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The Middle East saw a 5% increase in its renewable energy capacity last year, which stood at 24,224 megawatts (MW). Despite the growth, there was a slowdown in the results compared to previous years due to the COVID-19 pandemic affecting ongoing projects, according to information published in the Saudi Arabian …

OPEC left its global oil demand forecast for 2021 unchanged in its monthly outlook report, due to an economic rebound in the second half of the year but the bloc sees energy consumption in India, the world’s third-biggest consumer of oil, collapsing because of the surge in Covid-19 infections. The …

Oil giant ExxonMobil has received an offer for its share of the West Qurna 1 oilfield in Basra, by Iraq, according to reports by Reuters. The head of the state-run oil operating company said on Monday that a formal offer, priced at $350 million, to buy the share had been …

Foreign Policy Commission Spokesman Abolfazl Amouei said that the extension of the agreement between Iran and the IAEA must gain approval of Iranian governing bodies. “According to Strategic Action Plan to Counter Sanctions, the agreement between Iran and the International Atomic Energy Agency to lift sanctions is subject to a …

The Organisation of the Petroleum Exporting Countries (OPEC) says its compliance with the OPEC+ oil production cuts deal totalled 122 per cent in April, as production averaged 25.08 million barrels per day. In March, OPEC’s compliance with the production cuts deal was 124 per cent, at 25.04 million barrels per …

Shell Offshore, a subsidiary of supermajor Shell, has made a ‘significant’ oil discovery in the deepwater region of the U.S. Gulf of Mexico. Shell said on Tuesday that it made a discovery of more than 600 feet (183 meters) net oil pay at multiple levels at the Leopard prospect. The …

At least two of China’s smaller liquefied natural gas (LNG) importers have been told to avoid buying new cargoes from Australia, a further example of the impact on trade from souring ties between the two countries. The firms have received verbal orders from government officials to avoid purchasing additional LNG …

North America’s biggest petroleum pipeline is in a race against time to overcome a cyberattack that’s frozen fuel shipments before regional reserves of gasoline, diesel and jet fuel run dry. Colonial Pipeline said segments of its Texas-to-New Jersey line are being brought back online in steps, and substantially all service …

An Iranian knowledge-based company produced an oil-based ozone generator to prevent the country from importing this device. Chief executive officer of the Iranian knowledge-based company, Shadi Azizi Ha said Iran produced a type of oil-based ozone generator that has much higher efficiency. Referring to the importance and usage of this …

The South Korean Government has announced plans to build a 6GW floating offshore wind farm off the coast of Ulsan by 2030. President Moon Jae-in said that the project would require a KRW36tn ($32.8bn) investment and would create 210,000 jobs in the region. The wind facility is planned for the …