Global oil demand is still robust and will be such through the end of this year, OPEC Secretary General Haitham al-Ghais told Reuters, noting that the recent sell-off in oil doesn’t reflect fundamentals and is driven by fear. “We still feel very bullish on demand and very optimistic on demand …

U.S. oil and gas companies generated profits worth $73.7 billion last year on the back of improving prices, with capital expenditure reaching $144.1 billion. This is one of the outtakes from a new report from EY titled “U.S. oil and gas reserves, production and ESG benchmarking study.” The study detailed …

Ukraine’s President Volodymyr Zelenskyy on Thursday urged urgent action to ensure the security of Europe’s largest nuclear power plant which is currently under Russian control. Following a meeting with UN Secretary-General Antonio Guterres in the western Ukrainian city of Lviv, Zelenskyy said on Telegram that particular attention was paid to …

While OPEC often finds itself the usual suspect when it comes to high crude oil and gasoline prices, it is not behind the current inflation trend, OPEC Secretary General Haitham Al Ghais said on Wednesday. “There are other factors beyond OPEC that are really behind the spike we have seen …

Russia’s natural gas production plunged by 18 percent in June compared to May, new data from the Joint Organisations Data Initiative (JODI) showed on Wednesday, cited by the International Energy Forum. Russia’s natural gas output in June was 30 percent below the March level, just after the Russian invasion of …

Crude oil inventories in the United States dropped by 21.8 million barrels to 915.8 million barrels in June, which was the lowest level since 2004, the latest data from the Joint Organisations Data Initiative (JODI) showed on Wednesday. Product inventories, on the other hand, rose by 34.1 million barrels to …

Oil prices were little changed on Thursday as investors grappled with falling stockpiles in the US, rising output from Russia and worries about a potential global recession. Brent crude futures climbed 10c, or 0.1%, to $93.75 a barrel by 3.47am GMT. US crude futures gained 10c, or 0.1%, to $88.21 …

Japanese gas and electric utilities with long-term contracts to buy liquefied natural gas (LNG) from the Sakhalin-2 project in Russia have received a new contract offer from the newly-formed Russian operator, some companies said on Wednesday. The Russian entity was registered on Aug. 5 to replace the project operator Sakhalin …

Natural gas in Europe rose again, extending a rally as a scorching summer boosts demand while supplies from Russia remain limited. Benchmark futures jumped as much as 4.7%, reversing earlier declines. Energy market concerns are deepening as the hot and dry weather boosts gas consumption for cooling. It’s also drying …

The southwestern Chinese province of Sichuan is baking in the worst heatwave in six decades, with hydropower generation from the Yangtze River falling and factories closing to ease the pressure on the grids. The heatwave is reducing water levels on the Yangtze River to the lowest on record for this …