Libya’s Oil Output Hits 1 Million Bpd
Libya’s crude oil production topped 1 million bpd, the National Oil Corporation said this weekend, although it added this level of production may not be sustainable. “It is worth mentioning Continue Reading
Iran’s Mega South Pars Gas Field Nears Completion
The net present value of Iran’s supergiant South Pars natural gas field has jumped from an estimated US$116 billion at this point last year to US$135 billion now, a senior Continue Reading
UAE Oil Major ADNOC Sees Oil Demand Reaching 105 Million Bpd Within Decade
Group CEO of the Abu Dhabi National Oil Company (ADNOC) on Monday forecast that oil demand will reach more than 105 million bpd within the next decade. Dr. Sultan Bin Continue Reading
Oman Looks To Raise $3 Billion Through Its Largest Oil Block
Middle Eastern oil producer Oman is looking to raise $3 billion in a debt issue next year via a new company expected to hold the country’s majority stake in its Continue Reading
Saudi Economy Shrank at Slower Pace in Third Quarter
Saudi Arabia’s economy contracted for a fifth straight quarter but the slump eased, according to estimates released on Tuesday by the statistics authority. Gross domestic product shrank 4.2%, still battered by Continue Reading
Azerbaijan Shoots Down Russian Helicopter in Armenia
A Russian military helicopter crashed in Armenia Monday after it was shot down by Azerbaijan, killing two crew members, an incident that could prompt the Kremlin to depart from the Continue Reading
Russia deploys troops to Nagorno-Karabakh after ceasefire deal announced
Russian peacekeeping troops deployed to the mountain enclave of Nagorno-Karabakh on Tuesday as part of a ceasefire deal designed to end six weeks of heavy fighting between Azerbaijan and ethnic Continue Reading
Why South America’s Offshore Oil Sector Is Exploding
Nearly a decade ago South America’s emerging offshore oil boom was viewed as a fad triggered by soaring oil prices which by 2011 had recovered from the Great Recession to Continue Reading
The thaw of the Third Pole: China’s glaciers in retreat
Glaciers in China’s bleak, rugged Qilian mountains are disappearing at a shocking rate as global warming brings unpredictable change and raises the prospect of crippling, long-term water shortages, scientists say. Continue Reading
China to cut refinery run rate in 2021 amid capacity growth, tepid demand
Chinese refineries will likely have to lower utilization rate in 2021 amid growing refining capacity and limited oil product outlets overseas, Han Bing, marketing director at PetroChina’s sales division said Continue Reading