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In its latest monthly report, OPEC revealed it had yet again failed to produce as much oil as it agreed to produce the last time it discussed output. And it wasn’t by a few thousand barrels per day, either. The shortfall was some 1.8 million barrels daily, but more importantly, …

Switzerland has decided to join the measures adopted by the European Union to impose a price cap on Russian oil, the country’s government announced on its website on Friday. The “EU agreed on December 3 to apply new sanctions relating to a price cap on Russian crude oil and petroleum …

India, whose per capita consumption is significantly lower than that of developed economies, will contribute 10 per cent of the incremental growth of global petrochemical demand, Oil Minister Hardeep Singh Puri has said. Petrochemicals, which turn oil and gas into all sorts of daily products — such as plastics, fertilisers, …

Saudi Basic Industries Corp. (SABIC) signed a memorandum of understanding (MoU) with Saudi Arabian Oil Co. (Saudi Aramco) and China Petroleum & Chemical Corporation (Sinopec) to assess the economic and technical feasibility of developing an integrated petrochemical complex with a local refinery in Yanbu Industrial City. The MoU is valid …

German Chancellor Olaf Scholz and other ministers inaugurated on Saturday morning (17 December) the country’s first liquid natural gas (LNG) terminal in Wilhelmshaven in northern Germany, a project expected to supply around 6% of the country’s energy demand. At the inauguration, Scholz stated that the rapid completion of the plant …

China’s plan to expand use of its currency for oil trading with six Middle Eastern countries will elevate use of the yuan in global commerce among friendly countries and futures traders drawn by its stable exchange rate, market analysts forecast. But while that may lead to more yuan-for-oil deals – …

OPEC has cut its forecasts for US shale oil supply several times as factors including investor caution curb expansion, making the non-conventional supply less of a worry for the producer group in its decisions on oil policy. On Tuesday, OPEC trimmed its forecast for 2023 growth in U.S. tight oil, …

Global coal consumption will rise to an all-time high in 2022 and remain at similar levels for several years in the absence of stronger efforts to accelerate the transition to clean energy, a report by the International Energy Agency (IEA) showed Friday. The IEA expects global coal use to rise …

Azerbaijan intends to export at least 11.6 billion cubic meters of natural gas to Europe in 2023, President Ilham Aliyev said in Bucharest at the signing ceremony of an agreement between the governments of Azerbaijan, Hungary, Georgia and Romania on a strategic partnership in the development and supply of green …

In coordination with the Iranian Oil Ministry’s representative office in Baghdad, the Iraqi Oil Ministry has notified all its affiliated entities about Iranian companies’ readiness for participation in the country’s energy projects, Shana reported. The oil ministries of Iran and Iraq have established a joint working group in order to …