Top News

Crude oil prices notched a sixth-weekly win Friday despite a sluggish end to the week as major oil producers attempt to reach a consensus on plans to ease production curbs. On the New York Mercantile Exchange crude futures rose 7 cents to $75.16 a barrel, while on London’s Intercontinental Exchange, …

A group of five EU member states led by Germany have sent a letter to the European Commission asking for nuclear energy to be kept out of the EU’s green finance taxonomy. The letter – signed by the environment or energy ministers of Austria, Denmark, Germany, Luxembourg, and Spain – …

The meeting of the OPEC+ ministerial monitoring committee and the OPEC+ ministerial meeting will be held on Friday, July 2, the OPEC Secretariat said in a statement. As sources told TASS earlier, the ministers failed to reach an agreement on productions levels from August at Thursday meeting and decided to …

OPEC+ is moving towards adding around 2 million barrels per day (bpd) of oil to the market between August and December as it eases back on its output curbs, an OPEC+ source told Reuters. The source said monthly increases would amount to less than 0.5 million bpd. The first source …

The OPEC+ alliance expects a significant overhang of oil supply on the market after April 2022 when the current production cut pact expires, Reuters reported on Wednesday, citing an internal report of an OPEC+ panel it had seen. “In 2022, a significant increase is seen, leading to an overhang of …

The oil and gas industry is embracing new technologies to save time and costs and, most recently, to reduce the carbon footprint of its supply chain as the energy sector is under increased pressure to reward shareholders while helping to fight climate change. Along with artificial intelligence, machine learning, digital …

There is economic life after the pandemic. While the novel coronavirus hasn’t been vanquished, oil demand has significantly risen in the past couple of months. According to the IEA, by the end of 2022 demand could have rebounded to pre-Covid levels. Rising prices are causing mild distress in Moscow which …

Qatar Petroleum (QP) on Wednesday entered into a long-term Sale and Purchase Agreement (SPA) with Shell for the supply of 1 million tons per annum (MTPA) of LNG to the People’s Republic of China for ten years. LNG deliveries will commence in January 2022 to various LNG terminals in China, …

Saudi Arabia plans to launch a second national airline, Crown Prince Mohammed bin Salman (MBS) announced Tuesday as part of a broader plan of diversifying the oil-dependent kingdom’s economy by making the country a global logistics hub. The creation of another flag carrier would catapult Saudi Arabia into the 5th …

According to these sources, Russia has been producing some 10.42 million bpd of crude oil and condensates since the start of the month, which is lower than May’s average of 10.45 million bpd. The reason for the decline could be related to difficulties with boosting production at older fields, other …