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The International Monetary Fund said on Thursday Saudi Arabia’s economy is recovering well from the COVID-19 pandemic and the fund expected the non-oil economy to grow by 4.3 percent this year, with overall GDP growth seen at 2.4 percent. Real oil GDP is expected to shrink by 0.4 percent, the …

Oil prices rose for a second day on Friday as data showed a draw in U.S. inventories, but were headed for a weekly loss amid uncertainty about global supplies fuelled by an OPEC+ impasse. Brent crude oil futures were up 27 cents, or 0.4%, at $74.39 a barrel by 0644 …

Russia is leading efforts to close divisions between Saudi Arabia and the United Arab Emirates to help strike a deal to raise oil output in coming months, three OPEC+ sources said, with OPEC and its allies yet to set a date for their next oil policy meeting. Disagreement between the …

China will launch a nationwide carbon emissions trading scheme for the electricity sector in July, the cabinet said on Wednesday. The launch of the scheme aims to control and reduce greenhouse gas emissions viA THE market scheme, according to a meeting chaired by Premier Li Keqiang.

There’s a lot of buzz going around about green hydrogen. It’s virtually emissions-free, it burns hot enough to replace combustible fossil fuels, and when it combusts it leaves behind nothing but water vapor — a seeming silver bullet for the clean energy industry. Not only can it be used to …

Eni has announced an oil discovery on the Eban exploration prospect in CTP Block 4, offshore Ghana. The Eban – 1X well is the second well drilled in CTP Block 4, following the Akoma discovery. Preliminary estimates place the potential of the Eban–Akoma complex between 500 and 700 million boe …

BP has commenced production from the East South flank, the new phase of its Shah Deniz II gas field in Caspian Sea offshore Azerbaijan. Planned to reach full production rates in the third quarter of this year, the deepwater flank has a production capacity of 400 million standard cubic feet …

The postponement of the OPEC+ meeting will not jeopardize the group’s efforts until April 2022, but oil supplies are already squeezed in an already tight market. The agreement is still valid until then, even if the 18th OPEC+ meeting hasn’t yet reach a deal on output increases, as the UAE …

OPEC’s sudden disarray would seem to be an opportunity for U.S. shale producers to lock in profits, with oil prices near multi-year-highs, but sources at those companies say they are not taking chances with the market’s volatility. Shale producers are famous for boosting output whenever oil prices surge. However, the …

Oil prices steadied on Wednesday after a steep drop in the previous session, after the cancellation of talks among OPEC+ producers that raised the prospect that the world’s major crude exporters will turn on the taps to gain market share. Brent crude was up 3c at $74.56 a barrel by …