Venezuela’s oil industry—rich in reserves, a crucial Allied resource in World War II, a founding member of OPEC—is grinding toward a halt. Venezuela has greater oil stores than any other country. But after years of corruption, mismanagement and more recently U.S. sanctions, its oil output has dropped to a tenth of what it was two … Read more
Iran agreed to allow United Nations inspectors access to two sites where it is suspected of carrying out illicit nuclear-weapons work in the past, bowing to months of pressure in a bid to salvage backing for the 2015 nuclear deal. European powers and the U.S. have long pushed Iran to cooperate with a probe by … Read more
The Trump administration is urging Iraq to proceed with a project to connect its power grid with Saudi Arabia and other Gulf states, among steps to reduce Baghdad’s longstanding dependency on Iranian energy, U.S. and Arab officials said. The grid-connection venture has been the subject of intensive consultations in recent months and was discussed during … Read more
ISTANBUL—Turkey has identified a vast natural gas field in the Black Sea, President Recep Tayyip Erdogan said, a discovery that could help the country ease its reliance on energy imports. The reservoir, appraised by a Turkish drilling ship in July, contains 320 billion cubic meters of gas, Mr. Erdogan said Friday, a volume equivalent to … Read more
MEXICO CITY—Millions of dollars obtained from foreign bribes during a presidential campaign. Bags of cash to lawmakers in exchange for approving a historic opening of Mexico’s oil industry. A former sitting president making deals with his favorite contractor to share the spoils of big government contracts. Those allegations by Emilio Lozoya, a disgraced former chief … Read more
Fighting between Islamic extremist rebels and Mozambique’s army over a key port is threatening to disrupt the East African nation’s burgeoning natural-gas developments, including a multibillion-dollar project led by French energy giant Total SA . The insurgent group, which is affiliated with Islamic State, seized control of the Mocimboa da Praia port this month and … Read more
Heavy rains that again swelled the Yangtze River are expected to hit the Three Gorges Dam with its largest-ever flood this week. The new rainfall at a time when summer rains usually have subsided threatens to prolong a crisis that has already caused billions of dollars in economic losses and displaced millions of people. In … Read more
“Coal has no place in Covid-19 recovery plans,” he said on Thursday, via video link during an online summit hosted by the International Energy Agency (IEA). The summit included 40 government ministers from countries around the world, representing 80% of global energy use and emissions. Its aim was to set out plans to reduce global … Read more
Tesla is bringing its electric cars to the heart of the oil producing world. The automaker announced Monday that its first official venture in the Middle East will be in the United Arab Emirates. The first cars — the Model S and Model X — will hit the road this summer. “Timing seems to be … Read more