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Several of the world’s largest oil-producing nations have recently made public plans to boost their production capacity. The reason: peak oil demand is looming and countries are determined to make the most of their oil resources while they can. “Everything that can be produced should be produced while there is …

The European Union’s landmark rules to classify green investments may need to accommodate natural gas, the European Commission said on Monday, as Brussels weighs a politically fraught decision on how to treat the fossil fuel. The Commission last month published its “sustainable finance taxonomy”, a list of economic activities that …

Higher oil prices this year are helping Saudi Arabia to reduce its budget deficit which soared with the oil price collapse last year. But the Kingdom and its de facto ruler, Crown Prince Mohammed bin Salman, need more than oil revenues to continue carrying out the ambitious Vision 2030 plan …

OPEC’s oil exports have jumped by 1 million barrels per day (bpd) so far in May, while the OPEC+ group started easing the production cuts by 350,000 bpd this month, tanker tracker Petro-Logistics said on Monday. At the ministerial meeting in early April, the OPEC+ group decided to gradually return …

Sales of road transport fuels during May 1-15 dropped by a fifth from the previous month, according to people familiar with preliminary data from the country’s three biggest retailers India’s oil demand worsened in the first half of May as large parts of the nation remained under local lockdowns to …

The National Iranian Oil Co. is set to sign a $1.78 billion deal with a domestic company to develop the Farzad B gas field in the Persian Gulf, oil ministry news service Shana reported May 16. Petropars, Iran’s leading general contractor, will ink a buyback deal with NIOC on May …

Recent news reports were replete with Iraq declaring its willingness to invest $15 billion into new gas-focused projects that could reduce its reliance on one of Baghdad’s long-standing problems, its gas imports. Baghdad has committed to an ambitious timeline of reaching self-sufficiency by 2024-2025, with several large-scale projects being developed …

Oil edged higher at the open after a third weekly increase as a demand recovery in key regions raised optimism about rising fuel consumption, despite a Covid-19 flare-up in parts of Asia. Futures in New York climbed towards $66 a barrel after advancing 2.4% on Friday. The US and China …

Europe’s carbon border levy to increase the cost of CO2-intensive goods entering the EU could push the Global South towards less restrictive trade deals, ultimately causing more harm to the environment, writes Muhammed Magassy. Muhammed Magassy is a Member of Parliament for ECOWAS (The Economic Community of West African States), …

The Director-General of Marketing at the Ministry of Energy and Minerals has said the Sultanate is an important partner in the cooperation agreement signed between OPEC and non-OPEC members that decided to cut oil production. He said that it was decided that the Sultanate’s share of the production cut in …