European Union leaders are bracing for the shock of Russia turning off the gas taps and Brussels has given member states a 15% voluntary demand reduction target to prepare for Continue Reading
Oil prices fell more than $1 a barrel on Wednesday, under pressure from global central bank efforts to limit inflation and ahead of expected builds in U.S. crude inventories as Continue Reading
Oil fell after a three-day climb as investors weighed data that pointed to an increase in US inventories. Brent futures, the global benchmark, lost 0.9%. Prices have struggled for meaningful Continue Reading
The American Petroleum Institute (API) reported a build this week for crude oil of 1.860 million barrels, while analysts predicted a build of 333,000 barrels. The build comes as the Continue Reading
A petrodollar windfall is helping some Gulf Arab states pay down debt and providing cash for others to diversify their oil-reliant economies, but it is also testing commitments to fiscal Continue Reading
Climate change-driven heat events that pushed UK temperatures to record highs Tuesday will become more frequent and intense for decades to come, the head of the UN’s World Meteorological Organization said. “The Continue Reading
Climate change-driven heat events that pushed UK temperatures to record highs Tuesday will become more frequent and intense for decades to come, the head of the UN’s World Meteorological Organization said. “The Continue Reading
OPEC and the International Energy Agency are both predicting an especially tight market for oil next year. Recovering demand in China and continued growth in India will play a key Continue Reading
A three-way summit meeting in Tehran between the leaders of Russia, Iran and Turkey sent a clear signal that Vladimir Putin is pushing back against ostracism from the West. President Continue Reading
Libya’s El Feel oilfield resumed production on Tuesday, according to Libya’s National Oil Corporation, after being shut in for nearly three months. The initial capacity for El Feel is 40,000 Continue Reading
Ahead of Russian President Vladimir Putin’s visit to Iran on Tuesday, his second foreign trip since he invaded Ukraine in February, Russian Gazprom and the National Iranian Oil Company have Continue Reading
Ousting of NOC chairman Sanalla may not lead to more stability in Libyan oil exports. Libya produced around 650,000 bpd of crude in June. Ongoing disagreement about a fair distribution Continue Reading
TotalEnergies SE , Eni SpA and Occidental Petroleum Corp. struck an agreement with Algeria to develop the Berkine basin, reflecting growing interest in the nation’s energy resources as importers pull Continue Reading
Iran is increasing supplies of a key crude grade that Venezuela is using to boost its aging refineries’ productivity and free domestic oil for exports, documents seen by Reuters on Continue Reading
China’s very-strict covid policies continue to be a major risk for crude markets. China was almost single-handedly responsible for the commodities pricing super-cycle that occurred between 2000 and 2014. Any Continue Reading
China’s imports of Russian crude oil fell 10.6% from a record high in May to 1.78 million b/d, or 7.29 million mt, in June, but the producer remained the biggest Continue Reading
President Joe Biden will announce executive action to confront climate change after a key senator blocked legislation, but he’s holding off for now on an emergency decree that would allow Continue Reading
The European Union is set to propose a voluntary 15% cut in natural gas use by member states starting next month on concern Russia may halt supplies of the fuel. Continue Reading
– Russian gas flows via the Nord Stream 1 pipeline are seen restarting on time on Thursday after the completion of scheduled maintenance, two sources familiar with the export plans Continue Reading
Russian President Vladimir Putin signaled that Europe will start getting gas again through a key pipeline, but warned that unless a spat over sanctioned parts is resolved, flows will be Continue Reading
The European Union will set out emergency plans on Wednesday to curb gas usage after President Vladimir Putin warned the bloc that Russian supplies sent via the biggest pipeline to Continue Reading
June Russian oil imports 1.77 mln bpd, +9.5% y/y Saudi No.1 supplier for H1 at 1.75 mln bpd; Russian 1.67 mln bpd H1 imports from Angola -14% y/y, Brazil -23% Continue Reading
Cool air for 24 hours can set back cash-strapped UK consumers more than £18 ($22) as energy costs soar. And with the country experiencing temperatures in excess of 40 degrees Continue Reading
Volvo aims to become a pure electric car maker by 2030. Volvo Car AB’s VOLCAR.B -3.64%▼ transformation into an electric-vehicle maker accelerated in the second quarter, reflecting a broader trend Continue Reading
Mariupol has been occupied by Russian forces for several weeks Russia plans to annex more Ukrainian territory using a similar “playbook” to its takeover of Crimea, the US says. Citing Continue Reading
