Oil finished a tumultuous session higher with record US exports slowing inventory builds, igniting crude market bulls even as persistent fears of higher interest rates dragged Wall Street lower. West Texas Intermediate settled at its highest in nine sessions, with the Energy Information Administration reporting that exports jumped 23%, slowing …

The Secretary-General of the Organization of Petroleum Exporting Countries (OPEC), Haitham Al-Ghais, who visited Tripoli Wednesday, discussed issues related to the oil and gas sector, hailing Libya as one of the most important major partners in OPEC. The Libyan Minister of Oil and Gas, Mohammed Oun, and the Head of …

Germany needs to use all energy options available to bring down high prices and protect certain sectors of the economy, Finance Minister Christian Lindner said on Wednesday. “We need to change our energy policy to be adapted to the new realities,” he said at an event organised by the BVMW …

Eni has closed on the acquisition of BP business in Algeria, regarding the two gas-producing concessions “In Amenas” and “In Salah”, which are jointly operated with Sonatrach and Equinor. The transaction has been approved by the competent national and antitrust authorities. The operation was announced in early September, with the …

Saudi Arabia’s Aramco is considering an investment in a liquefied natural gas (LNG) facility outside the kingdom, as global demand for the fuel soars following Russia’s invasion of Ukraine. The state energy company is in early discussions with LNG plant developers to procure a stake and secure supplies through an …

Russian oil and gas output at the Sakhalin-1 project in the Far East is only half of what it was projected to be for 2022 after Russia’s invasion of Ukraine set off a series of Western sanctions that led to the departure of ExxonMobil. In a televised meeting with Russian …

OPEC’s crude oil production for February was, on average, 150,000 bpd more than it was in January, a Reuters survey found on Tuesday. OPEC’s February crude oil production rose to 28.97 million bpd, the survey said, but is still 700,000 bpd less than it was in September. OPEC+–responsible for producing …

Crude oil inventories in the United States saw another significant increase, with a 6.203 million barrel increase last week, the American Petroleum Institute (API) data showed on Tuesday, bringing the total number of barrels gained so far this year to nearly 59 million barrels. This week, SPR inventory held steady …

Developers of U.S. LNG export facilities could launch $100 billion worth of new plants over the next five years as high prices and the need for energy security create strong momentum for long-term LNG demand and contracts. The United States is set to overtake Qatar and Australia as the world’s …

BMW is showing off its first hydrogen-powered iX5 sport utility vehicles this year but still has some way to go to make the technology a viable alternative to battery-electric cars. The German manufacturer plans to ship about 80 of the SUVs to Europe, Asia, the US and the Middle East …