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Saudi Arabia plans to launch a second national airline, Crown Prince Mohammed bin Salman (MBS) announced Tuesday as part of a broader plan of diversifying the oil-dependent kingdom’s economy by making the country a global logistics hub. The creation of another flag carrier would catapult Saudi Arabia into the 5th …

According to these sources, Russia has been producing some 10.42 million bpd of crude oil and condensates since the start of the month, which is lower than May’s average of 10.45 million bpd. The reason for the decline could be related to difficulties with boosting production at older fields, other …

An OPEC+ panel has warned of “significant uncertainties” and the risk of an oil glut after April 2022, according to an internal report, building a case for extending the current deal that has maintained curbs on supply. A 3D-printed oil pump jack is seen in front of displayed OPEC logo …

BP company has announced the increase in production volume in the concession area, Block 61, from one billion cubic feet per day to one and a half billion cubic feet per day. A statement issued online by Oman News Agency (ONA), said: “BP company raised the volume of production in …

The countries of the OPEC+ agreement in May completed a deal to reduce oil production by 114%, the figure has been stable at this level since February 2021. In absolute terms, they managed to remove 7.47 mln barrels per day (bpd) from the market in May, according to the materials …

China is proposing a policy to accelerate energy storage deployments, with its core a target to take the country’s storage capacity excluding pumped hydro to 30GW by 2025 – triple the level of Wood Mackenzie’s current forecast. Although the five-year timeframe could prove challenging from an economic standpoint, China has …

Telephone contacts between Russian President Vladimir Putin and the leadership of Saudi Arabia before the OPEC+ meeting are not planned, Russian presidential spokesman Dmitry Peskov said on Tuesday. “They are not planned yet,” he said. Answering a question about whether there are any contradictions in the positions of Moscow and …

Nearly 25.7% of the total US electricity production in April, came from renewable energy sources, including solar, wind, geothermal, hydropower and biomass. A SUN DAY Campaign analysis of new data released by the US Energy Information Administration suggests solar and wind output during the month was 29.9% and 22.1% greater …

Basrah Gas Co. — a joint venture between Iraq’s state-owned South Gas Co., Shell and Mitsubishi Corp. — will receive a $360 million from the World’s Bank’s private sector financing arm to help OPEC’s second largest producer reduce gas flaring from its southern oil fields. The International Finance Corp. and …

Germany’s Svevind has announced plans for a colossal green hydrogen project that will place some 45 gigawatts of wind and solar energy generation on the vast steppes of Kazakhstan to produce around three million tonnes of green hydrogen annually. This project will utterly dwarf the biggest project currently in planning …