Europe has overtaken Asia as the biggest buyer of U.S. crude oil, importing 213.1 million barrels over the first five months of the year, while Asia imported 191.1 million barrels, Bloomberg reported, citing Census Bureau data. This is the first time in six years that Europe has been a bigger …

Russian fuel oil exports to Saudi Arabia rose almost twofold during the second quarter as the Saudis sought to free up more local crude for export while using the discount imports for power generation. According to Reuters data, Saudi Arabia imported some 647,000 tons of Russian fuel oil between April …

Russian energy giant Gazprom said Saturday it had asked German group Siemens to return a turbine it has repaired in Canada to ensure the Nord Stream pipeline delivering gas to Europe works. Gazprom started 10 days of maintenance on the Nord Stream 1 pipeline on Monday, with the European Union …

The U.S. said it expects further oil supply increases from Saudi Arabia after President Joe Biden met with Saudi Arabia’s Crown Prince Mohammed Salman. The White House on Friday welcomed the increase in production levels 50 percent above what was planned for July and August. It added these and other …

Japan will seek to maintain its stake in the Sakhalin-2 natural gas project in Russia’s far east, the Nikkei newspaper said, after President Vladimir Putin signed a decree transferring rights to a new Russian company just over two weeks ago. The decree gave stakeholders a month to say whether they’ll …

Saudi Minister of State for Foreign Affairs Adel Al-Jubeir has said Saudi Arabia will boost oil production only in case of a supply shortage in the market. Speaking to the media early Saturday, Al-Jubeir said the decisions on production will be made in coordination with members of OPEC and OPEC+ …

Oil gained 2.5% on Friday after a U.S. official told Reuters that an immediate Saudi oil output boost was not expected, and as investors question whether OPEC has the room to significantly ramp up crude production. The comment during U.S. President Joe Biden’s Middle East visit comes at a time …

The number of total active drilling rigs in the United States rose by 4 this week, according to new data from Baker Hughes published on Friday. The total rig count rose to 756 this week—272 rigs higher than the rig count this time in 2021. Oil rigs in the United …

Russia is capable of manufacturing by itself all the equipment necessary for expanding its domestic gasification network, Russian Trade and Industry Minister Denis Manturov said on Friday. “We will be able to provide ourselves all the technological equipment and piping for the gasification of the whole country,” the minister said …

Canadian Prime Minister Justin Trudeau said that the sanctions exception it made to return Russia’s repaired gas turbine was a “very difficult” decision to make, Reuters reported on Wednesday. Canada said over the weekend that it had provided a “time-limited and revocable permit” to return the turbine to Gazprom for …