Iraq exported $11.07 billion of oil last month, the highest level for half a century, as crude prices soared amid shortfall fears following Russia’s invasion of Ukraine, the oil ministry said. The second largest producer in the Organization of the Petroleum Exporting Countries (OPEC), Iraq exported “100,563,999 barrels for revenues …
Read More »Germany Says Putin has Agreed to Keep Payments for Gas in Euros
German Chancellor Olaf Scholz has announced that Russian President Vladimir Putin has climbed down from a demand that Europe pay its gas bills in rubles and will allow payment in euros for the meantime, Deutsche Welle (DW) reported on March 30. The Russian leader said money would be paid into …
Read More »Japan Rules out Withdrawal from Joint Russia Gas Project
Japan has no plans to withdraw from a joint Russian oil and gas project, despite joining tough sanctions on Moscow over its Ukraine invasion, Prime Minister Fumio Kishida said Thursday. Energy resource-poor Japan is attempting to balance its need for fossil fuels with toeing a hard line on Russia, and …
Read More »Oil Prices Slide as Biden Considers Huge Reserves Release
Oil prices dropped sharply on Thursday after reports that U.S. President Joe Biden is considering the release of up to 180 million barrels from the country’s strategic petroleum reserve (SPR). Biden is set to give remarks later on Thursday, with multiple outlets reporting that the plan to cool soaring crude …
Read More »Hyundai, Saudi Aramco to Jointly Develop Eco-Friendly Vehicle Engine
Hyundai Motor Group said on Wednesday it will collaborate with Saudi Aramco and a Saudi Arabian university to jointly develop an environment-friendly fuel and engine for vehicles. Hyundai, Aramco, and King Abdullah University of Science and Technology (KAUST) plan to develop an advanced fuel for ultra-lean burn, spark-ignition engines to …
Read More »USA Exported Record Amounts of LNG in 2021
US exports of liquefied natural gas set a record high in 2021, averaging 9.7 billion cubic feet per day (Bcf/d), according to the most recent ‘Natural gas Monthly’ report from the US Energy Information Administration. LNG exports increased by 50% from 2020. The increase was driven by increased demand in …
Read More »Poland Wants to Halt Russian Oil, Gas on Ukraine Invasion
Poland will strive to stop all Russian oil, gas and coal imports this year, as moves to wean Europe off its dependence on energy supplies from the country over its war in Ukraine intensify. Poland plans to “do everything” to stop importing Russian oil by the end of 2022, Prime …
Read More »OPEC+ Meets amid Oil Price Complaints, Concerns over Russian, Kazakh Supply
OPEC and its allies remain in firm control of the oil market, key members Saudi Arabia and the UAE said March 29, as the group prepares to meet to decide on May production levels amid an outcry from crude importing countries over tight supplies and rising fuel prices. Market balances …
Read More »Germany Activates Gas Emergency Plans, Fearing Russian Supply Cut
Europe’s largest economy braced for a cut-off of Russian gas supplies on Wednesday, activating the first phase of a national emergency plan. The move comes two days ahead of a deadline set by Russia for ‘unfriendly’ states to start paying for deliveries of Russian energy in rubles, rather than in …
Read More »Projects Worth $8b Defined for Development of West Karoun Oil Fields
The managing director of National Iranian Oil Company (NIOC) said that projects worth $8 billion have been defined for the development of the oil fields at the West Karoun region. One of these projects is development of phase 2 of South Azadegan field through establishment of a consortium of Iranian …
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