The European Union is considering formally banning Russian crude flows via the Druzhba pipeline to Germany and Poland, which have already stopped importing Russia’s crude, Bloomberg reported on Friday, citing documents it has seen. The Druzhba pipeline is a key artery of oil supply from Russia to Europe. It has …

Libya and a Russian oil company announced a new discovery on Thursday. Libya’s state-owned National Oil Corporation and Tatneft said they discovered the oil in the Ghadames basin 330 kilometers (205 miles) south of the capital Tripoli at a depth of 8,500 feet. The amount of oil that can be …

Low demand for natural gas has sent Europe’s benchmark gas prices towards a sixth consecutive weekly loss—the longest run of weekly losses since 2020. The front-month futures at the TTF hub, the benchmark for Europe’s gas trading, fell by 3.7% to $36.80 (33.80 euros) per megawatt-hour (MWh) as of 12:27 …

Brazilian-controlled oil company Petrobras has high hopes for increasing its refining capacity and its Curacao pre-salt discovery, company officials said on Friday. In a Friday webcast for investors, Petrobras director of industrial processes and products William Franca said that the company has the potential to increase its refining capacity by …

While the Iraqi oil minister has said that 450,000 barrels per day of shut-in oil exports from Iraqi Kurdistan would restart exports on Saturday, Kurdish and Turkish officials both said on Friday that it is unlikely the pipeline would be turned back on in that timeframe. The pipeline was closed …

The total number of total active drilling rigs in the United States fell by 17 this week, according to new data from Baker Hughes published Friday, after falling by 7 last week. It is the largest single-week drop in the number of oil and gas rigs in the United States …

A Chinese railway equipment company unveiled the world’s first hydrogen-powered urban train during a China Brand Day event this week in Shanghai. The green and low-carbon train, built by the China Railway Rolling Stock Corporation (CRRC), can run as fast as 160 kilometers an hour with a range of 600 …

Speaking to reporters, Maros Sefcovic, the European Commission’s vice-president called the launch a “historic milestone” because this is “the first time ever” that the EU uses its “collective economic weight to increase our energy security and tackle high gas prices.” He explained that 77 European companies submitted requests for a …

US commercial crude oil inventories increased 0.6% during the week ending May 5, according to data released by the Energy Information Administration (EIA) late Wednesday. Inventories rose by around 3 million barrels to 462.6 million barrels, lower than the American Petroleum Institute’s expectation of a rise of 3.6 million barrels. …

Abu Dhabi’s main energy company will sell a 15% stake in its logistics and shipping unit in an initial public offering, kicking off the second listing of one of its businesses this year. Abu Dhabi National Oil Co. will offer about 1.11 billion shares in Adnoc Logistics & Services, it …