Following slow and consistent growth for two weeks in a row, the number of offshore rigs in the U.S. lost its upward momentum and remained flat at 18 units last week, based on Baker Hughes’ weekly rig count report. On the other hand, the total number of rigs operating in …

President of the Federal Network Agency Klaus Müller has announced that Germany’s gas reserves are already well on their way to being full for next winter. Nevertheless, Müller explains that Germany should maintain caution when it comes to using supplies. German gas reserves filling up for winter “We are now …

After almost a two-month delay, on February 23, Kazakhstani company KazTransOil finally began exporting oil to Germany, sending the first shipment of 20,000 tons of Kazakhstani oil. In enabling this supply, Kazakhstan reached an agreement with Russian energy company Transneft to use the Druzhba pipeline to export oil via Russia …

Europe successfully avoided a gas shortage crisis this winter thanks to high LNG imports, reduced demand, and milder weather. As a result, European natural gas prices have fallen to the levels from January 2022, just before the Russian invasion of Ukraine. This week, the front-month futures at the TTF hub, …

OPEC+ on Sunday surprised oil markets with an announcement that it will reduce its output further, by some 1.16 million barrels daily. Reuters noted in a report that with the new cut, the total output reduction amount from OPEC+ will come in at 3.66 million barrels daily, or 3.7% of …

Oil from the Kurdistan Regional Government in northern Iraq may start flowing as soon as this week after KRG and federal government officials reached a preliminary agreement to restart exports, which have been cut off since March 25th. “Following several meetings between the KRG and federal government, an initial agreement …

The Energy Information Administration (EIA) announced on Sunday that Iraqi oil exports to the US have decreased for the second consecutive week. The EIA’s report stated that “the average US imports of crude oil from nine countries during the past week amounted to 4.532 million bpd, a decrease of 891 …

OPEC+ will most likely roll over its existing output cuts when it meets on April 3 despite the recent market turmoil that dragged oil prices to their lowest in more than a year, according to analysts. The group of 23-oil producing countries, which slashed its collective output by 2 million …

Iraq’s federal government and the Kurdistan Regional Government (KRG) have reached an initial agreement to restart northern oil exports this week, a KRG spokesman said on Sunday, and Baghdad will write to Turkey to request a resumption in pipeline flows. Turkey stopped pumping about 450,000 b/d of Iraqi crude from …

The government released its long-awaited Green Finance Strategy on Thursday, announcing a widespread review of policies and regulations as it seeks to channel investment towards the green economy. The delayed report sets out proposals to pursue the government’s ambition of making London the world’s first net zero aligned financial centre. …