Oil prices rose on Friday but remained posted their steepest weekly losses since March, after another partial lifting of Russia’s fuel export ban compounded demand fears due to macroeconomic headwinds. On Friday, Brent futures settled up 51 cents at $84.58 per barrel. US West Texas Intermediate crude futures settled up …

Russian Vladimir Putin on Saturday announced the start of gas supplies to Uzbekistan via Kazakhstan, a boost for Russia’s industry hit by a flurry of Western sanctions over the offensive in Ukraine. Despite being home to a wealth of natural resources including gas, the Central Asian country of Uzbekistan has …

Russia’s potential withdrawal from the Comprehensive Nuclear-Test-Ban Treaty (CTBT) will not imply that the country will restore nuclear tests, Kremlin spokesperson Dmitry Peskov said Friday in a statement. The statement came after Russian President Vladimir Putin said at the 20th Annual Meeting of the Valdai Discussion Club on Thursday that …

The government is scheduled to discuss a long-term program for the import of discounted crude oil from Russia with the administration in Moscow next week, officials confirmed Arab News on Friday, as the South Asian state seeks to diversify its energy supplies at cheaper rates. A Pakistani delegation, headed by …

The International Atomic Energy Agency will send a task force to Japan late this month for a safety review of the release of treated radioactive wastewater from the crippled Fukushima nuclear complex into the sea, the Japanese government said Friday. The planned visit by the IAEA team from Oct. 24 …

There is widespread speculation that India could soon overtake China in terms of its oil demand to become the biggest consumer in the world. As China’s investment in renewable energy, metals and minerals and electric transportation begins to pay off, the Asian giant may soon no longer be the biggest …

Exxon is in talks to acquire Pioneer Natural Resources in a deal that could be worth up to $60 billion, the Wall Street Journal has reported, citing unnamed sources. This would be the biggest deal for Exxon since the merger with Mobil back in the 1990s and would make the …

Europe is losing the global race for solar components manufacturing due to high energy and labor costs and supply chain issues, according to solar industry executives who say the EU lacks incentives for manufacturers to plan future investments. Following the Russian invasion of Ukraine and facing competition from China and …

The OPEC Fund for International Development has announced the allocation of a grant to support relief and recovery efforts in Libya, in the aftermath of Storm Daniel, which struck the country last month. In response to the humanitarian emergency, the OPEC Fund has approved a $500,000 aid grant to provide …

Global gas demand is projected to rise in the next decade, thus influencing a 12.5% surge in production between 2023 and 2030. However, Rystad Energy forecasts that even in scenarios of 1.9 – 2.5°C warming, with rapid growth in renewable energy sources, the current set of existing gas fields will …