Russia has enough gasoline to meet its domestic demand, Energy Minister Nikolai Shulginov said on Friday, downplaying the possibility that Moscow could limit gasoline exports.
Oil markets got some rare good news out of China this week, with Beijing loosening monetary policy and issuing new import quotas for refiners, boosting hopes that the country’s oil demand will bounce back.
Saudi Arabia has long had deep ties with the East and the West thanks to its strong position in the international energy arena. The Kingdom has been an oil and gas superpower for decades and is now focusing its attention on the development of its green energy capacity, to lead in the world of renewables.
Redirecting the $577 billion in government subsidies for fossil fuels could unlock at least half a trillion dollars that could be put to more sustainable uses, the World Bank said in a new report.
Pakistan paid for its first government-to-government import of discounted Russian crude oil in Chinese currency, the South Asian country’s petroleum minister said on Monday, a significant shift in its U.S. dollar-dominated export payments policy.
Egypt plans to launch two new bids for oil and gas exploration in over 16 regions in the country’s south and the Red Sea by the end of 2023, according to media reports.
Is the energy transition narrative losing its dominant position in the energy debate? It’s a question I’ve been asking myself and others increasingly over the course of this year, one that arose again Wednesday, when Shell CEO Wael Sawan announced his company will be joining its fellow integrated majors in refocusing on its core business of producing, refining and selling oil and gas.
The top-producing U.S. oil basin, the Permian, is setting records in production, although growth has slowed in recent months as the number of drilling rigs drops.
Heatwaves this summer could lead to a surge in fossil fuel use as many countries worldwide continue to rely on oil, gas, and coal to meet their demand peaks. While many governments are striving to increase their renewable energy capacity in line with a green transition, this is a slow process, with many projects taking several years, or even decades, to complete.
Daily rates for chartering a supertanker to carry oil from the Middle East to Asia have soared this week to the highest since April as the number of cargoes booked this month for Middle East-Asia routes has exceeded expectations, shipbrokers and analysts have told Reuters.