International

Despite concerns about underinvestment in upstream, peak oil and gas demand can be met in the 2030s without a substantial increase to current annual investment levels of US$500 billion, according to a new Horizons report from Wood Mackenzie. Current upstream spending is a little more than half of the US$914 …

Libya’s Sharara oil field is gradually resuming production after protesters that shut the facility earlier last week left, a person familiar with the matter said. The protesters ended their demonstration after officials released a man who’s vying to become the nation’s next central bank governor. The nearby — but smaller …

Prime Minister Fumio Kishida and Saudi Arabia’s Crown Prince Mohammed bin Salman agreed on Sunday to cooperate in sharing technology to aid in the decarbonization and economic diversification of the Middle Eastern nation, while ensuring Japan’s ongoing access to its oil. The two agreed to launch a “strategic dialogue” at …

Volkswagen Group’s electric transition is continuing at a good pace. Its pure electric (BEV) sales were up nearly 50% in the first six months of 2023 compared to the first six months of 2022. They grew from 217,200 to 321,600. Furthermore, there are another 200,000 or so BEV orders on …

The ongoing closure of several oilfields in Libya has cost the North African country the production of 340,000 oil barrels, oil minister Mohamed Aoun told Dubai-based Asharq TV. Production at the El Feel, Sharara and 108 oilfields was shut on Thursday in a protest by the Al-Zawi tribe against the …

Iraq’s oil production may be impacted by a recent agreement to pay for Iranian gas imports through a barter deal involving fuel oil and crude oil from Baghdad, according to a state oil marketing company SOMO source. Iraqi Prime Minister Muhammad al-Sudani announced the deal to solve difficulties in paying …

The European Union is asking European aluminum and zinc manufacturers whether they can produce key chip metals gallium and germanium as byproducts in their smelters as it seeks alternatives after China imposed export restrictions. Last week, China sent shockwaves through the supply chain and chip markets after announcing export controls …

Kyrgyzstan remains among the five countries in the world with the lowest prices for liquefied petroleum gas (LPG) as of mid-2023, Trend reports. According to the Global Petrol Prices, the average price of LPG in Kyrgyzstan was $0.34 per liter from March 27, 2023, through July 3. The prices remained …

Iraq’s parliamentary oil and gas committee plans to increase the country’s oil production to more than five million barrels per day, according to the release of committee minutes last week. As analysed in full in my new book on the new global oil market order, not only could this be …

China approved on Tuesday proposals that would transform its oil, gas, and power markets, CCTV has reported. Under the proposals, China will construct a new power system intended to be “economically efficient, flexible and intelligent in supply and demand coordination,” the Chinese Communist Party’s commission for deepening reports said. Currently, …