The major Saudi oil producer Saudi Aramco announced robust growth in net revenues by almost 300% in the second quarter of this year to 25.5 billion dollars. The jump in sales and profits was due to recovered demand coupled by higher prices of oil on international markets, BBC elaborated. Crude oil prices posted a rise of more than 30% since the start of 2021. Aramco's chief executive also gave a further positive forecast for the rest of 2021.

Costa Rican lawmakers will this week discuss a bill to permanently ban fossil fuel exploration and extraction, news wires reported. The move aims at preventing future governments from pivoting on the issue as the popular eco-tourism destination country aims to decarbonise by 2050, according to Reuters.

The Dutch oil and gas giant found itself under intense pressure to step up plans to reduce greenhouse gas pollution, Reuters reported. The new portion of urges comes on top of Shell’s vows to reduce air litigation. A court in the Netherlands ordered the energy conglomerate to speed up drastically its intended actions related to keeping environment greener.

The French energy giant Total announced it had managed to offset the negative effect of pandemic on its business, Reuters reported. The surging oil and gas prices on international markets in combination with increased electricity consumption had the key role for the firm’s financial restart. Total posted first-quarter earnings that were very close and matched to levels from before the pandemic. The company, which is shifting into renewable energy and diversifying away from fossil-based fuel activities, benefited from this drive as areas like oil refining suffered.

British Petroleum announced a new buyback programme focused on the company’s shares, AP reported. The UK firm said the operation will be funded by higher than expected revenues from sales in the first quarter of this year backed by higher international oil prices. The positive financial results were further stimulated by a significant reduction in debt levels.The expected buyback is valued at some 500 million dollars.

The border dispute between Canada and US over oil deliveries has accelerated amid expected closure of key but aging pipeline that delivers huge amounts of crude, Reuters reported. President Joe Biden halted the long awaited Keystone XL pipeline project that was aggressively promoted by his predecessor Donald Trump. By cutting the mega-project Biden left all oil transition to be executed by existing 70-year old network which raises concerns linked to environmental risks.

UK and six EU countries vowed to stop providing guarantees, related to all projects linked to exports of fossil fuels, Reuters reported. The initiative includes Britain, Germany, France, The Netherlands, Denmark and Sweden. Official representatives of governments in London, Paris and Berlin are expected to seal formally the pact on Wednesday, French Finance Minister Bruno Le Maire said. The intended deal includes halt of all public export guarantees.

The expanded panel of oil producing countries OPEC+ said it expects world oil demand and consumption to recover at slower pace than previously estimated, Reuters reported. The 2021 oil demand growth forecast had to be trimmed by 300,000 barrels per day following concerns linked to global market outlook.

International oil prices recovered at the end of the week amid fears that Suez Canal may remain blocked for weeks, delaying a large number of cargo ship traffic, Reuters reported. Prices, however, were still headed for a third consecutive weekly loss.

Oil continued its rally as the organization of major producers decided to extend limits on output through April, waiting for substantial proofs for a recovery in demand, Reuters said. Many analysts had expected a small production increase as the price of oil has risen 30% since the start of the year on hopes that the pandemic will ease, allowing for an economic rebound that should increase energy consumption.