LATEST ENERGY NEWS

World demand will rise to 113.3 ​million bpd in 2030 from 105.1 million barrels per day in 2025, OPEC said in its 2026 World Oil Outlook ​on its website.

The GOR in the Permian region has steadily increased over the past five years.

One of the shipping sources ​told Reuters that securing supplies from the Gulf would likely remain complicated despite the peace deal.

The terminal will strengthen the country’s energy security and boost the development of the domestic gas market.

Wood Mackenzie forecasts global oil demand to decline by between 1 million and 1.5 million barrels per day in 2026.

The war is estimated to have blocked more than 14 million barrels per day (bpd) of Middle East oil output according to the IEA.

The three tanks, which are scheduled for delivery in the fourth quarter of 2028, also can store other liquefied gases such as ethane, propane, ethylene and ammonia. GTT did not disclose the value of this contract.

The ‌preliminary ⁠accord defers many of the more difficult issues such as Iran's nuclear program, and also requires the U.S. and its partners to come up with a $300 billion plan to finance Iran's recovery.

The agreement, to be signed with the Syrian Petroleum Company (SPC), will focus on expanding Syria’s natural gas production capabilities.

Additionally, Unipec purchased between 6 and 8 million barrels of Upper Zakum crude.

Repsol said in April it had reached an agreement with the Venezuelan government and PDVSA to regain operational control of its oil assets ​in the South ​American country.