Tag Archives: Oil Price

Turkey’s state-run energy champion Turkish Petroleum Corporation (TPAO) is on track to dramatically scale up production, with daily oil and gas output expected to reach around 500,000 barrels by 2028, Energy and Natural Resources Minister Alparslan Bayraktar said this week. Speaking to local media, Bayraktar said the projection is based …

Venezuela has begun shutting wells that pump extra-heavy crude in the Orinoco Belt, as the U.S. blockade is squeezing shipments and filling up storage space, sources with knowledge of the plans of state oil firm PDVSA told Bloomberg. PDVSA, the key handler of Venezuela’s crude exports, mostly to China, began …

Following the Ukrainian drone attack that damaged a key export terminal on Russia’s Black Sea at end-November, Kazakhstan’s crude and condensate production has fallen by 6% so far in December compared to the average output in November, an anonymous industry source told Reuters on Monday. A Ukrainian attack damaged infrastructure …

The Zaporizhzhia nuclear power plant in Ukraine, which has been under Russian control since early 2022, could resume operations within a year and a half after a potential end to the war, the head of the plant’s Russian operating company said on Monday. “If this (the end of the conflict) …

CNOOC Ltd, China’s top offshore crude oil and natural gas producer, has announced the discovery of a major new oilfield in the Bohai Sea. The Qinhuangdao 29-6 discovery in the shallow Neogene formations of the Bohai Sea is yet another oilfield estimated to hold more than 100 million tons of …

During the Covid-19 pandemic, when oil prices fell to a record low, governments and energy companies worldwide began to shift their focus to green alternatives. Many governments introduced ambitious climate pledges and introduced decarbonisation targets, encouraging industries to explore ways to cut carbon. One of the most promising energies for …

The European Union is looking to expand its rare earths production to help fuel an accelerated green transition, as the demand from countries in the bloc continues to grow in line with the deployment of more renewable energy capacity. Ramping up production would also help the EU reduce its reliance …

For most of the past decade, oil markets have treated decisions by OPEC as the primary signal for price direction. That hierarchy is being tested, but not overturned. What has changed is where traders look for short-term cues. Increasingly, those cues are coming from China, not because Beijing controls supply, …

The annual solar power generation at PetroChina Tarim Oilfield, China’s third-largest onshore oil and gas field, has surpassed 2 billion kWh as of Sunday. To date, Tarim Oilfield has completed five centralized solar power projects with a total installed capacity of 2.6 million kilowatts. There are also 239 distributed photovoltaic …

BP is closing out the year with a flurry of moves that underline a decisive shift in strategy, marked by major portfolio changes, a leadership transition, and continued momentum in upstream project delivery. The company has agreed to sell a majority stake in its Castrol lubricants business, one of BP’s …