Saudi Arabia and Russia reaffirmed close cooperation in the OPEC+ oil cartel, and discussed Ukraine, grains and Syria at a foreign ministers’ meeting Thursday. Saudi Foreign Minister Prince Faisal bin Farhan said he spoke with his Russian counterpart about “the importance of deep coordination between the Kingdom and Russia in …

Despite the exodus of almost every Western oil company, Russia can maintain crude oil production longer than many expect, according to S&P Global Vice Chairman Dan Yergin. “There’s going to be a decline but it’s going to be a slower decline,” Yergin told Bloomberg TV at the CERAWeek by S&P …

The European Union plans to expand its capacity to receive liquefied natural gas by almost a third by next year as it presses ahead with replacing pipeline supplies from Russia. The bloc will increase the number of LNG import terminals to 35 from 27, Maros Sefcovic, a vice president at …

According to a recent International Energy Agency (IEA) report, carbon emissions in 2022 rose by less than was feared, largely thanks to a multitude of new green energy projects worldwide. Carbon dioxide emissions worldwide increased by under 1 percent in 2022, or 321 million tonnes, lower than initially anticipated, according …

Chinese energy commodity imports were underwhelming in the first two months of 2023, but they are expected to pick up later this year with potentially record-high crude oil purchases, even though Beijing has set its lowest annual economic growth target in decades. In January and February, months in which China …

U.S.-led international sanctions on Russia have begun to erode the dollar’s decades-old dominance of international oil trade as most deals with India – Russia’s top outlet for seaborne crude – have been settled in other currencies. The dollar’s pre-eminence has periodically been called into question and yet it has continued …

Five European oil majors have drawn a line in the sand with Brazilian President Luiz Inacio Lula da Silva’s administration over a surprise oil export tax that raises the specter of resource nationalism in Latin America’s biggest oil producing country. The Brazilian subsidiaries of Shell Plc, TotalEnergies SE, Repsol SA, …

An “equipment failure” has prompted the shutdown of a key UK-EU gas pipeline. Operator Interconnector Limited has confirmed that natural gas exports from the UK through Belgium to Europe have been halted due to equipment failure. The link runs from Bacton in the UK to Zeebrugge in Belgium and is …

Berlin is planning to introduce a special industrial electricity tariff ranging between €0.05 and €0.09 per kilowatt-hour in order to boost the country’s competitiveness and push back against US and Chinese subsidies. Electricity has always been pricey in Germany – a 2015 study by the Fraunhofer Institute found that the …

European natural gas prices rebounded amid signs that colder-than-usual weather will extend into April, posing a potential pressure point for the region’s inventories. Benchmark futures gained as much as 3.2% on Tuesday after slumping to the lowest since August 2021 on Monday. Temperatures across northwest Europe and the Nordics are …