The National Oil Company (NOC) has this week declared a halt to operations at two major oil export terminals and several oilfields, halving output to about 600,000 barrels per day in a country that sits on Africa's biggest oil reserves.

Oil began inching upward on Thursday after a day of losses over demand concerns linked to the Covid-19 lockdown in China. Ongoing restrictions in the country, including in the economic hub of Shanghai where tens of millions are confined to their homes, have hit transport networks but traders are balancing...

The United States has asked Qatar to supply gas to Europe if Russian supplies were disrupted due to Moscow's military operation in Ukraine and the consequent Western sanctions.

The suspension of operations at Brega terminal, which has an export capacity of 60,000 barrels per day, follows a force majeur and closure on Monday of Zueitina port and several other major sites in the "Oil Crescent" region of eastern Libya.

UAE’s real non-oil GDP grew by 7.8 percent in the fourth quarter of 2021, owing to the easing of business closures and the decline in restrictions on international travel, the Central Bank of the UAE (CBUAE) said. The bank said there was a 9.3 percent annual increase in Emirati oil...

Libya's National Oil Corporation announced Monday the closure of operations in major oil fields after staff in the key export terminal of Zueitina were blocked from working. "The National Oil Corporation is obliged to declare a state of force majeure on the oil port of Zueitina, including all fields and...

Libya's National Oil Corporation announced Sunday the closure of production at a major oil field in the country's south, declaring a "force majeure". "On Saturday... the Al-Fil field was subjected to arbitrary closure attempts, due to the entry of a group of individuals and the prevention of the field's workers...

The tanker XELO, carrying 750 tons of diesel from Egypt to Malta, sank in the Gulf of Gabes off Tunisia’s southeast coast.

Jose Mauro Coelho was appointed to the post for a one-year term.

Current President Guillermo Lasso has plans to double Ecuador's oil production in spite of opposition from indigenous communities and environmentalists.

Russian oil supply, meanwhile, is expected to continue to fall in April by 1.5 million barrels per day amid its invasion of Ukraine, according to the IEA, which advises developed countries on their energy policies.

In a monthly report, the OPEC said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast

As Europe aims to wean itself off Russian fossil fuel because of the Ukraine invasion, Israel hopes to help fill the gap with gas from its offshore reserves. EU states remain divided on the time scale, but European Commission President Ursula von der Leyen has said the bloc hopes to...

Prices of crude oil have skyrocketed across the world, thanks to the Russian invasion of Ukraine and the subsequent sanctions placed on Moscow.

The Saudi Arabian Oil Company has outlined a clear strategy to continue to invest in both upstream and downstream segments, says Rehan Akbar, Senior Vice-President at Moody’s.

The PCK refinery in Germany has been processing crude oil from Russia since before reunification, but a looming ban on Russian oil has put its future in doubt.

Syria has over the past few months repeatedly accused the US of using its forces to steal oil from its territories. Operation Inherent Resolve, the US military's operational name for the international military intervention against the Islamic State group, has refuted those claims.

The pullback came as US Federal Reserve meeting minutes showed several officials at the central bank favoring a hike in interest rates by half a percentage point.

Nations and their companies have axed business ties with Russia over Ukraine.

The IEA members which include the United States, European countries, Australia and Japan, among others had already pledged last month to release 62.7 million barrels of oil.

More than 11 million people in Ukraine have been displaced since Russia invaded on February 24, aiming to seize the capital Kyiv. With that goal thwarted, it is instead trying to create a land link between occupied Crimea and Moscow-backed separatist statelets in Donbas.

Abu Dhabi’s non-oil GDP at constant prices grew by 4.1 percent in 2021, according to Statistics Centre-Abu Dhabi. The emirate’s GDP at constant prices grew by 1.9 percent in 2021 compared to the previous year, SCAD said, adding both oil and non-oil sectors witnessed growth. In 2020, a significant decline...

Oil platforms, pipelines, coal power plants and other fossil fuel assets could lose trillions of dollars in the battle against climate change in the coming decades, experts say. The warning was issued in a 3,000-page report by UN experts who said fossil fuel assets must be retired and replaced with...

The Saudi Finance Ministry has forecast the kingdom's real gross domestic product to grow by 7.4 percent.

The EU is considering to hit Russia with sanctions on oil or coal over the war in Ukraine, a top official said on Tuesday, though some countries remain worried of the potential economic fallout.

