Global oil demand will rise more than previously forecast this year as heatwaves and soaring gas prices are prompting countries to switch fuels for power generation, the International Energy Agency has said. Oil prices have dropped by $30 per barrel from a peak in June due to growing supplies and …

An Iranian tanker will soon return to the country with its oil shipment, months after it was detained off the Greek coast as part of a US crackdown on Iranian crude exports. The cargo of oil confiscated from the Lana is currently being transferred back to the vessel, Iran’s embassy …

Oil shipments from Russia through a critical pipeline to Czechia resumed on Aug. 12 after more than a week, the Czech pipeline operator Mero said.Czechia became the last central European country after Slovakia and Hungary to receive deliveries from the southern branch of the Druzhba pipeline after a problem over …

As hydrocarbons producers reap sustained revenue from high global prices, national oil companies (NOCs) in the Gulf are accelerating investment in carbon capture, utilisation and storage (CCUS); hydrogen; and other green energies to make their activities less carbon-intensive and support the energy transition. Last week Saudi Aramco reached a deal …

Asian buyers have bought a substantial amount of cheap U.S. crude on the spot market, suggesting that demand for Middle Eastern grades will be lower in the immediate future, Bloomberg reports, citing traders. According to them, South Korean and Indian refiners had bought some 16 million barrels of U.S. crude …

Kazakhstan will re-route some of its export oil to a pipeline in Azerbaijan as the Caspian Pipeline Consortium channel remains at risk of further suspensions, Reuters has reported, citing unnamed sources familiar with the matter. In July this year, a Russian court ordered the suspension of oil flows along the …

German Chancellor Olaf Scholz on Thursday (11 August) promised a new package of measures, including tax relief, to help people struggling with rising energy bills as a result of a gas standoff with Russia. “Citizens can count on us not to abandon them,” Scholz told journalists in Berlin. An energy …

Asian buyers have snapped up a huge volume of cheap US oil early in the latest trading cycle for spot physical barrels, raising the prospect of reduced demand for Middle Eastern crude. South Korean and Indian oil refiners have so far purchased around 16-to-18 million barrels of US crude this …

The United Nations chief has called for an immediate end to all military activity around Europe’s largest nuclear power plant in southeastern Ukraine, as Moscow and Kyiv blamed each other for renewed shelling. Ukraine’s Energoatom agency said the Zaporizhzhia complex was struck five times on Thursday, including near where radioactive …

OPEC+ is unlikely to increase output in the coming months because of limited spare capacity, according to the International Energy Agency. Furthermore, the “largely symbolic” 100,000 barrel-a-day hike promised for September may actually turn into a cut as Russian production declines, the IEA said. “Comparatively low levels of operational spare …