now, UAE Energy Minister Suhail al-Mazrouei said on Friday, and the group is “only a phone call away” if any further steps are needed. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by …

China’s imports of key energy commodities from Russia surged to all-time highs last month, highlighting the growing interdependence of the two nations as the war in Ukraine drags on well into its second year. Imports of thermal and coking coal from Russia swelled to 10.6 million tons in June, above …