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US President Joe Biden’s calls for OPEC+ to pump more oil may be short-lived as political pressure eases along with gasoline prices over the coming months. US gasoline prices rose 2.4 percent in July from the previous month, taking their 12-month advance to 41.8 percent, according to inflation data. The …

A global chip shortage is continuing to wreak havoc up and down supply chains in a diverse array of industries across the world. As unprecedented amounts of work, life, shopping, and socializing went digital as the spread of the novel coronavirus drove everyone inside, the demand for electronics, and the …

China’s oil demand is expected to be 1 million barrels per day (bpd) lower in the next two months than previously expected due to the rising number of COVID cases in the world’s top crude importer, Goldman Sachs says. Still, the overall hit to global oil demand will be more …

President Joe Biden’s top aides are calling on OPEC and its oil-producing allies to boost production in an effort to combat climbing gasoline prices that they see as a threat to the global economic recovery. Biden’s national security adviser Jake Sullivan criticised the world’s major oil producers for what he …

Operations at 53 shuttered coal mines in China will once again come to life, as China struggles to keep up with increased power demand, according to a statement by the National Development Reform Commission in China. Last week, China announced it would restart 38 coal mines in Inner Mongolia. Now, …

U.S. crude stockpiles fell by less than expected last week at time when investors are fraught with worry about the demand outlook as surging Covid-19 cases, particularly in China, have dented travel demand. West Texas Intermediate, the benchmark gained 3% to $68.50 a barrel on the news, after settling up …

U.S. Secretary of State Antony Blinken on Aug. 10 appointed former diplomat Amos Hochstein as a senior advisor for energy security to work on the fallout from the Russia-backed Nord Stream 2 pipeline, among other energy issues, according to a statement by the State Department. The United States last month …

The National Oil Corporation (NOC) said that oil production at Libya’s Gallo field will drop by about 70,000 barrels per day, after an oil pipeline leak that occurred yesterday. The corporation said in a statement that this reduction process will enable engineers to control the leakage of the 30-inch line, …

Iraq plans to increase oil production to eight million barrels per day (BPD) by the end of 2027, Iraqi Oil Minister Ihsan Abdul Jabbar told the Iraqi news agency (INA) on Tuesday. The oil ministry’s spokesman, Assem Jihad, also told INA that oil-producing countries reconsidered their plans because of the …

Export proceeds of Russian state-run energy giant Gazprom saw an enormous increase of 73% from January to June 2021 compared to the same period a year ago, according to Russia’s Federal Customs Service. In monetary terms, the growth amounted to $20.01 billion, while the physical volume of exports totaled 108.4 …