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Crude oil inventories sagged by another 4.8 million barrels, American Petroleum Institute (API) data showed on Tuesday, after dropping 5.8 million barrels in the week prior. Analysts anticipated a smaller 2.2 million barrel draw. U.S. crude inventories may have grown by roughly 21 million barrels so far this year, according …

Oil prices rose further on Wednesday after data indicated that U.S. crude inventories shrank substantially in the past week, although the introduction of new anti-COVID curbs in major Chinese cities put a lid on gains. Data from the American Petroleum Institute showed that U.S. crude stockpiles fell a bigger-than-expected 4.8 …

Like the first cuckoo of spring, the annual autumn refrain from senior Iraqi oil officials of new production targets has that pleasant ring of the familiar about it to seasoned oil industry watchers. Sometimes it is 6 million barrels per day (bpd), sometimes 7, and sometimes 8, but it always …

The world is facing an energy trilemma. Leaders in the public and private sectors are faced with the challenging puzzle of how to ensure a secure and reliable supply of energy while also keeping energy prices affordable and minimizing negative environmental externalities. This isn’t easy anywhere on Earth, but nowhere …

Surging global demand for liquefied natural gas is set to nearly triple U.S. LNG exports over the next decade, as LNG buyers seek diversification and reliable, low-cost supply, energy consultancy Wood Mackenzie said in a new report this week. LNG exports are already outpacing U.S. exports to Mexico—compared to lower-than-Mexico …

TotalEnergies SE is planning to explore for oil offshore South Africa’s West Coast, where environmental groups have increasingly opposed such activity. The French explorer proposes to drill one well, which could result in an additional nine wells depending on the success of the first, SLR Consulting Ltd., which is doing …

The National Iranian Oil Company (NIOC) has launched 10 oil and gas projects with a total value of €30 million. “The projects will effectively contribute to job creation and technology development in the country,” NIOC official Mahdia Motahari said, Shana reported. He went on to say that a list of …

Head of the Atomic Energy Organization of Iran Mohammad Eslami denounced the International Atomic Energy Agency Board of Governors’ “unconstructive” move to pass a resolution against Iran, saying it will draw a strong response from Tehran. Speaking to reporters on the sidelines of a cultural ceremony in Isfahan on Sunday, …

As Europe scrambles to replace Russian gas with supplies from across the globe, producers are turning to a new technology to drill quickly and cheaply: small floating plants out at sea, often made out of old tankers. While liquefied natural gas is conventionally made at large plants on the coast, …

Oil tanker tycoons are enjoying a surge in revenue as the sanctions triggered by Russia’s war are redrawing the global trade in crude. And it’s set to last. The disruption is fairly simple. Europe, for decades the top buyer of Russian oil, is banning purchases from Moscow next month and …