Oil prices rose on Friday after the EU adopted its 18th sanctions package against Russia, lowering the price cap, targeting Russian oil trade, and closing a loophole that has so far allowed EU imports of fuels processed from Russian crude. As of 9:50 a.m. EDT on Friday, the U.S. benchmark, …

Saudi Arabia is reassessing the scope and timeline of its $500-billion NEOM initiative, according to Bloomberg and CNBC, with officials reportedly reviewing key components of The Line in response to deepening financial strain across the kingdom’s Vision 2030 infrastructure program. The move comes amid mounting vendor arrears and a liquidity …

The European Union lowered the price cap on Russian crude oil to $47.60 from $60 per barrel as it adopted on Friday the 18th sanctions package against Russia, targeting a hundred more ‘shadow fleet’ tankers, energy trade, and traders and banks enabling it. Following weeks of negotiations and Slovakia holding …

U.S. solar manufacturers have filed a formal trade petition seeking new anti-dumping and countervailing duties on solar panel imports from India, Indonesia, and Laos, citing sharp price undercutting and rapid volume growth. The petition, submitted Tuesday to the U.S. International Trade Commission (ITC), alleges that imports from India and Indonesia …

Indian state-owned Oil and Natural Gas Corporation Limited (ONGC), the biggest oil and gas explorer and producer in the country, is considering the construction of a new refinery with a capacity of between 200,000 barrels per day and 240,000 bpd, a source from the company told Reuters on Thursday. ONGC …

U.S. natural gas inventories climbed by 46 billion cubic feet (Bcf) last week, keeping total storage comfortably above seasonal norms. But while the headline number suggests plenty of supply, traders aren’t relaxing just yet — not with record-breaking heat and LNG exports tightening balances beneath the surface. The build for …

Morgan Stanley expects OECD oil inventories to rise by no more than 165 million barrels over the next 12 months, maintaining its Brent crude forecast at $65. The firm said the pace of accumulation is easing, with Asian demand holding steady and fewer strategic reserves being filled than earlier in …

Silence from Kyrgyz officials is adding to international concerns about alleged transactions worth billions of dollars on a cryptocurrency exchange registered in the Central Asia country. Grinex, the platform at the center of the controversy, reportedly facilitated $9 billion in transactions between January and April this year, primarily using a …

The UK government has confirmed it will extend the length of its renewable energy contracts—from 15 years to 20—under the Contracts for Difference (CfD) scheme. This change, confirmed July 15, kicks in with Allocation Round 7 (AR7), opening for bids in August 2025, and applies to solar, onshore wind, offshore …

Non-OPEC producer Kazakhstan, which is boosting its oil output in defiance of its quotas in the OPEC+ deal, doesn’t plan to leave the alliance of producers, the country’s top officials said on Tuesday. Kazakhstan is not considering leaving the OPEC+ pact as it believes it helps stabilize the oil market, …