An OPEC+ panel has warned of “significant uncertainties” and the risk of an oil glut after April 2022, according to an internal report, building a case for extending the current deal that has maintained curbs on supply. A 3D-printed oil pump jack is seen in front of displayed OPEC logo …
Read More »BP Announces Significant Increase in Production Volume
BP company has announced the increase in production volume in the concession area, Block 61, from one billion cubic feet per day to one and a half billion cubic feet per day. A statement issued online by Oman News Agency (ONA), said: “BP company raised the volume of production in …
Read More »OPEC+ Countries Oil Output down 114% of Plan – by 7.5 mln bpd in May
The countries of the OPEC+ agreement in May completed a deal to reduce oil production by 114%, the figure has been stable at this level since February 2021. In absolute terms, they managed to remove 7.47 mln barrels per day (bpd) from the market in May, according to the materials …
Read More »China’s Huge Energy Storage Ambitions could be the Key to Unlock Net Zero
China is proposing a policy to accelerate energy storage deployments, with its core a target to take the country’s storage capacity excluding pumped hydro to 30GW by 2025 – triple the level of Wood Mackenzie’s current forecast. Although the five-year timeframe could prove challenging from an economic standpoint, China has …
Read More »Putin has no Plans for Phone Contacts with Saudi Arabia Leadership before OPEC+ Meeting
Telephone contacts between Russian President Vladimir Putin and the leadership of Saudi Arabia before the OPEC+ meeting are not planned, Russian presidential spokesman Dmitry Peskov said on Tuesday. “They are not planned yet,” he said. Answering a question about whether there are any contradictions in the positions of Moscow and …
Read More »Around 25% of US Electricity in April was Green
Nearly 25.7% of the total US electricity production in April, came from renewable energy sources, including solar, wind, geothermal, hydropower and biomass. A SUN DAY Campaign analysis of new data released by the US Energy Information Administration suggests solar and wind output during the month was 29.9% and 22.1% greater …
Read More »Iraq to Receive $360 mil World Bank Loan to Help Expand Gas Flaring Reduction from South
Basrah Gas Co. — a joint venture between Iraq’s state-owned South Gas Co., Shell and Mitsubishi Corp. — will receive a $360 million from the World’s Bank’s private sector financing arm to help OPEC’s second largest producer reduce gas flaring from its southern oil fields. The International Finance Corp. and …
Read More »World’s Biggest Green Hydrogen Project Announced for Kazakhstan
Germany’s Svevind has announced plans for a colossal green hydrogen project that will place some 45 gigawatts of wind and solar energy generation on the vast steppes of Kazakhstan to produce around three million tonnes of green hydrogen annually. This project will utterly dwarf the biggest project currently in planning …
Read More »Oil Holds below $73 on Demand Concerns ahead of OPEC+ Meeting
Oil held losses below $73 a barrel as a coronavirus resurgence raised concerns about the demand recovery ahead of an OPEC+ meeting this week that’s expected to lead to increased output from the alliance. Futures in New York edged lower after declining 1.5% on Monday. The more infectious delta variant …
Read More »Qatar Sees Gas Demand Peaking Around 2040, Much Later Than IEA
Natural gas giant Qatar Petroleum predicted global demand for the fuel will continue to climb for almost two decades, making it far more optimistic than the International Energy Agency. QP expects consumption to grow at a rate of 1.5% a year, driven higher by economic growth and a broad shift …
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