Brent futures lost as much as 3.7% as OPEC and its allies pledge to increase oil production from August until all halted output is revived. A jump in virus cases from Asia to the U.S. drove down equities, with stocks in Europe hitting a seven-week low. SourceContinue Reading

While Chevron has sequestered almost 5 million tons of carbon dioxide at its Gorgon liquefied natural gas export plant in Australia thus far, that volume is short of a target to capture an average 80% of emissions in the first five years of the LNG facility’s operation. SourceContinue Reading

Iran plans to ship a cargo of oil from a port in the Gulf of Oman next week, its first crude export from outside the Persian Gulf and beyond the narrow, crisis-prone Strait of Hormuz. SourceContinue Reading

OPEC’s deal will will ease a looming crude supply squeeze and reduce the risk of an inflationary oil price spike by increasing output each month beginning in August. SourceContinue Reading

OPEC and its allies will meet on Sunday, the latest sign that a bitter standoff between Saudi Arabia and the United Arab Emirates has been resolved. SourceContinue Reading

OPEC and its allies are considering holding a meeting on Sunday, delegates said, after the group made significant progress toward resolving a standoff with the United Arab Emirates that had blocked a deal to boost output. SourceContinue Reading

The reforms – first submitted to parliament in 2008 and conceived at the start of the millennium – are intended to remove legal and regulatory uncertainty that has held back progress on numerous deferred oil and gas projects. SourceContinue Reading

Greenland’s government “has decided to cease issuing new licenses for oil and gas exploration,” it said in a statement. “This step has been taken for the sake of our nature, for the sake of our fisheries, for the sake of our tourism industry, and to focus our business on sustainable potentials.” SourceContinue Reading

“Looking ahead to 2022, risks and uncertainties loom large and require careful monitoring to ensure the recovery from the Covid-19 pandemic,” OPEC said in its monthly report, which contained the first detailed estimates for next year. SourceContinue Reading

The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all say that global oil demand will continue to recover through to at least the end of next year. But there is some disagreement on the paths it will take to get there. SourceContinue Reading