US energy giant ExxonMobil has sued the EU to block the new windfall tax, which are levied on large profits of oil and natural gas companies. ExxonMobil argued that its challenge is only against “the counter-productive” windfall profits tax, and not any other elements of the EU’s package to reduce …

Oil prices rose Friday, posting a second straight year of gains, albeit paltry, in a year marked by limited supplies due to the conflict in Ukraine, a strong dollar and weak demand from the world’s largest crude oil importer China, Reuters reported. Brent crude futures rose 44 cents, or 0.5%, …

Oil and gas contracts in Europe registered a decrease of 2% in November 2022 with 178 contracts, when compared with 182 contracts in the previous month, according to information provided by GlobalData. The activity marked a decrease of 11%, when compared with the last 12-month average of 199 contracts. Looking …

The EU’s embargo on Russian oil will trigger demand spike for Azerbaijani crude from the European countries, Philipp Lausberg, Policy Analyst in the Europe’s Political Economy program at the European Policy Centre (EPC) told Trend. “The EU’s embargo on Russian oil will increase European demand for oil from other countries. …

From the moment Russian gas exports to Germany were first disrupted in June, German firm Kelheim Fibers began casting around for alternative options to keep its engines running. As a result, the Bavarian-based firm, whose fibres are used in anything from teabags to tampons, will be able to use heating …

The company responsible for the construction of the Nord Stream 2 pipeline received a six-month stay of bankruptcy, shielding it from creditors, the AP reported, noting the stay will last from January 2023 to June the same year. The gas pipeline, which doubled the capacity of its twin pipeline Nord …

America’s largest natural gas producer, EQT Corp, has experienced a plunge in production up to 30% due to severe cold weather that led to Appalachian Basin well disruption, Bloomberg reports. Speaking to Bloomberg Television on Wednesday, EQT Chief Executive Officer Toby Rice said output fell by between 1 billion and …

The EU’s embargo on Russian oil will trigger demand spike for Azerbaijani crude from the European countries, Philipp Lausberg, Policy Analyst in the Europe’s Political Economy program at the European Policy Centre (EPC) told Trend. “The EU’s embargo on Russian oil will increase European demand for oil from other countries. …

Russia set a record in daily gas deliveries to China on Wednesday, according to the head of the Russian energy giant Gazprom. Speaking at a meeting in Moscow, Alexey Miller said Gazprom made a decision to supply gas to China in volumes exceeding the daily contractual obligations. The maximum excess …

Oil prices dipped on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world’s largest crude oil importer. Brent futures for February fell 26 cents, or 0.3 per cent, to $83.00 a barrel by 0430 GMT, while U.S. crude fell 26 cents, …