International

Some Biden administration officials are growing concerned that their plan to cap the price of oil purchased from Russia may backfire after the OPEC+ alliance’s surprise production cut last week, according to people familiar with the matter. The plan seeks to keep enough Russian supplies on the global market to …

OPEC on Wednesday cut its 2022 forecast for growth in world oil demand for a fourth time since April and also trimmed next year’s figure, citing slowing economies, the resurgence of China’s COVID-19 containment measures and high inflation. Oil demand will increase by 2.64 million barrels per day (bpd) or …

Saudi Arabia rejected statements criticising the Kingdom as “not based on facts”, after last week’s OPEC+ decision to cut its oil production target despite US objections, saying it served the interests of both consumers and producers. This decision was adopted through consensus, took into account the balance of supply and …

US President Joe Biden warned Tuesday that there will be “consequences” for Saudi Arabia after Riyadh threw its weight behind a production cut by the oil cartel OPEC+ which has sent prices soaring. “There’s going to be some consequences for what they’ve done with Russia,” Biden said in an interview …

India maintains a “healthy dialogue” with Russia and will look at what is offered following an announced ownership revamp to the Sakhalin-1 oil and gas project, Petroleum Minister Hardeep Singh Puri has told the Reuters news agency. Russia last week issued a decree allowing it to seize Exxon Mobil’s 30 …

Germany is set to soon unveil measures to alleviate the impact of soaring energy prices on consumers, with steps likely to include a one-off payment and subsidizing more than half of the expected gas consumption, sources close to the talks at the German expert commission told Reuters on Monday. The …

Russian President Vladimir Putin has signed a decree to transfer operations of the Sakhalin-1 oil and gas project in the Russian Far East to a new operator, reported Bloomberg News. The move would result in American energy firm Exxon Mobil’s final withdrawal from Russia and would give authority to the …

Saudi Aramco has told at least seven customers in Asia they will receive full contract volumes of crude oil in November ahead of the peak winter season, several sources with knowledge of the matter said on Monday (Oct 10). The producer is keeping supplies to Asia steady despite likely production …

China’s power generation capacity has increased by more than 70 percent compared to 2012, including a 700 percent increase in clean energy generators, according to a National Bureau of Statistics report on the green and low-carbon transition of the energy sector in the past decade. In 2021, China generated 8.5 …

Russian President Vladimir Putin on Friday, October 7, signed a decree that creates a new operator for the Exxon Mobil Corporation-led Sakhalin-1 oil and gas project in Russia’s Far East. Putin’s move affecting Exxon’s largest investment in Russia mimics a strategy he used to seize control of other energy properties …