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OPEC and its allies expect global oil markets will continue to tighten this year even as they revive output, but then flip into surplus again in 2022. The data — to be presented to the group’s Joint Technical Committee on Tuesday — ought to reassure the Organization of Petroleum Exporting …

The United Arab Emirates awarded an oil concession to companies from Pakistan for the first time. A group led by state-owned Pakistan Petroleum Ltd. will invest about $305 million to find crude and natural gas in the UAE’s Persian Gulf waters, according to Abu Dhabi National Oil Co. Adnoc is …

Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida. West Texas Intermediate was steady above $69 a barrel after rising 0.7% on Monday. While Gulf of Mexico crude producers …

A German court in Düsseldorf has rejected an appeal by Nord Stream 2 AG to allow its pipeline to be exempt from the EU’s gas directive rules. Thus Russia will be unable to use the full transport capacities of the new gas pipeline once it is launched soon. This will …

Natural gas could play a key role in alleviating energy poverty and creating new jobs across the globe in the post-Covid recovery phase. The potential to create new jobs at a lower cost and with less environmental impact is one of the brilliant features of natural gas that makes it …

China’s offshore oil and gas major CNOOC has initiated a carbon capture and storage (CCS) project at its Enping 15-1 oilfield in the South China Sea, making it the country’s first venture into offshore CCS plays. The project involves building facilities to capture up to 300,000 tonnes of CO2 per …

Iran’s Foreign Minister Hossein Amir Abdollahian says Tehran will not run from the negotiating table over its nuclear program, but this administration believes talks will be real only if they produce tangible results. Amir Abdollahian dismissed the US recent threats against Iran over the nuclear negotiations, and said, “They’re like …

State-controlled Rosneft, the largest oil producer in Russia, has asked Russian President Vladimir Putin to be allowed to export natural gas with giant Gazprom acting as an export agent, Russian newspaper Kommersant reports, citing a letter which Rosneft’s boss has sent to Putin. Gazprom is the sole exporter of natural …

Hurricane Ida pummeled U.S. Gulf Coast energy suppliers, knocking out most of the region’s offshore wells, nearly half its motor fuel production and closing energy-export ports. The storm moved into Mississippi on Monday after leaving a trail of destruction in Louisiana and rampaging through U.S. offshore oil and gas fields. …

A few years ago, as U.S. shale oil production soared towards 11 and then 12 million bpd, turning the country into the world’s largest oil producer, it was fashionable to start imagining that OPEC was becoming irrelevant. It took a pandemic to refute that argument; and now, OPEC is more …