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Iran’s customs office (IRICA) announced that the country’s non-oil exports have increased 21% in the first quarter of the current Iranian year (started on March 21). IRICA Chief Alireza Moqaddasi said on Wednesday that Iran had a trade surplus of $605mln in the June quarter. He added that Iran’s trade …

Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia. Since the start of the war, based on the average of March to May 2022, Indian imports of Urals crude have picked up by …

The main factor driving up prices is the supply problems associated with the conflict between Russia and Ukraine. The average price of petrol rose momentarily to more than € 2 per liter as the conflict escalated in February, but the latest rise is part of a steady rise in prices …

Saudi Aramco’s plan to invest in 12,000MW of renewable energy by 2030 entails investing in the kingdom’s national renewable energy programme as well as through affiliate investments in renewables and purchase of renewable energy certificates. “Those will likely primarily come in the form of investments in Public Investment Fund’s (PIF’s) …

Qatar plans to insist on terms that will lock Europe Union countries in for two decades of liquefied natural gas purchases, a move that will complicate the bloc’s goal to cut emissions while also reducing its dependence on Russian fuel. The Persian Gulf state, one of the world’s top LNG …

The current level of global capital spending is still far from sufficient to combat the energy and climate crises. That’s one of the findings of the new report by the International Energy Agency (IEA) which estimates that global energy investment is set to increase by 8% this year to reach …

ExxonMobil and QatarEnergy have announced they have signed an agreement to further develop Qatar’s North Field East project, which will expand Qatar’s annual LNG capacity from 77 million t to 110 million t by 2026. The deal was announced at QatarEnergy’s headquarters in Doha. “We are collaborating with QatarEnergy on …

International Energy Agency (IEA) chief Fatih Birol has warned Europe to be prepared for the possibility of a complete shutdown of Russian gas exports this winter, calling on EU governments to widen the span of measures aimed at preparing for this scenario, the Financial Times reported on Wednesday. “Europe should …

Russia has summoned the European Union’s envoy to Moscow to “strongly” protest new restrictions on goods shipments to its Kaliningrad exclave through EU member Lithuania while threatening the Baltic state with “retaliation.” The Foreign Ministry in Moscow said on June 21 that EU Ambassador to Moscow Markus Ederer was informed …

Turkmenistan talks a big game about diversifying export markets for its natural gas, but China will be the only major customer for the foreseeable future. The scale of the quasi-monopsonistic reality that Ashgabat confronts was laid bare anew on June 18 in a speech President Serdar Berdymukhamedov gave in the …