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Iraq’s Oil Marketing Company (SOMO) has revised the price mechanism used to compensate buyers for fluctuations in the density of its crude exports, starting with shipments in 2021, according to a Nov. 23 notice to clients reviewed by Reuters The announcement follows SOMO’s plan to launch a third crude oil …

The Chinese Ministry of Finance has increased the country’s renewable power subsidies for 2021 by 5 percent to CNY 5.95 billion ($905 million). According to French consultancy Enerdata, subsidies for wind and biomass projects dropped by 24 percent and 18.5 percent, respectively, to CNY 2.31 billion ($351 million) and CNY …

The Organisation of Arab Petroleum Exporting Countries (OAPEC) have said that its members support the long-term oil-indexed contracts for natural gas as they provide guaranteed stability to the market as well as minimise risks on capital-intensive projects. “In our opinion, long-term contracts bring stability and a win-win situation between the …

Oil prices extended gains on Monday as traders eyed a recovery in crude demand thanks to successful coronavirus vaccine trials, though prices were contained by renewed lockdowns in several countries. Sentiment was also bolstered by hopes that OPEC, Russia and other producers, a group known as OPEC+, will keep crude …

An onshore unconventional oil source with 22 billion recoverable barrels has been discovered, the Abu Dhabi National Oil Company (ADNOC) has announced. The discovery of new oil sources “is a testament to ADNOC’s relentless efforts to unlock and maximize value from the UAE’s hydrocarbon reserves for the benefit of the …

The Organization of the Petroleum Exporting Countries and its allies are expected to extend oil production cuts into the new year in an effort to avoid a global glut of inventories. But with Covid-19 cases accelerating in many parts of the world, raising the risk of further economic restrictions, its …

The United States continues its attempts to derail the construction of the Nord Stream 2 gas pipeline from Russia to Europe, German utility firm Uniper said. “Uniper regrets to say that the US is still trying to undermine the important infrastructure project, which is Nord Stream 2. We believe it …

Member of the Parliamentary Oil and Energy Committee, MP Ghalib Muhammad, called on Sunday to conduct negotiations with OPEC+ to reduce Iraq’s percentage of production cuts, in case it is decided to extend the reduction period again. Muhammad said in an interview with Shafaq News agency, “Iraq is one of …

A senior official in the southwestern province of Khuzestan believes that oil and gas exports will increase by building energy complexes in the province having great industrial capacities. Ali Karani, member of board of governors of industry equipment manufacturers of Khuzestan, made the remarks in an intevriew with IRNA on …

An aggressive China-led shift to electric vehicles is expected to slash global oil demand growth by 70% by 2030 and will help bring an end to the “oil era,” according to research by the Carbon Tracker think tank published on Friday. Within 10 years, China could save more than $80 …