Russia’s budget deficit in the coming year might exceed the expected 2% of GDP as the oil price cap hurts export income, the country’s Finance Minister Anton Siluanov said on Tuesday. This marks the first time a Russian official has acknowledged that the $60 per barrel price cap imposed on …

Iran exported more than $621.761 million worth of non-oil commodities to Iraq via the Khosravi border crossing in the first nine months of the calendar year that started in late March, up 28% compared to the same period last year. Mehdi Abbasi, director of the Khosravi Customs Office, told IRNA …

The CEO of the National Iranian South Oil Company (NISOC) said that by the end of the NGL 1000 overhaul operations, 10 million cubic meters per day of gas was added to the gas production capacity of the country. According to NIOC, Alireza Daneshi said, “With the follow-up and emphasis …

Turkey has upped the estimate of its natural gas reserves in the Black Sea by nearly a third, putting its total deposits at 710 billion cubic metres (bcm) in a boost to its aims of increasing its energy independence. Speaking after a cabinet meeting, President Recep Tayyip Erdogan said Turkey …

From 1 February, Russia will completely ban the sale of oil to countries that have introduced a price cap on its exports. The $60 (€56) cap was agreed at the beginning of December by the EU, the G7 group of nations and Australia. On 27 December, Russian President Vladimir Putin …

Japanese firms have signed new long-term agreements to buy LNG from the United States and Oman as Japan looks to cater for its energy security and further diversify its LNG sourcing options. INPEX Corporation, the major gas firm in Japan, announced on Monday a long-term Sales and Purchase Agreement with …

Iran’s Petroleum University of Technology (PUT) and the Belarusian State Technological University (BSTU) will sign a memorandum of understanding for cooperation through video conference. The document will be aimed at starting scientific activities and meeting the needs of the oil industry and establishing a close relationship between the two parties. …

Europe will find it difficult to replace Russian crude oil and product supply once the full effect of the EU embargoes on Russian petroleum products is felt, according to Russian Deputy Prime Minister Alexander Novak. “Europe used to be a key market for the sale of our oil products. Let …

TC Energy, the operator of the Keystone Pipeline, has received approval from the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) for its plan to restart the section of the pipeline from Steele City close to the Nebraska-Kansas border to Cushing, Oklahoma. The company, however, did not say when the …

The EU market remains open for Russian liquefied natural gas (LNG), and Russia is ready to resume supplies via the Yamal-Europe pipeline, Russian Deputy Prime Minister Alexander Novak said in an interview with TASS news agency. “Even now this market is not closed. For example, we were able to significantly …