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Saudi Arabia is receiving record income from its cash cow, the state oil giant Aramco, which raised its total 2023 dividend payment by 30% to nearly $98 billion. Saudi Aramco, the world’s largest oil firm by both production and market capitalization, reported on Sunday a 25% drop in earnings for …

Despite an increase in China’s crude oil imports in the first two months of 2024, it’s too early to say how the purchases of the world’s top crude importer will impact global oil demand and prices this year. One thing is certain—the impact, in either direction, will be felt across …

Resource-scarce Japan is shoring up long-term supplies of liquefied natural gas from close allies Australia and the United States as key contracts from providers including Russia are set to expire by the early 2030s. Japan’s biggest power generator JERA last month agreed to buy a 15.1% stake in Woodside Energy’s …

The Philippines is counting on the U.S. and its allies to play a crucial role in its plans to explore energy resources in the disputed South China Sea, according to Manila’s envoy to Washington. The country is seeking to parlay its deepening security ties with Washington into broader economic benefits, …

Saudi Aramco 2223.SE Chief Executive Amin Nasser said on Sunday the oil giant was looking at further opportunities to invest in China, where he said oil demand was robust and growing. State-owned Aramco has been ramping up its China presence in a string of deals in refining and petrochemicals, some …

The head of UK supermajor BP paid chief executive Murray Auchincloss £8m for 2023 on the back of a better-than-expected year. Figures published by the oil supermajor today showed Auchincloss’s base pay for the year was £1.6m with a variable performance-based top-up of £6.5m. Auchincloss served as the firm’s chief …

Equinor has put into operation a 531-megawatt solar plant in Brazil, which boosts its power production in the South American country by 30%, the Norwegian major said on Friday. The 531-MW Mendubim solar plant will produce 1.2 terawatts per hour (TWh) of power annually, of which some 60% will be …

The OPEC+ group’s combined crude oil production in February was little changed from January and still above the overall output quota that OPEC and its allies pledged when they announced extra voluntary supply reductions, according to the latest Platts survey by S&P Global Commodity Insights. The survey showed total OPEC+ …

With Turkmenistan and its gas export dreams, intentions are strong, but implementation is faltering. On March 1, Turkmen National Leader Gurbanguly Berdymukhamedov, the father of the president, traveled to Turkey to attend the Antalya Diplomatic Forum. During the visit, he met with Turkish President Recep Tayyip Erdogan — an encounter …

Global oil demand looks robust in a balanced market this year, Shaikh Nawaf Al-Sabah, chief executive of Kuwait’s state oil firm Kuwait Petroleum Corporation (KPC), told Bloomberg in an interview published on Thursday. “From my perspective I think it remains a healthy market on the demand side,” the executive said, …