Tag: oil and gas industry

The OPEC+ countries, which previously announced additional voluntary cuts in April and November 2023, including Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman, held a virtual meeting on September 5th, 2024, during which the eight member countries emphasized their collective resolve to ensure full compliance with the voluntary production adjustments.

OPEC Secretary General Haitham Al Ghais emphasizes that electrification is often misrepresented as a direct rival to oil, perpetuating the myth that these energy sources operate in isolation. 

Iran seized the Togo-flagged tanker Pearl G in the Gulf on Friday, according to Tehran's semi-official Tasnim news agency.

The US Office of Foreign Assets Control has issued a new authorization that allows certain transactions involving the exportation or reexportation of liquefied petroleum gas to Venezuela until July 8, 2025.

OPEC has maintained its forecast for robust global oil demand growth in 2024 and 2025, projecting an increase of 2.25 million barrels per day (bpd) in 2024 and 1.85 million bpd in 2025.

ADNOC has signed a general agreement with the Japan Bank for International Cooperation for a $3 billion green financing facility.

As Brent crude futures experienced declines throughout May and early June, driven by concerns over sluggish oil demand growth and significant inventory builds, market dynamics have clearly shifted, IEA Oil Market Report (OMR) notes.

A recent analysis by the University College London (UCL) Energy Institute and Kühne Climate Center highlights significant risks faced by the global fleet of oil and gas tankers if efforts to limit global warming to 1.5°C by 2050 are successful.

Representatives from Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman gathered in Riyadh during the 37th OPEC and non-OPEC Ministerial Meeting (ONOMM).

As Reuters reports, the growing shadow fleet of tankers transporting sanctioned Iranian, Venezuelan and Russian oil is filling up with the cheapest fuel available, hindering industry efforts to use cleaner fuel to cut shipping emissions.