OPEC+ reversed on Monday this month’s increase in oil production targets and cut the group’s collective quota by 100,000 barrels per day (bpd) for the month of October. While the move is totally negligible in terms of actual supply to the market, considering not only the slight change in the …

The Russian war in Ukraine has sent a devastating domino effect rippling through the global economy that has left nations across the world wirth devastating energy shortages right as the hard-hit northern hemisphere prepares for the cold winter months. While Europe has been trying to wean itself off of Russian …

The leadership of the European Union has been hard at work these days, trying to find a lasting solution to an energy crisis that is worsening by the day. Yet the way they are approaching the solution is unlikely to produce any lasting results. And so far, it has been …

Saudi Arabia cut oil prices for customers in Asia and Europe as coronavirus lockdowns and sagging economies cool energy demand in the two regions. State-controlled Saudi Aramco lowered its key Arab Light grade for next month’s shipments to Asian refineries from a record to $5.85 a barrel above the Middle …

Russia’s foreign ministry said on Tuesday that the United States had fomented Europe’s gas supply crisis by pushing European leaders towards the “suicidal” step of cutting economic and energy cooperation with Moscow. Europe is facing its worst gas supply crisis ever, with energy prices soaring and German importers even discussing …

France has come out in favor of imposing an EU-wide price cap on gas supply from Russia and a windfall tax on excess energy profits as Europe looks to reign in sky-high energy costs and respond to provocations from Moscow. European leaders are fighting to contain an energy crisis that …

Iranian Oil Minister Javad Oji has stressed that the global energy market needs an increase in the supply of Iranian oil, saying: “As a major producer of oil and petroleum products, we are always ready to play our role in maintaining global energy security away from politics.” Speaking after an …

The 1,000 municipal utilities that are the last link in the German energy supply chain are feeling the pinch of record-high energy prices, raising fears that some of them might go bankrupt. While large energy companies like Uniper and E.ON receive plenty of attention from German politicians, municipal utilities – …

Oil prices inched lower on Tuesday, paring gains from the previous session, as an OPEC+ deal to cut output by 100,000 barrels per day in October was seen as a largely symbolic move to bolster prices after the market’s recent slide. Brent crude futures had fallen 81 cents, or 0.9 …

Russia will respond to price caps on Russian oil by shipping more supply to Asia, its energy minister Nikolai Shulginov told reporters at the Eastern Economic Forum in Vladivostok on Tuesday. “Any actions to impose a price cap will lead to deficit on (initiating countries’) own markets and will increase …