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Oil prices are set to rise toward $90 per barrel by the end of this year, driven by Chinese demand and a tightening market following OPEC+’s latest production cuts, a Reuters survey of 40 analysts and economists showed on Friday. According to the experts, Brent Crude prices are expected to …

President Vladimir Putin has backtracked on an earlier move that banned Russian companies from exporting crude oil in compliance with the G7 price cap of $60 per barrel. In a decree issued at the end of December, Putin prohibited Russian producers from exporting crude oil and refined products on terms …

Norway will nationalize all of its natural gas pipelines within the next five years, the country’s oil and energy ministry said on Friday. The nationalization plan would provide Norway with greater control over its critical infrastructure. Standing in the way of an immediate nationalization are existing concessions, which aren’t due …

Exxon Mobil Corp on Friday reported a record first-quarter profit that was more than double a year ago and topped Wall Street estimates as rising oil and gas output overcame a pullback in energy prices from high levels. Oil companies are riding a wave of strong demand and cost-cutting tied …

OPEC Secretary General Haitham Al Ghais said on Thursday that International Energy Agency (IEA) should be ‘very careful’ about discouraging oil investments, which is important for global economic growth. Al Ghais’s statements came in response to fresh criticism from IEA Executive Director Fatih Birol to OPEC+, indicating that finger-pointing and …

Jiangnan Shipbuilding, a subsidiary of China State Shipbuilding Corporation, has delivered the world’s largest Very Large Liquefied Gas Carrier (VLGC) to Singapore-based shipping and trading company Petredec. This marks a significant milestone for the shipbuilding industry, as the 93,000 cubic meter VLGC is the largest VLGC in the world. The …

As Tesla announces a new Megapack battery factory in Shanghai, the question arises about which country or region will dominate electric vehicle (EV) production in the coming decades. Tesla also recently announced a major factory in Mexico, and other EV firms have been looking to diversify their manufacturing locations, finally …

Germany looks to install one or two floating LNG import terminals at its largest island, Rügen in the Baltic Sea, as officials do not rule out further attacks on energy and gas pipeline infrastructure, sources with knowledge of the plans told Bloomberg on Thursday. Germany cannot rule out another attack …

The Organisation of the Petroleum Exporting Countries (OPEC) has called on the International Energy Agency (IEA) not to further undermine the oil industry investments. OPEC Secretary-General, Haitham Al Ghais said this in a statement obtained while responding to the latest comments by the IEA again criticising OPEC and OPEC+. Al …

China increasingly turned to coal imports during the first quarter to help power its economic recovery from the COVID-19 lockdowns, while its appetite for costly LNG sourced from the global market declined. Following a number of measures to bolster domestic coal production, global receipts and coal-fired power generation going forward, …