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Iraqi expects oil prices to reach $80 per barrel, the country’s state news agency reported on Sunday, citing an oil ministry spokesman. The spokesperson, Asim Jihad, did not give a timeframe for the increase he predicted. Crude prices have been on the rise over the past weeks, settling over $70/barrel …

China has discovered a new 1-billion-ton super-deep oil and gas area in the Tarim Basin in Northwest China’s Xinjiang Uygur Autonomous Region, the largest discovery in the basin in nearly 10 years, the Chinese state-owned energy giant China National Petroleum Corporation (CNPC) said on Friday. The discovered well is located …

Germany said Turkey should negotiate a solution to its disputed natural gas exploration plans in the eastern Mediterranean. German Defence Minister Annegret Kramp-Karrenbauer called for an agreement after meeting with Turkish Defence Minister Hulusi Akar on Thursday in Ankara. The talks focused on tensions in the eastern Mediterranean and NATO’s …

Recently, panic struck the southeastern United States as the Colonial Pipeline, the country’s largest fuel pipeline network, shut down after a cyberattack. With 2.5 million barrels per day of gasoline, diesel, and jet fuel suddenly gone, mass panic buying ensued, sending prices into a spiral of volatility. The incident reminded …

A new wave of LNG importers borne out of China’s gas market reforms is the new growth opportunity in Asia’s LNG market, but their limited procurement capability and prompt demand requirements mean they are active only in the spot market. This complicates the marketing strategy of large LNG producers like …

China’s Silk Road Fund and Saudi Arabia’s Hassana Investment Co. have joined a group of investors in Saudi Aramco’s oil pipelines. The consortium led by U.S. group EIG Global Energy Partners LLC acquired a 49% equity stake in Aramco Oil Pipelines Co. for $12.4 billion, according to an emailed statement. …

Russia’s second-largest oil producer Lukoil plans to invest $3 billion in production of petrochemicals within the next 6 years, TASS news agency quoted the company’s head, Vagit Alekperov, as saying on Friday. He was speaking at the launch of an isomerisation unit at the NORSI oil refinery that is part …

The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq’s export oil to the United States increased to 300 thousand bpd in the last week. EIA stated in a report, “The United States oil exports recorded 5.751 bpd in the second week of June.” The top three source countries …

India’s fuel demand jumped by 13 percent in the first two weeks of June, for a first monthly rise since March, suggesting that the worst of the impact of the second COVID wave has peaked and consumption is rebounding. Sales of diesel, the most used road fuel in the world’s …

The growing market for paying for carbon emissions could become a larger market than the one for crude oil, according to the head of carbon trading at Trafigura, one of the world’s largest commodity traders. The carbon market has the potential to become 10 times larger than the global crude …