The price cap on Russian crude oil products isn’t as effective as the implementers intended, according to Bloomberg, citing Argus Media Ltd data. Several of Russia’s refined oil products continue to trade above the capped price laid out by the G7 as the nation continues to defy Western sanctions. Diesel …

Oil slid further on Thursday after dropping sharply from more than three-month highs in the previous session as a U.S. government credit downgrade weighed on sentiment, while concerns around supply tightness provided support. Ratings agency Fitch on Wednesday downgraded the main U.S. credit rating, reflecting an expected fiscal deterioration as …

A panel of OPEC+ is unlikely to change the current oil production policy of the alliance at the Friday meeting, several sources in the group told Reuters on Wednesday, as prices rallied to more than a three-month high. The Joint Ministerial Monitoring Committee (JMMC) of the group, which regularly discusses …

China’s overseas energy engagement in Belt and Road Initiative (BRI) countries in the first half of 2023 was the “greenest” in terms of project type since its start, according to new research published on Tuesday. According the report from the Green Finance and Development Centre (GFDC) at Fudan University in …

Happily for Saudi Arabia, it does not take a genius to work out that persuading its OPEC+ brothers to cut their oil production to ramp up prices and then quietly selling additional oil over and above its official quota is a major money spinner. “Saudi Arabia has a long history …

Oil prices surged by almost 1 per cent on Wednesday, trading near their highest since April, as crude and fuel product inventory data showing robust demand from the world’s biggest fuel consumer, the U.S., offsetting demand concerns elsewhere. Brent crude futures for October rose 80 cents, or 0.94 per cent, …

BP Plc raised its dividend by 10% and said it would buy back another $1.5 billion of shares, even as its second-quarter profit fell by more than expected amid weaker oil and gas prices. The results follow the pattern set by Big Oil peers Shell Plc, TotalEnergies SE, ExxonMobil Corp. …

China has seen robust growth in the installed capacity of renewable energy in the first half of 2023 amid the country’s strenuous efforts to push green transition, with its total capacity reaching about 2.71 billion kilowatts (kw), according to the latest report by National Energy Administration (NEA). The country’s installed …

In Stoke-on-Trent, three hours north of London, traditional English potteries were among the businesses hit hard by soaring energy prices last year. Scrambling to protect their key industries, Britain and other parts of Europe quickly devised plans to keep energy-intensive manufacturers afloat, and pledged to push harder to develop alternatives …

India’s imports of Russian oil dropped for a second month and are expected to slip even further as the key OPEC+ producer starts trimming exports in August to help balance the global market. Daily volumes fell to 2.09 million barrels last month, down from 2.11 million barrels a day in …