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The world has already passed the coal consumption peak and will pass the oil consumption peak within a decade, head of the Russian Accounts Chamber Alexei Kudrin said at the St. Petersburg International Economic Forum on Thursday. “I believe we will pass the oil consumption peak over this decade. We …

As part of today’s Saint-Petersburg International Economic Forum, in the presence of Minister of Energy of the Russian Federation Nikolay Shulginov, PAO NOVATEK (“NOVATEK” and/or the “Company”) and a subsidiary of TotalEnergies SE (“TotalEnergies”) signed a Memorandum of Understanding (“MOU”) on decarbonization, hydrogen and renewables. The Parties intend to cooperate …

It is currently impossible to suspend investment in new oil production projects as the price will otherwise reach $200 per barrel, Deputy Prime Minister Alexander Novak said at the St. Petersburg International Economic Forum on Thursday. “I cannot imagine a situation, for example, where investments in new projects are suspended …

Russia’s Lukoil would be “happy” to return to talks on its Iranian oil projects, which were at an advanced stage, once US sanctions on the Middle Eastern country are lifted, CEO Vagit Alekperov said June 3. Lukoil was in talks with Iran to develop the Ab Teymour and Mansouri oil …

The European Commission and Bill Gates joined forces in an initiative that wants to mobilize as much as $1 billion investment in clean technologies such as green hydrogen and sustainable fuels. The Commission and Breakthrough Energy Catalyst, a program founded by Gates, want to muster the funding in 2022-2026 to …

The Organization of the Petroleum Exporting Countries oil cartel and allied producing countries (OPEC+) confirmed on Tuesday plans to gradually restore crude output by 2.1 million barrels per day (bpd). The decision was made in an online meeting earlier on Tuesday. Saudi Energy Minister Prince Abdulaziz bin Salman hailed a …

Iranian Energy Minister Reza Ardekanian has travelled to Russia to take part in the 24th edition of St. Petersburg International Economic Forum (SPIEF). Heading a delegation, the Iranian minister arrived in Moscow on Wednesday to attend the economic forum. Ardekanian is going to hold talks with his Russian counterpart to …

Testing work on Russia’s Nord Stream 2 gas pipeline to Germany will start next week, Alexander Drozdenko, governor of the Leningrad region where the pipeline starts, was cited as saying by the TASS news agency on Wednesday. The United States last month waived sanctions on the company behind the pipeline …

Oil exports from Russia in January – May 2021 fell by 13% compared to the same period last year to 91.2 mln tonnes, according to statistics released by the Central Dispatching Department of Fuel Energy Complex (CDU TEK) on Wednesday. Russia participates in the OPEC+ agreement on oil production cuts, …

The governments of Denmark, Norway, and the United States, along with the Global Maritime Forum and the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, will lead a new Zero-Emission Shipping Mission as part of Mission Innovation. The mission aims to accelerate international public-private collaboration to scale and deploy new …