The gas supply from Iran to neighboring Iraq’s electric power stations feeding the country’s southern and central parts was slashed by 19 million cubic meters per day, according to the local government. “The rates of Iranian gas being supplied to the production stations in the central regions and Baghdad have …
Read More »IEA: Oil Demand Rebounds but Market Set for Volatility
Oil demand surged last month as rising vaccination rates helped underpin robust economic activity, but with oil-producing nations pumping less than needed prices are set to be volatile until it reaches a deal to raise output, the International Energy Agency (IEA) warned on Tuesday. A meeting of Organization of the …
Read More »Saudi Arabia Plans New National Airline to Diversify Oil Economy
Saudi Arabia plans to launch a second national airline, Crown Prince Mohammed bin Salman (MBS) announced Tuesday as part of a broader plan of diversifying the oil-dependent kingdom’s economy by making the country a global logistics hub. The creation of another flag carrier would catapult Saudi Arabia into the 5th …
Read More »Europe’s Oil Giants Put Pandemic Blues behind as Earnings Surge
Europe’s major energy companies profited from a rise in oil prices to report big increases in first-quarter earnings on Thursday, putting the worst of the pandemic era slump in fuel demand behind them. Last year’s demand collapse forced BP, Royal Dutch Shell and Equinor to slash their dividends and preserve …
Read More »Global Oil Prices up after OPEC+ Demand Recovery Forecast
Oil prices rose Wednesday after the OPEC+ alliance made bullish predictions signaling a strong global oil demand recovery this year despite COVID-19 flare-ups in India and an expected build in U.S. crude stocks. International benchmark Brent crude was trading at $66.17 per barrel at 6:43 a.m. GMT for a 0.45% …
Read More »World Still Waiting for US Climate Target as Biden Summit Looms
The United States is still putting the finishing touches on its plan to cut its greenhouse gas emissions by 2030, ahead of a summit this week with world leaders, including Russia’s President Vladimir Putin and China’s President Xi Jinping. President Joe Biden’s administration has been pressing other countries to make …
Read More »Turkey Holds 75 Gigawatts of Offshore Wind Energy Potential
Turkey’s total offshore wind power potential stands at 75 gigawatts (GW), Offshore Wind Energy Association (DÜRED) Chairperson Murat Durak said Monday, noting that they have reached a certain stage in works at some ports in the Marmara and Aegean regions and that they can now carry out offshore wind power …
Read More »Volkswagen Eyes 15% Share in Chinese Electric Car Market
German carmaker Volkswagen plans to increase its share in China’s market for cars with alternative engines, like those powered by electricity, to about 15%, equivalent to the share it currently enjoys in the sales of standard automobiles, the head of its branch in the Asian country said. “Volkswagen has a …
Read More »EU Continues to Rely on Russian Gas as Competition Gains Pace
Driven by political motives, the liquefied natural gas (LNG) competition will continue in the European Union. Russia, as one of the major players, will have to battle for its share of the gas market in Europe against the influx of the U.S.’ LNG and tougher competition in general, according to …
Read More »US Warns Germany over Russia’s Nord Stream 2 Gas Pipeline
The United States warned Germany Monday that it is not willing to compromise on the dispute over the Nord Stream 2 gas pipeline project, which will carry Russian gas to Europe, German media reported. Washington’s new administration is “determined to use all available levers to prevent the completion of Nord …
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