. Oil held well above $100 a barrel after posting the biggest one-day advance since May, aided by a tightening market and a cooling in dollar gains. West Texas Intermediate Continue Reading
Oil rose slightly on Tuesday, paring earlier losses and after soaring by more than $5 barrel in the previous session, amid concerns about tight supply. Brent crude futures for September Continue Reading
Oil prices gained over 4.6% on Monday as the market attempted to digest developments in the Middle East, and as the dollar weakened slightly. Brent oil prices climbed to $105.8 Continue Reading
Texas is often hot, but not like this: Current forecasts have the temperature in Dallas hitting 109 degrees Tuesday, with highs in triple digits well into next week. Britain, on Continue Reading
Airbus and a number of major airlines—Air Canada, Air France-KLM, easyJet, International Airlines Group, LATAM Airlines Group, Lufthansa Group and Virgin Atlantic—have signed Letters of Intent (LoI) to explore opportunities Continue Reading
Militias mobilized overnight in the Libyan capital, Tripoli, as tensions rise amid the take-over of the National Oil Company (NOC) and the alleged lifting of force majeure at all oilfield Continue Reading
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry. In the not-so-distant past, the natural gas spot market was one Continue Reading
Saudi Crown Prince Mohammed bin Salman shared the production capacity ceiling of his country at the GCC summit. Last year, Saudi Arabia said it expects to have boosted its oil Continue Reading
Libya’s National Oil Corp. expects five tankers to load crude from oil terminals over July 19-July 21, after the new management of the state-owned company lifted force majeure following a Continue Reading
India’s gasoline and diesel sales during the first half of July dropped from last month as seasonal rains curtailed demand in the world’s third-biggest energy consumer, that could help keep Continue Reading
Several large Chinese cities including Shanghai are rolling out new mass testing or extending lockdowns on millions of residents to counter new clusters of COVID-19 infections, with some measures being Continue Reading
A persistent heatwave is hobbling China’s ability to keep its factories operating as virus curbs disrupt the supply of coal and inventories of the fuel run low. The government’s pledge Continue Reading
Gasoline exports slumped by 42 percent annually in the first half of this year compared to the same period of 2021. Chinese authorities continue to reduce export quota. Combined with Continue Reading
A drilling rig operates in the Permian Basin oil and natural gas production area in Lea County, New Mexico, U.S., February 10, 2019. REUTERS/Nick Oxford/File Photo NEW YORK, July 18 Continue Reading
for the first time in nine weeks, data from the American Automobile Association (AAA) showed. The price of U.S. gasoline averaged more than $5 a gallon for the first time Continue Reading
US natural gas-fired power generators are bracing for record-setting demand this week as temperatures in states stretching from Texas to Kansas and Mississippi to Missouri top 100 degrees Fahrenheit. On Continue Reading
Shipments of Canadian oil to US refiners were thrown into disarray by a pipeline disruption just days after President Biden’s unsuccessful visit to Saudi Arabia. Shipments of Canadian oil to Continue Reading
Russia’s Gazprom has told customers in Europe it cannot guarantee gas supplies because of ‘extraordinary’ circumstances, according to a letter seen by Reuters, upping the ante in an economic tit-for-tat Continue Reading
Germany may extend the life of its three remaining nuclear power plants, the economy ministry said on Monday, as public support rises in the face of a possible cut-off of Continue Reading
As a deadline approaches for Russia to resume supplying natural gas to Germany this week, European officials and executives are growing concerned about a cascading economic fallout that would spread Continue Reading
Russia’s invasion of Ukraine has transformed global geopolitics and has greatly increased the importance and significance of energy security, particularly in Europe. The Trans-Caspian pipeline could be one possible new Continue Reading
Gazprom has declared force majeure on gas deliveries to at least one major customer in Europe, which would protect the Russian giant from compensation payments for unrealized deliveries, Reuters reported Continue Reading
Gazprom Declares Force Majeure on European Gas Buyers A halt of Russian gas supplies to the European Union could potentially reduce its gross domestic product by as much as 1.5% Continue Reading
chemical association VCI on Tuesday, which warned that the only steps left for the industry would be to scale back or abandon production altogether. “For our companies, we are currently Continue Reading
Ukraine’s farmers will plant up to two-thirds less wheat later this year if the country’s main export route is still blocked, prolonging the global food crisis, its agriculture minister predicted. Continue Reading
