Higher global economic growth and solid activity in China will see robust world oil demand growth of 1.8 million barrels per day (bpd) in 2025, OPEC said on Wednesday in its first outlook into next year’s demand levels. OPEC expects global economic growth at 2.8% in 2025, up from the …
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The Organization of Petroleum Exporting Countries produced more crude oil in December than it had in November, according to the group’s latest edition of its highly anticipated Monthly Oil Market Report. For December, the group produced 26.7 million barrels of crude oil per day, up from 26.628 million barrels of …
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Turkey needs more investments for the development of the identified 62,00 megawatt (MW) of geothermal energy potential, which will contribute to the country’s 2053 net zero emissions target, the head of the Turkish Geothermal Energy Association said on Wednesday. Geothermal energy is classified as a renewable energy source that can …
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Oil and gas companies operating offshore Norway have set their sights on exploring for natural gas in the Arctic Barents Sea, eager to unlock new supply in light of the strong European demand for non-Russian gas. Over the next three years, some of the largest firms operating on the Norwegian …
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Saudi Aramco is more than doubling funding to its venture capital arm by injecting an additional $4 billion funding, the Saudi state oil giant said on Wednesday. The fresh funding will raise Aramco’s total investment allocation to its unit Aramco Ventures from $3 billion to $7 billion. The decision to …
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Several European powers are rapidly progressing plans to expand their nuclear energy sectors, despite a lack of support from major EU powers, such as Germany. The U.K. recently announced plans for its biggest nuclear expansion in 70 years, as well as plans to extend the life of several existing facilities. …
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China faced a complex economic landscape as its economy expanded by 5.2% in 2023, while the population saw a decline of 2 million. These contrasting figures underscored the ongoing challenges posed by a slowing property market and demographic pressures on the world’s second-largest economy. Official data released on Wednesday revealed …
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China’s oil refinery throughput in 2023 rose 9.3 per cent from a year earlier to a record, reversing a rare decline in 2022, as new plants in the world’s second-largest crude consumer bolstered production to meet a post-pandemic recovery in fuel demand. Refiners processed 734.8 million metric tons of crude …
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As the world’s eyes are keenly focused on the escalating crisis in the Red Sea, Chevron’s CEO, Michael Wirth, has voiced his concern over the potential disruption to oil flows. Speaking at the World Economic Forum in Davos, Switzerland, Wirth painted a worrisome picture of the current situation, expressing surprise …
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Later this month, senior representatives of Central Asian governments and European Union peers will meet in Brussels for an Investors Forum for EU-Central Asia Transport Connectivity. At the January 12 Cabinet meeting, Mammetkhan Chakiyev, the head of Turkmenistan’s state agency for transport and communications, delivered a briefing on ongoing preparations …
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