The new Karbala refinery south of Baghdad is expected to reach full 140,000 barrels per day (bpd) capacity by July this year, a source at the facility told Reuters on Tuesday. The Karbala refinery, estimated to have cost just over $6 billion, is expected to begin commercial production of fuels …

Europe is still awash with liquefied natural gas despite a crash in benchmark prices as demand in Asia remains lackluster. A few weeks ago, it became more profitable to deliver US LNG to Asia than to Europe, but that premium has been insufficient to lure cargoes away from a region …

A decade ago, China used low prices to dominate solar manufacturing, wiping out western competitors right as worldwide demand for panels started to soar. The US and Europe are determined not to let the same thing happen with hydrogen. As the world sprints to decarbonise, the next round of competition …

Although the U.S. marked an historic shift in 2020 by becoming a net exporter of petroleum, it has remained a net importer of crude oil since the end of the Second World War, according to Energy Information Administration (EIA) data. For the relatively uninitiated, which appears to include Saudi Arabia …

Natural gas deliveries to Ukraine from European Union countries fell 28.3% to 1.836 billion cubic meters in 2022 from 2.562 bcm in 2021, Ukrainian media reported, citing data published by Ukraine’s Gas Transmission System Operator (GTSOU). This included 735.9 mcm delivered to underground storage facilities at the “customs warehouse” in …

Oil prices fell on Wednesday as an unexpected build in crude and fuel inventories in the U.S., the world’s biggest oil consumer, and economic uncertainty reignited demand worries. U.S. West Texas Intermediate (WTI) crude futures decreased by 79 cents, or 1.1%, to $74.33 a barrel at 0503 GMT, while Brent …

Oil prices slid on Tuesday over concerns about economic growth and oil demand in the US, the world’s largest oil consumer, and as weaker US dollar increases traders’ appetite for cheaper dollar-indexed crude oil. International benchmark Brent crude traded at $79.32 per barrel at 9.55 a.m. local time (0655GMT), a …

Kyiv expects the European Union to include Russian state nuclear energy company Rosatom in its next round of sanctions over the war in Ukraine, Prime Minister Denys Shmyhal said on Monday (9 January). Shmyhal said after talks in Kyiv with European Commission vice-president Frans Timmermans that Russia’s nuclear energy industry …

Russia’s Lukoil has sold its Italian refinery to a group of firms backed by a major trading house in its first significant asset sale since Moscow’s invasion of Ukraine, the companies said on Monday (9 January). Since its inception following the collapse of the Soviet Union, Lukoil had been one …

Norway will continue to pump the current high volumes of natural gas for at least another five years as operators have pledged $30.3 billion (300 billion Norwegian crowns) to develop new fields and extend the lifetimes of producing fields, the Norwegian Petroleum Directorate said on Monday. “These are remarkable investments …