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Since the 1950s, the Middle East has established itself as the world’s most prolific oil producing region, typically accounting for a third of global production. The oil crises of 1973–74 and 1978–80 spurred growth in Middle Eastern oil production and began the shift in market control from multinational corporations to national oil companies within OPEC nations. However, the region still exported most of its oil in crude form and had limited refining capacity at that time. However, that has changed in recent years, with the Gulf…
Trade uncertainty and tariffs are prompting America’s battery makers and battery material manufacturers to expand overseas to have production sites in the biggest demand centers now that clean energy isn’t a favorite with the U.S. Administration. The trend has become evident in recent weeks, in which two U.S. battery companies have taken over production sites in South Korea and Europe, betting on being close to customers in markets favoring green technology and renewable energy expansion. First, it was California-based…
For years, energy workers from the fossil fuel sector have been growing increasingly concerned about their future working in the sector. As many countries invest heavily in renewable energy, in a bid to decrease dependence on oil, gas, and coal, many traditional energy jobs are disappearing. However, the knowledge and experience that workers in this sector hold could be well-suited to new jobs in the renewable energy industry, so long as governments invest in a just transition. According to the European Union definition, a “Just transition…
Libya’s eastern-based parliament is preparing to approve a 2019 maritime pact that would allow Turkey to explore for oil and gas in Libyan waters, according to people familiar with the talks in Benghazi and Ankara. Most obstacles to the accord have been cleared, they said, a striking reversal for the east—long aligned with commander Khalifa Haftar’s Libyan National Army and historically opposed to Turkish involvement. Tripoli, which already maintains close ties with Ankara, backs the deal. If ratified, Turkish survey and drilling…
The largest Chinese and Asian refiner Sinopec reported on Thursday a 36% decline in its first-half profit on the back of lower oil prices and refining margins and weakening domestic fuel demand. China Petroleum & Chemical Corporation, or Sinopec, as it is more commonly known, booked a profit attributable to shareholders of $3.3 billion (23.75 billion Chinese yuan) for the period January to June 2025, down by 35.9% from the same period last year. “Dragged by various factors such as the declining international crude oil prices combined…
