Oil prices have edged higher after a G7 price cap on Russian seaborne oil came into force on top of a European Union embargo on imports of Russian crude by sea. Brent crude futures LCOc1 rose 66 cents to $83.34 a barrel by 0108 GMT on Tuesday. West Texas Intermediate …

Raw material costs and looming shortages: these have been the dangers on the path of the world’s energy system transition from fossil fuels to low-carbon alternatives. Until inflation and recession reared their twin heads. Since the start of the year, economies in Europe and North America, previously stalwarts of economic …

Sabic, a global leader in diversified chemicals, has announced its intention to study the establishment of a complex to convert oil and liquids into petrochemicals in Ras Al-Khair in the Kingdom of Saudi Arabia. The complex is expected to convert 400,000 barrels per day of oil into chemicals. This project, …

Crude oil prices climbed on Monday morning as Chinese cities continue to relax Covid restrictions now in their third year under the government’s zero-Covid policy. However, reports of two Covid-related deaths in two different cities have emerged over the weekend and they may give authorities cause for being cautious about …

Amazon has announced its first wind-solar hybrid projects with Vibrant Energy. They will build 300 MW of renewables capacity at two sites in the Indian states of Madhya Pradesh and Karnataka. Upon completion, the projects will generate 1,163 GWh of clean energy, which is equal to the electricity needed to …

Japan implemented a price cap on Russian crude oil from Monday, but crude oil imported from the Sakhalin-2 plant will be excluded, the government said in a statement. The decision follows an agreement by the Group of Seven nations and Australia on Friday to limit the price of Russian crude …

OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply. The decision comes two days after the Group of Seven …

Russia has repeatedly said it will not supply oil to countries that implement the cap – a stance reaffirmed by Mikhail Ulyanov, Moscow’s ambassador to international organizations in Vienna, in posts on social media on Saturday. “Starting from this year Europe will live without Russian oil,” he said. The G-7 …

Kuwait’s state energy company said customers are reluctant to increase oil imports next year, signaling that the market’s being suppressed by global economic weakness. “We’re really nervous about where demand is going over the next few months and the next year, especially if there is a recession,” Sheikh Nawaf Al-Sabah, …

OPEC+ is poised to stick to its oil output targets when it meets on Sunday, four OPEC+ sources said as the alliance gathers after the Group of Seven (G7) nations agreed a price cap on Russian oil. OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies …