Tag Archives: Oil Price

Chinese scientists have uncovered a “supergiant” deposit of high-quality gold ore hidden near some of the country’s existing gold mines. The vast reserve, which could be the largest single reservoir of the valuable metal left anywhere on Earth, could end up being the largest known deposit of the precious metal …

Saudi Arabia’s Neom is perhaps the world’s most controversial architectural project at present, covering 10,200 square miles – almost the size of Belgium – and incorporating renewable energy projects and advanced smart technologies in the middle of the desert. Following several construction delays, rising costs, and criticism over structural aspects …

Offshore oil is back in a big way. After years of costly offshore oil contacts being put on ice due to lower-than-ideal oil prices and uncertain future demand, these projects have been roaring back to life around the world. But the future of the sector remains uncertain as a looming …

Russian gas giant Gazprom is cutting its planned investments for next year by 7% compared to 2024 levels as more natural gas flows out of Russia are now headed to China instead of Europe. Gazprom’s investment is now geared toward developing gas fields and processing facilities in eastern Russia and …

Private Chinese refiners, who buy most of Iran’s crude, have recently scoured West Africa and the Middle East for supply unsold in previous trade cycles, as flows of Iranian crude have dropped amid higher prices and preparation for the incoming Trump Administration. China’s independent refiners, the so-called teapots, are key …

OPEC will likely remain committed to production curbs for yet another month, the energy minister of Azerbaijan told Reuters ahead of the group’s Sunday meeting. “OPEC+ could or couldn’t discuss oil output rollover at its next meeting. It is difficult to prejudge,” Parviz Shahbazov told the publication. OPEC has been …

Global oil demand continues to surprise on the upside, BP Plc  Chief Executive Murray Auchincloss told the Energy Intelligence forum in London on Monday, saying that oil demand kept rising on average by more or less 1% each year, with BP predicting robust oil consumption for the next 5-10 years. …

The transition team of incoming U.S. President Donald Trump is drafting an energy package to expand domestic oil and gas drilling on federal lands and offshore lease sales, in addition to expediting LNG export permits, Reuters reported on Monday, citing sources with knowledge of the plans. President-elect Trump has vowed …

Austria’s energy firm OMV has seized $241 million (230 million euros) of Gazprom natural gas deliveries for October as a means to recover the arbitration award, which prompted Gazprom to cut off supply, sources close to OMV and Gazprom have told Reuters. Earlier this month, OMV said that it had …

Lebanon has been facing an energy crisis for several years, with regular blackouts leading to an overreliance on diesel generators for power. This is largely due to years of misspending public funds and underinvestment in the country’s energy infrastructure. Now, there are concerns that Lebanon’s ongoing conflict with neighbouring Israel …