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Oil giant Saudi Aramco on Sunday unveiled record profits of $48.4 billion in the second quarter of 2022, after Russia’s war in Ukraine and a post-pandemic surge in demand sent crude prices soaring. Net income leapt 90 percent year-on-year for the world’s biggest oil producer, which clocked its second straight …

Russia’s Gazprom has ramped up flows to Hungary via the TurkStream pipeline that brings gas to Hungary via Bulgaria and Serbia, a Hungarian foreign ministry official said on Saturday (13 August). European Union member Hungary has maintained what it calls pragmatic relations with Moscow since Russia’s invasion of Ukraine, creating …

Iranian authorities announced that domestic contractors have finished pipe laying operation for a major natural gas project in the Persian Gulf despite the US sanctions. About 15 kilometers of pipe laying, including for a 32-inch undersea sour gas pipeline, had been completed in the project. The project was a major …

Kazakhstan’s state oil firm Kazmunaygas (KMG) is reportedly in advanced discussions with the trading arm of Azerbaijan’s state firm SOCAR to allow 1.5 million tons per year of Kazakh crude to be sold through the Azeri pipeline that delivers oil to Turkey’s Mediterranean port of Ceyhan. Kazakh oil is expected …

Saudi Aramco plans to begin permanently storing carbon dioxide from 2026 in one of the largest facilities of its kind, as the state oil giant seeks to reach its goal of net-zero emissions by 2050. The company is looking to capture carbon dioxide emitted by processes that convert natural gas …

On July 18, the European Commission signed the new Memorandum of Understanding on a Strategic Partnership in the Field of Energy with Azerbaijan to increase imports of Azerbaijani natural gas to Europe by at least 20 billion cubic meters (bcm) annually by 2027. “Today … we are opening a new …

German businesses and public institutions should heat their offices no higher than 19 degrees Celsius (66.2 degrees Fahrenheit) this winter to help reduce the country’s consumption of natural gas, Germany’s economy minister said Saturday. Germany, the European Union’s biggest economy, is quickly trying to wean itself off using natural gas …

Oman’s total oil exports saw an increase of 16.2 percent untill the end of June 2022 according to the latest statistics of the National Centre for Statistics and Information (NCSI). The report said that China topped the list of the Sultanate’s oil importing countries till the end of June 2022 …

Lebanon and Iraq renewed their fuel agreement today. Lebanese Prime Minister Najib Mikati said in a statement that the agreement has been renewed for one year, with the same conditions as the previous deal. Iraq and Lebanon signed an agreement last July for Iraq to provide Lebanon with 1 million …

Hungary said Saturday that Russia has started delivering additional gas to the EU member following a July visit to Moscow by its foreign minister. Hungary’s Foreign Ministry said trade negotiations with Moscow “led to an agreement”, resulting in Russia’s Gazprom starting to deliver “above the already contracted quantities” on Friday. …