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The International Energy Agency said Friday it had revised upwards its forecast for global oil demand growth in 2023 as demand is “scaling record highs”. World oil demand already hit a record 103 million barrels per day in June and August and “could see yet another peak”, the Paris-based IEA …

China’s energy company, Sungrow, said this week that it will provide its inverter skid technology and 1+X modular inverter solution for a 2.2 Gigawatt (GW) solar plant that Neom Green Hydrogen Company (NGHC) is building in Oxagon. The project site is in a port area close to the futuristic Neom …

Iran and Armenia have signed an agreement to extend the term of the existing contract under which Tehran exports natural gas to Yerevan in exchange for electricity until 2030. The revised agreement requires Iran to expand the volume of its gas supply to Armenia in exchange for electricity from the …

The United Arab Emirates and Iraq have started regaining their share in India’s oil import basket as the world’s largest oil exporters Saudi Arabia and Russia plan to keep their production low to boost the prices. Russia, however, continues to hold 42% of the share. While the UAE increased its …

Russia’s crude oil and refined products exports remained steady at some 7.3 million barrels per day (bpd) in July, while higher oil prices and narrower price differentials for Russian crude pushed Moscow’s revenues higher compared to June, according to estimates by the International Energy Agency (IEA). Russian crude oil loadings …

Oil supply from the OPEC+ group dipped in July by 1.2 million barrels per day (bpd) to 50.7 million bpd, the lowest level in nearly two years as Saudi Arabia began its unilateral production cut of 1 million bpd, the International Energy Agency (IEA) said on Friday. The alliance’s oil …

China is set to import 40% more crude from Saudi Arabia under term contracts in September despite the unilateral production cut of 1 million barrels per day (bpd) of the world’s top crude oil exporter, traders told Bloomberg on Friday. Chinese refiners are estimated to receive as much as 52 …

China’s onshore giant PetroChina has produced what it has hailed as the first green barrel of crude oil from the Jilin oilfield it owns and operates in northeastern China’s Jilin province. This accomplishment is part of a broader initiative aimed at mitigating carbon emissions and reducing the company’s overall carbon …

Oil prices fell slightly in Asian trade on Wednesday as data pointed to a large weekly build in U.S. inventories, while weak economic signals from major importer China continued to dent the outlook for demand. After Chinese trade data disappointed markets on Tuesday, Chinese consumer inflation sank for the first …

Head of the Atomic Energy Organization of Iran (AEOI) Mohammad Eslami has declared Tehran is successfully producing heavy water derivatives, a groundbreaking achievement in nuclear technology and medical research. Eslami told IRIB News on Tuesday that the AEO has been pursuing a “combination of laser and biotechnology” to work on …