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The first batch of fuel export quotas that China has issued for 2024 is basically unchanged from the first batch of allowances for 2023, Chinese consultancies and trading sources told Reuters on Friday. Chinese refiners are allowed to export diesel, gasoline, and jet fuel under strict quota regulations, with allowances …

Kanaani made the remarks in reaction to a joint statement of the US and three European countries on Iran’s nuclear program. It is very ridiculous that the countries responsible for the current condition of Iran’s nuclear program are distorting the reality to change the place of the guilty and the …

OPEC could potentially face further loss of market share in early 2024 following the recent departure of Angola, weakening demand and rising output by non-OPEC producers, Reuters claims, based on its own calculations. Reuters reports that OPEC’s production is set to slip below 27 million barrels per day (bpd) without …

Concerns about economies and oil demand amid rising interest rates have pushed oil prices down to a 10% decline this year, the first annual drop since 2020, despite the OPEC+ production cuts and a new war breaking out in the Middle East. On Friday, the last trading day of 2023, …

U.S. crude oil production has overwhelmingly exceeded earlier forecasts and has grown at a much faster pace this year, offsetting much of the OPEC+ efforts to push up prices by coordinated supply reductions. U.S. production growth is expected to continue into the new year, thanks to further gains in efficiency …

Spain has just confirmed that it will go ahead with plans to close all its nuclear plants by 2035, while Europe remains divided on whether nuclear energy should be part of the climate change solution. The management of radioactive waste and dismantling of the plants will cost about 20.2 billion …

Russia has decried U.S. sanctions targeting the country’s massive Arctic LNG 2 project, saying they are unacceptable and will undermine global energy security. Located in the Gydan Peninsula in the Arctic, the LNG project is considered key to Russia’s efforts to boost its global LNG market share from 8% to …

It looks like a step forward has been taken in the longstanding task of figuring out energy and cost efficient ways of desalinating ocean water. According to ABC, scientists at Tianjin’s Nankai University have innovated a solar-powered desalination system that harnesses smart DNA hydrogels for freshwater production. The method was …

Crude oil inventories in the United States rose this week by 1.837 million barrels for the week ending December 22, according to The American Petroleum Institute (API), after recording a 939,000-barrel build in crude inventories in the week prior. API data shows a net build in crude oil inventories in …

The recent easing of sanctions between the United States and Venezuela, marked by pivotal legal settlements and new commercial arrangements, represents a significant turning point for the global energy industry. These developments, particularly the resolution of disputes involving Petróleos de Venezuela S.A. (PDVSA), signal the reinvigoration of Venezuela’s oil and …