Oil traded near the highest level in almost 12 weeks after Saudi Arabia surprised the market Friday with a significant supply cut beyond what was agreed to with fellow OPEC+ members.
The countries of the Opec oil-producing cartel and ally Russia have agreed to cut crude production by an extra 500,000 barrels a day.
The world’s biggest natural gas exporter and one of the globe’s top consumers of the fuel cement their energy co-operation on Monday with the launch of Russia’s giant Power of Siberia pipeline to northern China.
OPEC and its allies sent more signals that they’ll stick with existing output cuts at their meeting next week.
Libya expects to raise more than $20 billion in revenue in 2019, with production running at around 1.25 million barrels per day, the company’s chairman Mustafa Sanalla said at a conference in Tunis.
Russia offered yet another explanation for why its oil production may exceed its OPEC+ target for November, months after promising to improve the country’s lax implementation of output cuts.
Uniper is confident that LNG supply will continue to be bountiful in the years to come, providing a secure source of supply for demand around the world, company board member Keith Martin told Energy Voice at ADIPEC.
Energy is particularly important to Ukraine. It is not simply a matter of ensuring consumers and businesses have the energy they need, at the right price. Or that the country is fulfilling its international obligations in transitioning towards a more sustainable, renewables based, energy system. Energy is also absolutely fundamental to our national security and the nature of our relationships with our neighbours.
Russia's defence ministry has harshly criticised the US decision to send armoured vehicles and combat troops into eastern Syria to protect oil fields.
A number of African states are in the process of visiting Sochi, largely in the hope of signing deals for new investment.
Energy services firm Petrofac has hailed the start of gas injection for a giant project to deliver energy from Russia to Turkey.
Total has closed its purchase of Anadarko Petroleum’s 26.5% stake in the Mozambique LNG project.
An Aberdeen-based energy services firm has won a contract worth more than £1million for work in Far East Russia.
South Korea has struck a 15-year deal with BP for LNG supplies, covering 1.58 million tonnes per year.
Engineering services firm McDermott International has won a contract to help deliver a major liquefied natural gas (LNG) project in Russia.
The oil price spike caused by a drone attack on a major Saudi processing facility will provide a welcome − but short-lived − boost to North Sea revenues, a prominent petroleum economist has said.
Oil and gas companies face an increasing risk of government investigations and significant financial penalties if they do not take appropriate steps to comply with international sanctions measures.
Oil headed for its first back-to-back weekly gain since June on signs the U.S. and China could be edging closer to a trade deal and as a growing list of central banks start easing policy to shore up growth.
The energy-rich Central Asian nation of Turkmenistan is hosting an economic forum intended to bolster co-operation between Caspian Sea nations.
TechnipFMC has won a major contract with Russia’s Novatek worth £6.1billion.
Oil and gas industry contractor KCA Deutag (KCAD) has clinched a trio of new contracts worth about £135 million for land drilling work in Russia.
The North Sea oil industry must keep a lid on costs if measures taken by Opec and its allies push crude prices much higher, top Aberdeen energy experts have said.
The OPEC+ alliance is poised to extend production cuts into 2020 as the world’s leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America’s shale fields.
OPEC proposed mid-July meetings with its allies in Vienna to discuss extending production cuts, after talks between Russia and Iran made some progress toward resolving a standoff over the date.
Oil closed down in New York for the first time in three days amid rising concerns about the likelihood of a global economic contraction and mounting supplies.