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Two investments banks, Goldman Sachs and Bank of America, have projected the crude oil price to hit between $85 and $100 in the coming months. The banks’ projection would come as good news for Nigeria despite production output struggles. In a note published on Friday, Goldman Sachs predicted an $80 …

The mankind is too close to nuclear annihilation, UN Secretary-General Antonio Guterres tweeted on Sunday. “Nearly 14,000 nuclear weapons are stockpiled around the world. Humanity remains unacceptably close to nuclear annihilation,” Guterres said. “Now is the time to lift the cloud of nuclear conflict for good, eliminate nuclear weapons from …

Iran and Venezuela have inked an oil contract to counter the sanctions the United States has imposed on both nations’ oil exports, Trend reports citing Mehr. Venezuela has agreed to a key contract to swap its heavy oil for Iranian condensate that it can use to improve the quality of …

Sri Lankan Energy Minister Udaya Gammanpila emphasized developing bilateral cooperation with Iran. Speaking in a meeting with CEO of Tehran Oil Refining Company Hamed Armanfar, Gammanpila referred to Tehran-Colombo common interests, expressed satisfaction over bilateral cooperation, and stressed the importance of maintaining technical, engineering, and economic interactions in oil and …

Russia’s reserves of natural gas could run low in 70 years at the current production level, while oil reserves should last about 30 years, geological firm Rosgeo estimates show. “Over the past 25 years there have been ten times fewer new reserves discovered than in the previous 25 years, with …

Europe’s energy ministers have joined forces to establish a plan that will reduce their dependence on foreign gas and purchase supplies as a bloc as part of a larger effort to combat Russia’s stake in the highly-coveted resource. The plan is to purchase strategic gas reserves as a bloc with …

U.S. shale producers have behaved in an exemplary way in the past year. It wasn’t something the industry wanted to do. It was something it was forced to do by the pandemic and by its shareholders, who after years of waiting for windfalls put their foot down and demanded higher …

Shell is reported to be in talks with Iraq to boost Basra Gas Company’s capacity. According to S&P Global Platts, BGC is planning to increase capacity for gas production from 1 billion cubic feet per day (Bcf/d) now to 1.4 Bcf/d in two years; discussions with Shell could see that …

Low-carbon energy sources will account for 90% of all energy sources in Russia by 2035, Deputy Prime Minister Alexander Novak said speaking at a high-level dialogue meeting on energy held as part of the UN General Assembly. “Thanks to the state support, the share of renewable energy sources in the …

Iran’s oil minister has said that his country intends to raise $145 billion in domestic and foreign investments to improve its oil industry in the next 4-8 years, underlining the importance of cooperation with Chinese companies. Javad Owji in a meeting with the head of China Petroleum and Chemical Corporation …