Saudi Arabia has made voluntary oil production cuts even as U.S. output and exports have climbed. – MarketWatch photo illustration/iStockphoto Saudi Arabia and its OPEC+ allies continue to throttle crude output in an effort to support oil prices, but the U.S. — with its record-high production and growing exports — is making that task particularly […]
Crude futures rebounded on Tuesday on signs that Russia is adhering to its promised export cuts while production restraints in Libya buoyed prices. West Texas Intermediate (CL=F) rose roughly 2% to close at $72.24 per barrel. Brent (BZ=F) futures also increased to settle at $77.59 per barrel. Protests in Libya continue to keep roughly 300,000 […]
For the first time in the history of UkrGasVydobuvannya, a subsidiary of Naftogaz of Ukraine, gas production from new wells exceeded 1 billion cubic metres per year. Source: Naftogaz “For the first time in the history of UkrGasVydobuvannya, production from new wells exceeded 1 billion cubic metres per year. We not only almost doubled last […]
Ukraine and Latvia are planning joint projects in the production of drones, Defense Minister Rustem Umerov said on Jan. 5, as the country aims to step up its domestic arms manufacturing. President Volodymyr Zelensky earlier pledged that Ukraine will produce 1 million drones in 2024, recognizing the importance of this weaponry on Ukrainian battlefields. Umerov’s […]
The power emanating from a tower in Saudi Arabia could soon be a substantial force, at least according to the simulations. By appearance, renderings of the twin solar tech look like a Middle Earth wizard’s abode (think Isengard), though you won’t find any tree-chopping orcs in this tech from the Middle East. The planet-friendly tower […]
TotalEnergies SE (TTE) said on Tuesday that is has started the second development phase of an oil field off the coast of Brazil. The company announced the start of crude oil production at the Mero field on the Libra block located over 180 kilometers off the coast of Rio de Janeiro in the pre-salt area […]
Finnish Prime Minister Petteri Orpo has announced that his government will maintain its support for Ukraine and strengthen its defence capabilities. Source: Orpo in a New Year’s greeting released by the government Details: “The Finnish nation and state stand firmly behind Ukraine. Our decisions at the national level, such as increasing production capacity for heavy […]
TSMC is set to host a formal opening ceremony for its first fab in Japan, scheduled for February 24, 2024, China Times reports citing Japanese media sources. The semiconductor production facility will be capable of making chips using TSMC’s N28 (28nm-class) technologies and will be the most advanced logic fab in the Land of the Rising Sun. TSMC’s Japanese fab will […]
Editor’s note: Vivek Raghuvanshi, a journalist and freelancer to Defense News for more than three decades, was jailed in mid-May by India’s Central Bureau of Investigation on charges of espionage. The Indian government has released minimal information on his arrest. Sightline Media Group, which owns Defense News, has not seen any evidence to substantiate these charges and […]
The city council of Troisdorf in Germany has disrupted the expansion plans of Diehl Defence, one of the largest arms companies in the country, to produce weapons for Ukraine, AFP reported on Dec. 27. Diehl Defence produces ignition devices essential for producing large quantities of explosives, including rockets and missile charges. These components are utilized […]
Europe’s efforts to increase arms production and help Ukraine fight the Russian invasion have faced an unexpected obstacle in the form of German local authorities. Source: Euractiv, as reported by European Pravda Details: The city council of Troisdorf, a city of about 80,000 people, has now blocked plans by one of the largest arms companies […]
Toyota-owned automaker Daihatsu, known for its small passenger vehicles, has halted domestic production in Japan after admitting it falsified safety test results for 30 years. The move came just days after the Toyota subsidiary suspended domestic and international shipments due to improper testing on 64 models. Transport ministry officials probed deeper and found problems that […]