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Oil prices paused recent advances to trade in a range on Tuesday, after a surge of more than 7 per cent in the previous three sessions, on supply concerns prompted by fears of a wider Middle East conflict and the potential shutdown of Libyan oil fields. Brent crude futures was …

Analysis of data from the State Statistics Committee, the Ministry of Energy, and the State Agency for Renewable Energy Sources, as compiled by the Media Analysis Center (MTM), reveals significant growth in Azerbaijan’s renewable energy sector, Azernews reports. Since President Ilham Aliyev’s announcement of the “National Program for Renewable Energy …

As the rivalry over global oil demand projections continues to intensify, supergiant Exxon Mobil on Monday chimed in to forecast that crude demand will continue to be over 100 million barrels per day through 2050, contradicting other forecasts that come in much lower, Reuters reported. The forecast from Exxon, which …

The U.S. State Department is intensifying efforts to derail Russia’s Arctic LNG 2 exports by targeting companies involved in the development of the project and vessels found to have loaded LNG from the facility. Located in the Gydan Peninsula in the Arctic, the Arctic LNG 2 project was considered key …

Oil prices rose 2% on Monday on news of fresh production outages in Libya, adding to earlier gains on concerns that an escalating Gaza conflict could disrupt regional oil supplies. Brent crude futures climbed $1.64, or 2.08%, to $80.66 a barrel by 1041 GMT, while U.S. crude futures were at …

Namibia has ambitions to become one of the largest oil producers in Africa by 2035, with an average output of half a million barrels daily, displacing Egypt in the top five list, a government official has said. “With four floating production storage and offloading units deployed by 2035, we could …

The spot market price of liquefied natural gas in Asia is on the decline amid signs that seasonal demand for the fuel is peaking. Last week saw the first weekly decline in Asian spot LNG prices in a month, Reuters’ Clyde Russell reported, noting however that prices are still over …

The Organization of Petroleum Exporting Countries (OPEC) said on Thursday that it received updated compensation plans from Iraq and Kazakhstan for their overproduced volumes for the first seven months of 2024. According to assessments made by independent sources, OPEC said that Iraq overproduced 1.44 million barrels per day from January …

As OPEC+ gears up for its next meeting, the group finds itself at a crossroads that has the potential to sway global oil markets. With the autumn months approaching, key decisions loom regarding whether to proceed with planned production increases or to maintain current output levels. The backdrop to this …

Uncertainty about Chinese oil demand has become the single most important bearish factor for oil. Every time analysts cite lower prices it is because of uncertainty about Chinese demand—or the potential certainty that this demand is not going higher. As the world’s largest importer of oil, the Asian powerhouse has …