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Shell announced yesterday that it has switched on a 100MW battery system in a village in Wiltshire that it claims is the largest in Europe. The oil and gas major said the grid-connected storage system will play a significant role in helping to balance UK electricity demand, and would be …

Oil prices fell by more than $1 a barrel on Thursday on expectations of more crude hitting the market after a compromise deal between leading OPEC producers and a surprisingly poor weekly reading on U.S. fuel demand, Reuters reported. Brent crude settled at $73.47 a barrel, dropping $1.29, or 1.7%. …

Oil was down Thursday morning in Asia, with a recent rally fizzling, as a build in U.S. gasoline inventories and a potential Organization of the Petroleum Exporting Countries and allies (OPEC+) agreement to increase supply clouded the black liquid’s outlook. Brent oil futures were down 0.68% to $74.25 by 1:38 …

Chinese oil companies processed a record volume of crude in June, offering further signs that Asia’s largest economy may surpass the U.S. to become the world’s biggest refining nation this year. Volumes hit 14.86 million barrels per day last month, up 3.8% from May, according to Bloomberg calculations based on …

Canada-based ShaMaran Petroleum has agreed to acquire a stake of 18% in the Sarsang licence in the Kurdistan region of Iraq from TotalEnergies. Under the deal, ShaMaran will purchase a 100% stake in TotalEnergies subsidiary TEPKRI Sarsang, which holds production sharing contract (PSC) interest in Sarsang block. HKN Energy owns …

Saudi Arabia and the United Arab Emirates (UAE) have reached a compromise over OPEC+ policy, an OPEC+ source said on July 14, in a move that should unlock a deal to supply more crude to a tight oil market and cool soaring prices. Brent oil prices fell on the news …

The amount of remaining recoverable oil resources in the world is 9% lower than last year, according to a new Rystad Energy assessment, which also showed that oil production and consumption can align with future climate goals. The assessment illustrated each country’s remaining recoverable resource standing as of the beginning …

Germany and the United States have advanced in negotiations on the Nord Stream 2 gas pipeline project, German Foreign Minister Heiko Maas said on Wednesday. “In recent weeks, a lot of preliminary work has been done, and I believe that our positions have become closer on many points”, Maas said, …

Based on the Ports and Maritime Organization of Gilan Province report exports from Anzali port experienced 75% growth in weight during the first quarter of the current Iranian calendar year (started on March 21). Speaking to IRNA, Head of Gilan Ports and Maritime Organization Hamid Reza Abaie said non-oil products …

Oil prices fell on Wednesday over fresh concerns about demand after data showed that China’s first-half crude imports dropped, but were still holding near a one-week high amid worries about supplies as the world recovers from the coronavirus pandemic.