The offshore oilfield Kashagan in Kazakhstan, which pumps more than 300,000 barrels per day (bpd), was shut down on Thursday after a gas leak was detected on the site, the field operator said on Friday. “NCOC, the Operator of the North Caspian Project, confirms that on 3 August 2022, Bolashak …

Russia’s share of the Indian oil market is growing at the expense of Saudi imports, Bloomberg has reported, noting Russian oil has been selling at a sizeable discount to Saudi crude. Russia became the second-biggest oil supplier to India in June, after Iraq, which remained the biggest oil supplier to …

Saudi Arabia will raise the price of exported oil for buyers from the US and Asian countries in September, Dow Jones reported citing a press release from state company Saudi Aramco. The price of Arab Light, the main grade supplied to Asia, will increase by $0.5 a barrel. As a …

Russia’s Foreign Minister Sergey Lavrov on Friday, in support of the Iranian stance on lifting sanctions and nuclear talks, called for a change in the US stance and the return to the international agreement (JCPOA). According to The Russian News Agency TASS, talking to media, Sergei Lavrov, who was visiting …

Oil headed for the biggest weekly decline since early April on increasing evidence that a global economic slowdown is curbing demand, with prices near the lowest level in six months. West Texas Intermediate was little changed below $89 (€87.50) a barrel on Friday, and was about 10pc lower for the …

The war in Ukraine has changed the direction of energy supplies around the world, and one result is that the United States is now sending more gas to Europe by sea than Russia by pipeline, the Wall Street Journal reported, citing ICIS data. Since 1967, Gazprom’s pipelines in western Siberia …

Natural gas prices in Europe edged lower amid rising inventories and signs of reduced demand, while supplies from Russia remain steady, albeit low. Benchmark futures erased earlier gains, though they’re still trading near their highest levels since early March, during the first weeks of Russia’s invasion of Ukraine. Prices rallied …

Libya’s oil output is finally increasing following the political crisis that restarted earlier this year following the failed Presidential elections of December 2021. The country is now attempting to ramp up its crude production through the summer months. As global demand stays strong and oil prices continue to increase, Libya …

Iran has completed installing three advanced IR-6 centrifuge cascades at its Natanz fuel enrichment plant (FEP), International Atomic Energy Agency (IAEA) said in a report to member states on Wednesday. Iran has also informed the agency it plans to install an additional six IR-2m cascades at the FEP in a …

The Organisation of Petroleum Exporting Countries on Wednesday raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day. Data obtained from OPEC showed that the 13-member organisation increased Nigeria’s oil production quota …