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The Organisation of Petroleum Exporting Countries (OPEC), says financing remains critical, in meeting any climate change target for developing countries. Dr Mohammad Barkindo, OPEC Secretary General, disclosed this at a video conference, entitled: “Ministerial Roundtable on Energy, Climate and Sustainability on Monday. “Financing is critical to reach any climate targets …

The Nord Stream 2 gas pipeline will be finished soon as Interfax reported citing Russia’s Foreign Minister Sergey Lavrov. “It will be finished in a few days; it will start to work,” Lavrov said. The end of the construction of the Nord Stream 2 gas pipeline in the waters of …

Europe’s oil demand, especially road fuel consumption, has rebounded in recent weeks, as many Europeans hit the road for late summer vacations after a year and a half of restrictions and lockdowns. Airline traffic in Europe is still 30 percent below pre-COVID levels from 2019, but road fuel demand has …

Europe is facing an energy price shock as the cost of natural gas and electricity surges to record levels. A gas supply crunch is boosting the cost of producing power from the U.K. to Germany just as businesses reopen and people return to the office, increasing demand. Rising prices are …

China’s first self-operated deep-water gas field Deep Sea No1 on Monday officially entered operation after completion of its last production well, demonstrating China’s attainments in ocean gas and oil exploration. Deep Sea No 1 can provide over 3 billion cubic meters of deep-water natural gas annually to Guangdong-Hong Kong-Macao Greater …

The Nord Stream 2 gas pipeline project will likely be completed this month, Rainer Seele, the head of the Austrian oil giant OMV, told the Russian Vedomosti newspaper. Asked when construction will be finished, Seele said “next week,” adding that gas could start flowing before the end of 2021. Kremlin …

Oil was down Monday morning in Asia. The black liquid extended its losses after Saudi Arabia cut crude prices for Asia over the weekend amid an uncertain fuel demand outlook. Brent oil futures slid 1.06% to $71.84 by 11:50 PM ET. Crude oil WTI futures fell 1.02% to $68.58, remaining …

Under the sponsorship of the Iraqi Prime Minister Mustafa Al-Kadhimi, the agreement for optimal investment projects for associated gas and developing oil fields between the Iraqi Oil Ministry and the French Total was signed today. The agreement includes, according to a statement by Al-Kadhimi’s office, “three contracts between the Iraqi …

The Organisation of the Petroleum Exporting Countries and allies, including Russia, collectively known as OPEC+, has raised its forecast for oil demand next year, in a move that might help to build a case for raising output. Brent crude for November delivery gained 18 cents, or 0.3 per cent to …

The US Energy Information Administration (EIA) said that Iraqi crude oil exports to the US exceeded four million barrels last August. According to a report released by the EIA, Iraq exported to the US, during the first week of August, 120 thousand barrels per day, an average of 150 thousand …