Tag Archives: Oil Price

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 …

News of record installations of so-called renewable energy electric generation in China may have kindled the hopes of those supporting the “green” agenda and hostile to fossil fuels. However, China is in no position to give up hydrocarbons, particularly coal. During the first half of 2023, China approved 52 gigawatts …

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 …

China is ramping up coal and natural gas production, imports, and consumption as its electricity demand jumped in the year’s second half and looks to hit a record-high winter peak demand. Chinese authorities have been keen to avoid a repeat of last year’s shortages and spiking prices and have instructed …

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 …

BP has struck a deal to develop a natural gas field in Indonesia, complete with a carbon capture system. The deal’s value is seen at $7 billion, with resources to be tapped estimated at 3 trillion cubic feet. “This project not only unlocks a fantastic gas resource, it also represents …