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 …

The UK is planning on running short on natural gas this coming winter, resulting in blackouts, according to Bloomberg sources familiar with the government’s plans—even with emergency coal-fired power plants in operation. The UK, under its “reasonable worst-case scenario”, is planning on exceptionally cold weather, necessitating energy conservation measures that …

The Energy Information Administration has lowered its forecast for crude oil production for this year and next, according to a new report. The Energy Information Administration (EIA) made several adjustments to its production forecasts in its Short Term Energy Outlook published on Tuesday. The EIA now sees U.S. crude oil …

Germany’s economy will lose over £220bn (€260bn) in added value by the end of the decade, following Russia’s invasion of Ukraine and skyrocketing energy prices – revealing negative effects on the country’s labor market. According to a study from the Institute of Employment Research (IAB), Germany’s price-adjusted gross domestic product …

The signing last week of a multi-pronged memorandum of understanding (MoU) between the Saudi Arabian Oil Company – formerly the Arabian American Oil Company – (Aramco) and the China Petroleum & Chemical Corporation (Sinopec) is a critical step in China’s ongoing strategy to secure Saudi Arabia as a client state. …