Iraq Denies Government Proposals to Leave OPEC
Iraq’s Ministry of Oil denied government proposals to leave OPEC, emphasizing commitment to production quotas.
OPEC Predicts Increase in Oil Demand to 124 Million Barrels per Day by 2050, Sees No Peak
OPEC cites the global shift towards more favorable oil use policies, as well as increased attention to energy security and energy accessibility.
Syrian Oil Company Signs Contract with ConocoPhillips and Novaterra to Develop Gas Sector
This agreement is part of Damascus’ efforts to attract international investments to develop the energy sector and improve production.
Nymex natural gas futures fall 0.22% on cooler weather forecasts and rising production
Prices were influenced by forecasts of cooler weather in the US, which could reduce demand for air conditioning.
Lagarde Urges Europe to Cut Energy Import Dependency Amid Rising Prices
ECB President Christine Lagarde urged Europe to reduce reliance on fossil fuels and energy imports, citing rising prices and climate risks. She noted the green transition has lost momentum.
Russia’s Oil Export Value Hits Post-February 2022 High
Russia’s oil export value has reached its highest level since February 2022, averaging $2.42 billion weekly, driven by increased volumes and prices.
Trump Approves ‘Keystone Light’ Pipeline for Canadian Oil Transport
U.S. President Donald Trump has approved the “Keystone Light” pipeline project, aiming to transport Canadian crude oil to the U.S. despite environmental concerns.
Switzerland’s Inflation Hits 16-Month High Amid Rising Energy Prices
Switzerland’s inflation accelerated to a 16-month high in April, driven by rising energy prices. The central bank expects the surge to be temporary.