Tag Archives: World Oil

Iraq’s oil ministry welcomed an arbitration ruling in its long-running dispute with Turkey centered on crude oil exports from the semi-autonomous Kurdish region and said it would discuss “mechanisms” to keep oil flowing. The International Chamber of Commerce’s International Court of Arbitration decided in Iraq’s favor on March 23, Iraq …

Shell plc has published its Energy Transition Progress Report 2022, which shows it has again met its climate targets as part of its energy transition strategy. The report will be put to shareholders for an advisory vote at Shell’s Annual General Meeting on May 23, 2023. “In this report, we …

OPEC+ will likely wait for financial markets to calm before deciding whether it needs to react to oil’s rout by cutting production, according to consultancy Energy Aspects Ltd. “It would be premature for OPEC+ to take action without first understanding what the risks are,” EA analysts, including co-founder Amrita Sen, …

The World Bank will support the development of Mozambique’s giant natural gas resources if it’s the cheapest way to boost energy security in one of the world’s poorest nations, according to an official. The Washington-based lender in 2019 stopped financing oil and gas extraction projects, aside from “exceptional circumstances” where …

Saudi Aramco announced its full-year 2022 financial results, reporting a record net income of $161.1 billion — its highest annual profits as a listed company. Aramco also declared a fourth quarter dividend of $19.5 billion, to be paid in the first quarter of 2023. The results were underpinned by stronger …

Despite the exodus of almost every Western oil company, Russia can maintain crude oil production longer than many expect, according to S&P Global Vice Chairman Dan Yergin. “There’s going to be a decline but it’s going to be a slower decline,” Yergin told Bloomberg TV at the CERAWeek by S&P …

Eni has closed on the acquisition of BP business in Algeria, regarding the two gas-producing concessions “In Amenas” and “In Salah”, which are jointly operated with Sonatrach and Equinor. The transaction has been approved by the competent national and antitrust authorities. The operation was announced in early September, with the …

Saudi Arabia’s Aramco is considering an investment in a liquefied natural gas (LNG) facility outside the kingdom, as global demand for the fuel soars following Russia’s invasion of Ukraine. The state energy company is in early discussions with LNG plant developers to procure a stake and secure supplies through an …

Eni SpA posted a record annual profit due to high oil and gas prices, despite its fourth quarter missing estimates. The Italian energy giant followed its peers with stellar earnings for 2022, after Russia’s invasion of Ukraine sent the value of key commodities soaring. While the cost of energy has …

Russian companies got far more money from selling the country’s oil than previously thought in the weeks that followed the imposition of a price cap on the nation’s exports, a group of academics said. The research weakens the idea that the price limits are crushing Moscow’s revenue to fund the …