The United States Department of Energy said on Friday that it plans to buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for March delivery as oil prices sink to levels below the stated threshold for the government’s refill plan. The Biden Administration saw the stockpiles of …

The Dangote Refinery in Nigeria, Africa’s biggest, is expected to receive on Friday its first of several cargoes of crude oil that would enable it to begin initial runs, the Dangote group said in a statement seen by Reuters. The refinery, which has been commissioned but has yet to begin …

As the price of Russia’s flagship crude fell below the $60 per barrel price cap and international benchmarks slumped, India expects to increase its purchases of Russian oil, an anonymous senior government official in India told Reuters on Friday. The price of Russia’s flagship crude, Urals, has dropped below the …

Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Brent crude futures were up $1.46, or 2%, …

The UN’s COP28 climate talks, a mega-conference running for two weeks, are organized around daily themes. The fifth day on Tuesday focused on energy and brought out much high-level discussion of hydrogen. The high hopes for green hydrogen were apparent at last year’s COP27 summit in Egypt with a flurry …

Speaking at COP28 in Dubai, Saudi Aramco CEO Amin Nasser repeated calls for more upstream investment in the interests of both energy security and to meet growing global demand. Those arguing against fossil fuels have criticized oil and gas industry expansion plans. However, the United Arab Emirates — a fellow …

China’s nuclear power ambitions received a boost Wednesday as the country’s first next-generation reactor entered into commercial operations. China Huaneng Group Co.’s 200-megawatt unit at Shidao Bay is the world’s first high temperature gas-cooled reactor, the National Energy Administration said in a WeChat post. The reactor was given permission to …

G7 leaders are expected to announce on Wednesday a ban on Russian diamonds and measures to manage some 300 billion euros ($323.58 billion) in immobilised Russian central bank assets and the G7 oil price cap, sources familiar with the matter said. G7 leaders are having a virtual meeting later on …

Iran exported non-oil commodities valued at $89.5 million to South Africa during the first seven months of the current Iranian calendar year (March 21-October 22), the spokesman of Trade Development Committee of Iran’s House of Industry, Mining and Trade announced. Ruhollah Latifi also announced that the Islamic Republic imported products …

Turkmenistan picked the lowest possible of hanging fruit at the ongoing COP-28 climate summit in Dubai by announcing it will sign up to the Global Methane Pledge, a voluntary agreement that commits adherents to cut methane emissions by 30 percent by 2030. In his speech to the UN Climate Change …