Marketwire
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In a significant move to stabilize its oil production, Iraq has intervened financially to support Lukoil’s West Qurna-2 oilfield, which is crucial for both the country’s economy and global oil supply. Following two months of unpaid wages for local workers at the site, the Iraqi government has begun directly compensating staff, ensuring that salaries for
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Russia’s Deputy Prime Minister Alexander Novak has issued a stark warning regarding the potential for an oil shortage, attributing the looming crisis to insufficient investment in new supply. Speaking at a conference in Beijing, Novak highlighted that global crude oil demand is projected to reach approximately 104.6 million barrels per day this year. This figure
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In a significant move to strengthen energy ties, Russia is poised to enhance its crude oil exports to China, with plans to extend existing agreements through 2033. Deputy Prime Minister Alexander Novak announced today that the current deal for exporting Russian crude via Kazakhstan could be prolonged by an additional decade. This extension reflects Russia’s
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The Abu Dhabi National Oil Company (ADNOC) has announced a monumental investment strategy totaling $150 billion for the period from 2026 to 2030. This initiative represents one of the most significant investment cycles in the company’s history and underscores the United Arab Emirates’ (UAE) enduring commitment to bolstering its oil and gas sectors, as well