OPEC+’s decision to cut oil production came at the “worst possible moment” and will add to global inflationary pressure, a senior US State Department official said during a visit to the Middle East. “The impact is wide ranging,” Barbara Leaf, Assistant Secretary of State for Near Eastern Affairs, told reporters …

President Joe Biden will announce the release of 15 million barrels of oil from the US strategic reserve on Wednesday as part of a response to recent production cuts announced by the Organization of the Petroleum Exporting Countries (OPEC+) nations. As per Washington Post, he will say more oil sales …

BP has agreed to buy U.S. renewable gas producer Archaea for $4.1 billion to help the British oil giant reach net zero carbon emissions by 2050. The London-listed energy major is flush with cash after recent surges in oil prices that have triggered calls for the cash-strapped U.K. government to …

The United Arab Emirates believes that OPEC+ made the right technical choice when it agreed to cut production, and the unanimous decision had nothing to do with politics, UAE Energy Minister Suhail al-Mazrouei said, according to Reuters. “We fully trust and believe in the technical credibility of OPEC and OPEC+. …

The European Union’s latest sanctions on Russian petroleum could end up depriving a swath of the world’s tanker fleet of industry standard insurance, a move that threatens to undermine US efforts to avert an oil supply shock. The bloc’s eighth round of sanctions state that if a tanker owner transports …

OPEC+ defended its controversial oil-production cuts, saying they were justified by the growing risk of a global recession. The cartel agreed on Oct. 5 to reduce its collective crude-output target by two million barrels, sparking condemnation from consumers including the U.S., which accused it of aiding Russia’s war in Ukraine. …

India may not be the most excited member of the club planning to cap prices of Russian crude oil, reported Livemint. Recently, finance ministers of G7 countries led by the US, proposed that oil-related service providers may only be allowed to deal in Russian seaborne oil and petroleum products at …

American oil giant ExxonMobil has completed its exit from the Russian market after President Vladimir Putin ordered the expropriation of its assets, the company said. ExxonMobil had been in negotiations with the Russian authorities to sell its more than $4 billion in assets — including its largest Russian investment, a …

The India-based Oil and Natural Gas Corp (ONGC) is looking to buy a stake in the Russian firm managing the Sakhalin-1 project, while Japan is holding talks with stakeholders to decide on the project, according to Reuters. Earlier this month, Russian President Vladimir Putin signed an agreement to transfer operations …

The cost of clean hydrogen will fall to that of liquefied natural gas in a decade as global efforts to replace fossil fuels accelerate, according to Europe’s biggest operator of gas infrastructure. “Green hydrogen today is not economically competitive against alternative energy sources, which will not be the case in …