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World oil demand will climb by 2 million b/d in 2023 to a record 101.9 million b/d, the International Energy Agency (IEA) said in its April issue Oil Market Report. Oil demand growth is characterized by widening regional disparities, with the non-OECD accounting for 87% of the growth and China …

Despite sanctions, Russian oil exports jumped to their highest level in almost three years in March, however, revenues were down sharply from last year, the International Energy Agency said Friday, reported The Moscow Times. The West imposed a slew of sanctions against Russia since Moscow invaded Ukraine in February 2022, …

2023 will mark the beginning of the decline in fossil fuels, following the peak of global electricity emissions in 2022, according to a new report released on Wednesday (12 April) by energy think-tank Ember. “In this decisive decade for the climate, it is the beginning of the end of the …

Norway-based oil and gas company Noreco, to be renamed BlueNord, has set the wheels into motion to participate in a mini-round of licencing in the Danish sector of the North Sea. Noreco revealed on Wednesday, 12 April 2023, that it had submitted a licence application for acreage containing the Elly-Luke …

The global oil market could see tightness in the second half of 2023, which would push oil prices higher, Fatih Birol, executive director of the International Energy Agency (IEA), said on Wednesday (April 12). Oil prices have surged above US$80 (RM353) since the beginning of the month, after the Organization …

Oil prices retreated on Thursday after rising for two sessions, with investors still showing lingering concern over a possible U.S. recession and weaker oil demand, Trend reports with reference to Reuters. Brent crude fell 20 cents, or 0.2%, to $87.13 a barrel by 0352 GMT, while U.S. West Texas Intermediate …

After saying it would take years to refill the SPR, U.S. Energy Secretary Jennifer Granholm is now saying that the Biden Administration plans to refill the SPR soon. According to Secretary Granholm, the Biden Administration hopes to refill the SPR at lower oil prices yet this year—provided it is advantageous …

Despite OPEC+’s surprise production cut, the global oil market will remain in surplus this year and next as demand growth could be hurt by lower-than-expected economic growth in the coming months, the U.S. Energy Information Administration (EIA) said in its latest Short-Term Energy Outlook (STEO). The latest forecasts include declining …

The Italian government has given conditional approval for the sale of a refinery owned by Russia’s Lukoil to a Cyprus-based private equity firm, Reuters has reported, citing unnamed sources in the know. The conditions set by the Italian government for buyer G.O.I. Energy include guarantees that no jobs will be …

Iraq is asking a U.S. federal court to enforce a ruling against Turkey over crude oil exports Turkey received from the Kurdistan Region of Iraq. The exports from the semi-autonomous Kurdistan region of Iraq into Turkey still have not resumed, leaving multiple fields in the KRG region shut in. Turkey …