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Over the past half decade, the energy sector has been going through a major seismic shift, pivoting away from fossil fuels toward cleaner, renewable alternatives. The sector has, amazingly, maintained its momentum amid the Covid-19 pandemic and subsequent lockdowns that brutally disrupted the entire global energy sector. A recent report …

OPEC and its allies can celebrate their success in steadying world oil markets when they gather this week. But the coalition will soon be faced with some tough choices. Last month’s pledge by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman to slash production by a further 1 million barrels …

OPEC and its partners expect that the agreed oil-supply curbs will reach 99 percent in January, Bloomberg reported, citing an unnamed delegate. The implementation among the OPEC members was at 103 percent, while it reached 93 percent for non-OPEC partners, including Russia and Kazakhstan, last month. The compliance data is …

Iranian Oil Minister Bijan Zangeneh underlined that the country’s petrochemical industry is among the most powerful ones in terms of technology, equipment and production rate. “We are one of the top petrochemical countries in region in terms of technology and the ability to build much-needed equipment, as well as the …

ExxonMobil and Chevron bosses last year discussed merging the two biggest oil producers in the U.S., Bloomberg News reported on Monday, citing unnamed sources with knowledge of the meeting. According to Bloomberg, ExxonMobil chief executive officer Darren Woods and Chevron CEO Michael Wirth discussed a potential consolidation of the oil …

Russia may file a lawsuit over the hindrances other countries have been posing to the gas pipeline project Nord Stream 2, Deputy Chairman of Russia’s Security Council Dmitry Medvedev told Russian mass media in an interview. “If there are reasons for this, it goes without saying the issue may be …

Oil prices rose on Monday, boosted by the start of Saudi Arabia’s production cut of 1 million barrels per day (bpd) and with positive reports on the new coronavirus vaccines. International benchmark Brent crude was trading at $55.38 per barrel at 0654 GMT for a 0.65% rise after closing the …

OPEC and its partners estimate they implemented 99% of their agreed oil-supply curbs in January, according to a delegate who asked not to be named. The 23-nation alliance known as OPEC+ aimed to withhold 7.2 million barrels a day of crude from the market this month — about 7% of …

Saudi Crown Prince Mohammed bin Salman said Thursday the kingdom will sell more shares of energy giant Aramco in the coming years, following the world’s biggest public listing in 2019. “There will be Aramco share offerings in the coming years, and this cash will be transferred to… the Public Investment …

The optimism around vaccine rollouts has supported oil prices into 2021 – but traders are now focusing on the impact of the pandemic on longer-term demand for the commodity. Brent crude prices closed at $55.04 a barrel in its last trading session, while US crude dripped slightly to $52.14. “We …