More than 1 million barrels a day of Russian oil exports are set to be upended by Western sanctions expected to come into force within weeks, shipments Moscow will struggle to redirect elsewhere which threatens to further tighten global energy markets, the International Energy Agency said Tuesday. Russian crude oil …

It is possible that U.S. Secretary of State, Antony Blinken, believed for a moment that his call to the new Iraqi Prime Minister, Mohammed Shia al-Sudani, saying that Washington “is eager to work with the government and people of Iraq to improve respect for human rights, increase economic opportunities, advance …

Minister of Development and Technology Waldemar Buda has acted on advice of the Internal Security Agency (ABW) to take over the shares owned by Gazprom in the EuRoPol Gaz company. EuRoPol is the owner of the Polish part of the Yamal-Europe gas pipe network. Up until now, Gazprom owned 48 …

The Organization of the Petroleum Exporting Countries (OPEC) announced Tuesday that eight out of 13 countries, including Saudi Arabia, decreased their oil production last October. OPEC said in a report the production of OPEC member countries of oil dropped by 210,000 barrels per day (bpd) in the past month to …

Oil prices held steady on Tuesday as rising COVID-19 cases in China sparked fears of lower fuel consumption from the world’s top crude importer and a cut in OPEC’s 2022 global demand forecast offset worries about tight supply. Brent crude futures edged up 11 cents, or 0.1 per cent, to …

Asian share markets were mixed on Tuesday and oil was weaker as investors sought to digest the economic implications of China’s COVID policy adjustments and a rescue package for the country’s struggling property sector. MSCI’s broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was up 0.1%, following mild losses for …

Irish and French energy regulators confirmed that the Celtic Interconnector will be completed by 2027, despite a substantial re-evaluation of the project’s costs. The French grid operator also confirmed the partial launch of the Savoy-Piedmont electricity interconnection. The network operators behind the Celtic Interconnector project, an electricity connection between France …

The Eastern Mediterranean could become a “stable supplier of energy” to the European Union if the recent maritime border agreement between Israel and Lebanon spurs more investment in the region, the head of the company that launched the latest gas production project says. “I think there is a lot more …

Crude oil began trade today with a gain on the resurgence of hopes that Chinese demand is about to enter recovery mode. The hopes followed announcements from China that some pandemic restrictions will be relaxed. The gains, albeit modest, reflect a reversal in market sentiment, which just last week led …

The refinery in Schwedt, Germany, near the Polish border, refines 12 million tons of oil every year. It was built in the 1960s and received its supplies from the Druzhba pipeline, which pumped oil from Russia through Belarus and Poland onward to Germany. The plant in Schwedt was an object …