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Moscow is considering making a proposal that the group should ease a global supply deficit by increasing output, according to Russian officials familiar with the matter. Other OPEC+ nations are also discussing a potential supply hike in August, although specific numbers haven’t been mentioned, said a delegate. Crude just hit …

Iraq has signed a contract to drill 96 oil wells in the West Qurna-1 oil field located in the southern province of Basra to raise the production, according to a statement by the Ministry of Oil. The state-run Basra Oil Company and the contractors for the West Qurna-1 oil field, …

Russian President Vladimir Putin is not planning contacts with the leadership of Saudi Arabia before the ministerial meeting of the OPEC+ countries, there is no need for such high-level dialogue now, Russian presidential spokesman Dmitry Peskov said on Tuesday. “Deputy Prime Minister of Russia Alexander Novak is in constant contact …

Russia is considering proposing an OPEC+ oil-output increase at the group’s meeting next week because the nation sees a supply deficit in the market, according to officials familiar with the matter. Moscow expects the current global oil-output deficit to persist in the medium term, two officials said, asking not to …

Egyptian Prime Minister Mostafa Madbouly said he wanted to work with the Greek government to export surplus natural gas to Europe. It is part of a wider push to boost cooperation across energy and electrical grid interconnection across the island of Crete, which lies midway between the North African country …

Oil prices rose on Tuesday over bullish market sentiments of a sooner-than-expected demand rebound. International benchmark Brent crude was trading at $75.26 per barrel at 07.29 GMT for a 0.48% increase after closing Monday at $74.90 a barrel. American benchmark West Texas Intermediate (WTI) traded at $73.33 a barrel at …

Japan has been the world’s biggest LNG market for as long as most people can remember. Decades of LNG expansion in the supply of the country have been driven by utilities and trading firms, which have been the basis of long-term deals for Japan. However, nothing lasts indefinitely, and with …

Turkey’s renewables expansion, driven by hydro, wind and solar places the Izmir province as a leader in wind power and Konya as a pioneer in solar energy, data compiled by Anadolu Agency reveals. Of the country’s total renewables capacity of 50,990 megawatts (MW), hydropower stood at 31,280 MW, wind power …

The increasingly bullish sentiment in oil markets has several analysts to predict $100 in 2022, but some think that prices could hit that level in 2021 already Oil’s rally to above $70 a barrel has spurred talk of $100 oil—an unthinkable outlook at this time last year when economies and …

China National Petroleum Corporation announced on Sunday the discovery of a shale oil field with geological reserves of 1 billion tonnes in northwest China’s Ordos Basin, making it the largest in the country. The leading energy company said the accumulated proven geological reserves of its Changqing Oilfield reached 1.052 billion …