Iraq exported $11.07 billion of oil last month, the highest level for half a century, as crude prices soared amid shortfall fears following Russia's invasion of Ukraine, the oil ministry said.

IAE repeated its warning that the prospect of large-scale disruptions to Russian oil production "is threatening to create a global oil supply shock".

The economy of Saudi Arabia is forecast to grow 7.7 percent this year propelled by the expansion of the kingdom's oil sector, according to Jadwa Investment.

President Joe Biden will announce later on Thursday the release of a record million barrels of oil a day for about 180 days from US strategic stockpiles.

The 13 members of the Saudi-led OPEC and 10 countries spearheaded by Russia backed an increase of 432,000 barrels per day in May, marginally higher than in previous months.

The Egyptian and Saudi governments have signed a draft agreement for Saudi investments in the country totaling a projected $10 billion, according to a statement by the Egyptian cabinet.

Brazilian President Jair Bolsonaro decided on Monday to replace the president of state-owned oil giant Petrobras, Joaquim Silva e Luna, amid strong pressure due to recurrent increases in fuel prices.

The UAE has called for a stronger investment in oil and gas resources in order to protect the global economy from the effects of geopolitical issues and to manage the energy transition of the future.

The Ministry of Energy and Mineral Resources and the United States Agency for International Development (USAID) in Jordan have launched a project to support the kingdom's energy sector. Jordanian media reports said the USAID-funded project valued at $40 million will be implemented over a five-year period, citing a statement from...

Jordan imports crude from Iraq under an MoU that was signed by the two governments on January 28 last year.

The Russian hackers tried their exploits on thousands of computers at hundreds of companies in 135 countries between 2012 and 2018, which included energy-sector targets such as a US nuclear power operator and a Saudi petrochemical facility, the US Justice Department has said.

Environment Minister Steven Guilbeault will soon face his first major test in deciding on a new offshore oil project.

Vietnam has signed economic, trade and scientific-technological cooperation agreements with five GCC countries.

For a 50/50 chance of limiting the rise in global temperatures to 1.5C, 19 countries in which per capita GDP would remain above $50,000 without oil and gas revenue must end production by 2034. Included in this tranche are the US, Norway, Britain, Canada, Australia, and the United Arab Emirates.

An embargo on Russian oil imports, pushed for by some European countries over Moscow's military action in Ukraine, would have a direct impact on everyone, the Kremlin said Monday.

Top crude exporter Saudi Arabia warned Monday that Yemeni rebel attacks on the kingdom's oil facilities pose a "direct threat" to global supplies. It urged the international community to "stand firm" against the Houthi insurgents.

The plea by Japan's Foreign Minister Yoshimasa Hayashi came during meetings with Emirati officials which coincided with a visit by Germany's economy minister.

The rise was due to crude prices, as the global economy recovered.

Spurred by yet another round of increase in oil prices, shares on Saudi stock exchanges opened higher on Sunday with the main index, TASI, gaining 0.52 percent in the opening trade while the parallel market, Nomu, trading flat at 24,902.

The amplifying factors include sanctions against Russia’s aviation sector, which cast a global pall over the aviation industry.

Indian government officials on Friday defended the continued buying of Russian oil, saying European countries were still purchasing hydrocarbons from Moscow and that high crude prices left New Delhi with little choice.

The IEA urged governments to urgently implement measures to cut global oil consumption within months following supply fears stemming from Russia's invasion of Ukraine. The IEA also called on the OPEC+ group of oil-producing nations led by Saudi Arabia and Russia to help "relieve the strain" on markets.

OPEC Monthly Oil Market Report has predicted the UAE's economic growth to quicken in 2022.

The International Energy Agency cut its world oil demand forecast for 2022 on Wednesday, warning that sanctions against Russia over its invasion of Ukraine could spark a global supply "shock". "Faced with what could turn into the biggest supply crisis in decades, global energy markets are at a crossroads," the...

British Prime Minister Boris Johnson met with oil-rich Saudi Arabia's Crown Prince Mohammed bin Salman to lobby for higher production after Russia's invasion of Ukraine sent markets into turmoil. Johnson spoke with Prince Mohammed after talks with Abu Dhabi Crown Prince Mohammed bin Zayed in the United Arab Emirates.