Anil Mathews

According to the report, the total petroleum stocks on December 6 were 1.628 billion barrels. This represents a 17.7 million barrel increase year over year and a 0.2 million barrel decrease from the previous week.

Additionally, it would bolster the arguments made by the nation's environmental organizations, which have been advocating for the prohibition of new export ports. The study's conclusions will probably be referenced by climate activists in court cases against the construction of new export ports.

A stronger greenback makes oil more expensive in other countries, which can reduce demand.

Reports estimate the IRGC's annual budget for routine operations and headquarters at around $1 billion. Additionally, Hezbollah's budget is estimated at approximately $700 million, with 70%–80% of its funding directly provided by Iran.

): TotalEnergies announced that it has decided to sell 50% of its holdings in West Burton Energy to EPUKI- the UK subsidiary of EPH. West Buron Energy runs a 1.3 GW gas-fired power plant as well as a 49 MW battery storage system. The transaction marks the fulfilment of TotalEnergies' commitment at the time of acquisition of West Burton Energy to sell half the shares. A joint venture between TotalEnergies and EPUKI will now run the power plant and battery system.

): According to the latest research report published by the U.S. Energy Information Administration (EIA), the yearly crude oil net imports by the country next year is forecat to touch the least levels since 1971. This will be mainly on account of rising domestic crude oil production and falling U.S. refinery runs.

The decline in stockpiles means U.S. barrels are being priced to stay at home.

European Union countries approved a law in May to impose methane emissions limits on Europe's oil and gas imports from 2030, pressuring international suppliers to cut leaks of the potent greenhouse gas.

Commenting on the development, Marco Brun, CEO, AleAnna emphasized on the strategic importance of the agreement, saying that it highlights the strong collaboration between both the companies. Moreover, it reflects the company's strategic focus on developing Italy's natural gas resources and supporting the country's previously stated sustainability goals.

The Baniyas oil refinery produced its last batch of petrol on Friday. The refinery officials plan to carry out basic maintenance works at the facility, so as to make it ready by the time crude supply is restored. Reportedly, the refinery's maintenance works are aimed at addressing ageing infrastructure including chimneys, in addition to the damages caused by the 2022 earthquake. Incidentally, Syria operates a refinery facility in Homs, with a much lesser processing capacity.