Top News

The world’s largest oil company and biggest oil exporter, Saudi Aramco, has resumed tendering and development work on major offshore oil expansion projects that would give Saudi Arabia another 1.15 million barrels per day (bpd) of production capacity by 2024, Argus reported on Friday, citing a contractor with knowledge of …

Russia’s revised oil strategy will focus on maximizing monetization from crude exports before hitting peak production in 2027-2029 and seeing world demand drop, according to a draft document on the development of the sector up to 2035 being reviewed by the State Duma and set to be approved by the …

Oil prices rose on Thursday to the highest level in nearly a month, after jumping 5% in the previous session, driven by increased demand forecasts from the International Energy Agency (IEA) and OPEC as major economies recover from the pandemic. Brent crude was up by 16 cents at $66.74 a …

The International Atomic Energy Agency (IAEA) has a clear mandate, but the climate crisis and the economic impact of the pandemic mean that, on behalf of its Member States, it needs to have a more visible presence than has traditionally been the case, its director general said yesterday during the …

CNOOC Oil & Petrochemicals Co. Ltd (CNOOC) and Shell Nanhai B.V. (Shell) have announced the start-up by their 50:50 joint venture, CNOOC and Shell Petrochemicals Co. (CSPC), of new units to supply the Chinese market with essential petrochemicals. One new unit is the largest of its type in China, producing …

China has taken the global lead in nuclear energy construction capacity, as the installed capacity of nuclear power generating units under construction remained the world’s largest in the past few years with 17 units currently under construction, according to the Blue Book of Nuclear Energy 2021 released by China Nuclear …

BMW Group and Daimler Mobility’s joint venture Digital Charging Solutions GmbH soon will be strengthened by a third shareholder – BP, which will invest an undisclosed amount to acquire a 33.3% share in the DCS. The DCS, initially launched by BMW and then joined by Daimler (50/50), is a developer …

The International Energy Agency (IEA) upgraded the forecast for oil demand growth by 230,000 barrels a day to 5.7 million barrels a day (mbd), but noted that the post-COVID recovery remained fragile. Last month, the IEA also upgraded the forecast for world oil demand growth in 2021 by 0.1 mbd …

U.S. oil major Chevron, together with Norwegian company Moreld Ocean Wind, is set to invest in offshore wind technology at Ocergy, a U.S. company developing a low-cost floating wind foundation and a multi-disciplinary environmental monitoring buoy. Ocergy secured the investments through its Series A equity fundraising round to accelerate the …

The latest data published by the Organization of the Petroleum Exporting Countries (OPEC) shows an increase in Iran’s crude oil output for the third consecutive month in March. According to the OPEC report, Iran’s oil production rose by 137,000 barrels per day to 2.304 million bpd in March, marking the …