China will loosen blanket restrictions on energy consumption in order to ensure environmental and climate targets do not erode future economic growth, according to a policy document issued after an agenda-setting meeting of the country’s top leaders. The country will also move towards capping carbon dioxide emissions from overall energy …
Read More »Oil Gains as Investors See Limited Omicron Impact on Demand
Oil prices extended their rally on Monday as investor appetite improved amid growing relief the Omicron coronavirus variant may not cause severe illness and will likely have a limited impact on global fuel demand. Brent futures climbed 94 cents, or 1.3%, to $76.09 a barrel by 0500 GMT, after rising …
Read More »Germany Warns Nord Stream won’t Operate if Russia-Ukraine Tensions Escalate
Germany has said the Nord Stream 2 gas pipeline from Russia will not be allowed to operate in the event of any new “escalation” in Ukraine, under an agreement between Berlin and Washington. “In the event of further escalation this gas pipeline could not come into service,” Germany’s new Foreign …
Read More »Iran Envisages Exporting 1.2m Barrels of Crude Daily
Iran’s IRNA News Agency says under the country’s budget bill for the next fiscal year starting March 21, 2022, oil exports will be estimated at 1.2 million barrels per day. The amount of oil exports in the budget bill is one of the most important figures. Therefore, every year, with …
Read More »Exxon Receives First Oil from Biden’s Strategic Reserve Release
The first oil from President Joe Biden’s release from the country’s emergency crude reserves is being granted to Exxon Mobil Corp. The company will receive 4.8 million barrels of oil from the Strategic Petroleum Reserve as part of an exchange, the Department of Energy said Friday on its website. Delivery …
Read More »Iraq Eyes Boosting Gas Imports from Iran
Iraq’s Ministry of Electricity has expressed willingness for increasing natural gas imports from Iran, IRNA reported on Sunday quoting the ministry spokesperson Ahmed Mousa as saying. Mousa noted that the ministry is negotiating the increase with Iranian authorities and will dispatch a delegation to Tehran in this regard. He did …
Read More »Iran Currently Able to Exchange Electricity with 6 Neighbors
Iranian Energy Minister Ali-Akbar Mehrabian has said the country is currently able to exchange electricity with Afghanistan, Iraq, Azerbaijan, Turkmenistan, Armenia, and Turkey, IRNA reported. As reported, developing energy diplomacy and exchange of electricity with the neighboring countries has been among the top priorities of the energy minister and in …
Read More »Asia is not Rushing to Buy Extra Crude Oil from Saudi Arabia
Higher Saudi prices for January, lower overall demand for crude amid the Omicron uncertainty, the Chinese crackdown on illicit practices at its independent refiners, and refinery maintenance season starting in late Q1 2022 have resulted in Asian refiners abstaining from extra Saudi crude supply for loading in January. Refiners in …
Read More »Saudi Arabia, Kuwait Confirm Work to Increase Oil Output from Joint Fields
Saudi Arabia and Kuwait confirmed that they are working to increase production from the Khafji and Wafra joint operations, Saudi Press Agency reported, citing a joint statement. The two parties agreed to implement the memorandum of understanding (MoU) on the neutral zone and the adjacent submerged zone, the statement added …
Read More »U.S to Sell 18 Million Barrels of Oil from Reserve in Attempt to Reduce Fuel Prices
The U.S. Department of Energy said on Friday it will sell 18 million barrels of crude oil from its strategic petroleum reserve (SPR) on Dec. 17, as part of a previous plan to try to reduce gasoline prices. The Biden administration announced last month it would release about 50 million …
Read More »