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On Saturday, Libya’s Oil Minister of the Government of National Unity (GNU), Mohamed Oun, said that Libya is planning to increase its output of crude oil to four million barrels per day (bps) within a year. During a visit of the government delegation to Paris, the Libyan Minister said that …

Baker Hughes Co. on Friday reported the total number of rotary drilling rigs operating in the United States ended the week at 456, representing a one-unit decline from a week ago. The most recent U.S. rig count reflects no change in the number of oil (359) and a one-unit drop …

Turkey has discovered further deposits of natural gas in the Black Sea, according to people familiar with the matter, and is likely to make an announcement soon. Initial data from the offshore Amasra-1 well show a significant amount of newly discovered gas, the people said, asking not to be identified …

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 …