Canada plans to introduce a cap-and-trade system to encourage oil and gas companies to reduce emissions by 38% by 2030, despite opposition from industry groups and some fossil fuel-producing provinces.
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Nigeria's Dangote oil refinery is set to receive its first cargo of 1 million barrels of crude oil from Shell International Trading and Shipping Co. on Friday.
Easing global oil prices would help India boost imports from Russia, a senior government official said on Friday, as a lower than $60 a barrel price of Russian oil will enable buyers to use Western services such as insurance and ships.
Brent crude futures were up $1.93, or 2.6%, at $75.98 a barrel at 0913 GMT, while U.S. West Texas Intermediate crude futures were up $1.82, or 2.6%, to $71.16 a barrel. Brent had earlier risen by $2.
Iran’s President Seyyed Ebrahim Raeisi held talks with his Russian counterpart Vladimir Putin in Moscow on Thursday and said the ground is prepared for developing bilateral relations in energy, agricultural, and knowledge-based industries.
India's oil and gas exploration projects are delayed due to a global shortage of drilling rigs, despite increasing dependence on oil imports and increasing market volatility.
China's oil demand is expected to peak by 2030 at between 780 and 800 million metric tons per year, a research institute affiliated with China National Petroleum Corp (CNPC) said on Thursday.
Canadian Solar will supply battery storage technology of 500 MW to Danish green investment company Copenhagen Infrastructure Partners for use in the UK's largest battery storage project.
Brent crude futures were up 52 cents, or 0.7%, to $74.82 a barrel at 1235 GMT. U.S. West Texas Intermediate crude futures was up 42 cents, also 0.6%, to $69.80 a barrel.
Saudi Arabia and Russia, the world's two biggest oil exporters, on Thursday called for all OPEC+ members to join an agreement on output cuts for the good of the global economy just days after a fractious meeting of the producers' club.
Iranian judicial authorities on Thursday announced the seizure of two vessels over alleged smuggling of fuel in the Persian Gulf.
Iran and Oman have signed two memoranda of understanding to boost bilateral cooperation and emphasized the importance of using their national currencies in mutual trade instead of the dollar.
Iran has always underlined “amicable and constructive” cooperation with Kuwait in the energy sector and Arash gas field, said the Foreign Ministry spokesman on Wednesday.
The head of Iran’s National Petrochemical Company (NPC) has said the country’s petrochemical industry relies on domestic knowledge and technology and the industry is mostly self-sufficient.
Canada plans to unveil a framework for its long-awaited oil and gas emissions cap at the United Nations COP28 climate summit in Dubai, the only major only-producing country developing such a policy.
Brent crude futures fell 5 cents, or 0.06%, to $77.15 a barrel by 0900 GMT. U.S. WTI crude futures fell by 16 cents, or 0.22%, to $72.16 a barrel.
Imbalance in some sectors, including the energy sector, is both a big threat and a great opportunity, said the Iranian Parliament speaker on Tuesday.
Oil production cuts agreed by the OPEC+ group will take time to kick in, the Kremlin said on Tuesday as it confirmed that President Vladimir Putin would visit the United Arab Emirates and Saudi Arabia on Wednesday.
The OPEC+ oil production cuts can “absolutely” continue past the first quarter if needed, Saudi Energy Minister Prince Abdulaziz bin Salman said, as he pledged the curbs would be delivered in full.
U.S. crude oil production set a record for the second month running in September, highlighting the challenge to Saudi Arabia and its OPEC⁺ partners as they cut their own production to boost prices.