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The proportion of China’s electrical energy is expected to exceed 30 percent of the country’s total terminal energy consumption by 2025, according to a report released by China Electric Power Enterprise Federation on Friday. Statistics showed that China’s current terminal energy consumption electrification rate stands at 27 percent, higher than …

Eni SpA posted a record annual profit due to high oil and gas prices, despite its fourth quarter missing estimates. The Italian energy giant followed its peers with stellar earnings for 2022, after Russia’s invasion of Ukraine sent the value of key commodities soaring. While the cost of energy has …

Iraq has been saying it wants to produce more oil and gas for a while now but turning stated ambitions into reality has taken a while. This week, the country took a big step towards that reality when it signed a slew of deals with foreign companies as part of …

According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. Venezuela’s 304 billion barrels of proved reserves just edges out Saudi Arabia’s 298 billion barrels. Both are far ahead of U.S. proved reserves of 69 billion barrels. …

Russia stopped deliveries of oil to Poland via the “Druzhba” (“Friendship”) pipeline, as informed by the Polish biggest state oil company PKN Orlen. PKN Orlen informed the Polish Press Agency that the company was prepared for such a move and that deliveries to its refineries would continue on tankers. “The …

Russian companies got far more money from selling the country’s oil than previously thought in the weeks that followed the imposition of a price cap on the nation’s exports, a group of academics said. The research weakens the idea that the price limits are crushing Moscow’s revenue to fund the …

The Americans claim innocence of the blast of the Nord Stream gas pipelines, but “everyone understands that this is a lie,” a Russian diplomat has said. “The Americans are banally lying. I can once again recall the story about the test tube of (former) U.S. Secretary of State Colin Powell, …

Europe is on track to import this month the highest volumes of diesel from the Middle East and Asia in seven years as the EU turns to alternative supply after the ban on imports of Russian diesel and other fuels took effect on February 5. Diesel and gasoil arrivals to …

Japan’s inventories of liquefied natural gas has surged since Russia’s invasion of Ukraine, government data showed, in an effort to address concerns over potential disruptions of the biggest portion of fuel for power generation in the country. LNG inventories in Japan stood at 5.9 million tons as of the end …

The total number of total active drilling rigs in the United States fell by 7 this week, according to new data from Baker Hughes published on Friday. The total rig count fell to 753 this week—103 rigs higher than the rig count this time in 2022 and 322 rigs lower …