Oil-laden tankers risk being left languishing at sea if insurers do not urgently get clarity on an unfinished G7 and European Union plan to cap the price of Russian crude, two senior industry executives told Reuters. The Group of Seven (G7), which includes the United States, Britain, Germany and France, …

Kazakhstan hopes to deliver up to 1.5 million tons of oil through the Baku-Tbilisi-Ceyhan pipeline in 2023 as part of growing efforts to find export routes bypassing Russia. Prime Minister Alikhan Smailov told reporters on November 10 that the government’s expectation is that annual shipments via the Baku-Tbilisi-Ceyhan pipeline will …

G20 countries are expected to further their talks on the acceleration of energy transition at their upcoming summit in Bali, Indonesia, as soaring energy prices have stalled decarbonization progress. The G20 major economies have agreed to take steps such as ensuring achievement of the sustainable global development targets by 2030 …

The European Commission has approved the nationalization of Gazprom Germania, a German subsidiary of Russia’s Gazprom. The regulator in Brussels on Saturday approved a 225.6 million euro subsidy for it. This will enable the German government to take full control of the company, which is now called Security Energy for …

According to the latest data released by the Islamic Republic of Iran Customs Administration, Iran’s trade with neighbors crossed $29 billion during the 7 months. Iran traded 45.28 million tons of goods worth $29.09 billion, excluding crude oil exports, with its 15 neighboring countries during the current Iranian year’s first …

Oil prices rose, on Nov. 11, fueled by optimism about crude demand recovery in China and continued decline in the US dollar. China reduced the quarantine time for international travelers by two days, which would boost economic recovery in the country, CNBC reported. The US drilling rig count rose nine …

A Chinese Foreign Ministry spokesperson Friday once again urged Japan to respond to the legitimate concerns of all relevant parties and dispose of nuclear-contaminated water in a scientific, open, transparent, and safe way. According to reports, the International Atomic Energy Agency (IAEA) announced Wednesday that its technical task force would …

Given the many uncertainties in the global economy, the OPEC+ group will remain cautious in its oil production policy when it meets next month, Prince Abdulaziz bin Salman, the energy minister of OPEC’s de facto leader Saudi Arabia, told Bloomberg TV on Friday. “Our theme is being cautious,” Prince Abdulaziz …

Pars Oil and Gas Company (POGC) is planning to spud 35 new wells in the supergiant South Pars gas field to enhance and maintain gas production in the massive joint field. According to POGC, the deputy head of POGC’s Reservoir Operations Engineering Unit outlined the company’s recent activities said on …

The European Union will need up to $462 billion (450 billion euros) in investment just to keep the current level of its nuclear power generation capacity, the EU Commissioner for Energy, Kadri Simson, said at a nuclear energy forum this week. Nuclear power will have an important role to play …