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Iran’s Oil Minister Javad Oji says the Islamic Republic has a good capacity to produce oil and gas and their commodities and is thus capable of partly relieving the energy shortage in the world. Oji said energy prices are out of control in the world and big petrochemical companies in …

Japan is considering constructing next-generation nuclear power plants to support its goals of reducing carbon emissions and providing a stable supply of electricity, sources close to the matter said Wednesday, marking a major shift in the government’s no new nuclear energy policy. The plan, which will also consider extending the …

Iranian Oil Minister Javad Owji said numerous projects have been defined in the southern province of Hormozgan to turn it into a refining hub within years. Speaking to reporters on the sidelines of a virtual ceremony to launch a major gas project in Kish Island on Monday, Owji said that …

OPEC leader Saudi Arabia’s energy minister has said that the oil cartel and its allies have the means to deal with market challenges – including by “cutting production”. “OPEC+ has the commitment, the flexibility, and the means within the existing mechanisms to deal with such challenges including cutting production at …

China has extended orders for industries to shut down production for five more days as heatwaves and extreme drought in its southwestern regions have boosted electricity demand while reducing hydropower production in the largest hydropower-generating province. The heatwave in the Sichuan province and the rest of southwestern China is now …

Uzbekistan’s president has returned from a trip to Saudi Arabia with $14 billion in promised investments, his office says. Of that, $12 billion is earmarked to address chronic energy shortages. The agreements include a pledge for Saudi firm ACWA Power to build a 1.5 GW wind farm in Karakalpakstan. Uzbekistan’s …

OPEC+ members produced 2.9 million barrels per day (bpd) below their collective oil production target in July, two OPEC+ sources told Reuters on Monday. The gap between overall quota and actual oil production from the OPEC+ members has been growing for more than a year, with many producers unable to …

The United States has become the world’s biggest liquefied natural gas (LNG) exporter as deliveries to energy-starved buyers in Europe and Asia have surged. In the current year, five developers have signed over 20 long-term deals to supply more than 30 million metric tons/year of LNG or roughly 4 Bcf/d, …

Oil prices rose on Tuesday after Saudi Arabia, the world’s largest exporter of crude, said the OPEC+ group can cut output if required to deal with the current volatility in oil markets. Brent, the global benchmark for two-thirds of the world’s oil, was trading 0.51 per cent higher at $96.97 …

Europe faces fresh disruption to energy supplies due to damage to a pipeline system bringing oil from Kazakhstan through Russia that was reported by the pipeline operator on Monday, adding to concerns over a plunge in gas supplies. CPC, which handles about 1% of global oil and whose largest shareholder …