Russia is still considering its response to the $60 price cap on its crude oil, but it is close to completing the work on the countermeasures, Kremlin spokesman Dmitry Peskov said on Monday. The EU banned from December 5 maritime transportation services from shipping Russia’s crude oil to third countries …

Despite successfully filling its gas storage ahead of winter this year, Europe’s energy crisis is far from over. The situation for Europe could, in fact, be worse next winter when Russian pipeline gas supply will be down to a trickle, at best. European households and businesses have already seen a …

Global oil prices on Monday morning rose by about 1%, according to the trading data. Markets are evaluating the prospects of expansion of consumption of this raw material in China, follows from the commentary of the expert. The price of Brent crude oil futures for February is increasing by 0.86% …

India is taking most of Russia’s Urals crude oil loading in December as it remains top buyer for a second month in a row, according to traders and Refinitiv data. Volumes and India’s share of the exports are expected to rise month on month despite a shorter loading plan for …

The CEO of Pars Oil and Gas Company (POGC) said the daily gas production from the South Pars joint gas field has reached 700 million cubic meters. According to Pars Oil and Gas Company, Mohammad Hossein Motejali said the company raised its gas production from the massive gas field due …

In its latest monthly report, OPEC revealed it had yet again failed to produce as much oil as it agreed to produce the last time it discussed output. And it wasn’t by a few thousand barrels per day, either. The shortfall was some 1.8 million barrels daily, but more importantly, …

Switzerland has decided to join the measures adopted by the European Union to impose a price cap on Russian oil, the country’s government announced on its website on Friday. The “EU agreed on December 3 to apply new sanctions relating to a price cap on Russian crude oil and petroleum …

India, whose per capita consumption is significantly lower than that of developed economies, will contribute 10 per cent of the incremental growth of global petrochemical demand, Oil Minister Hardeep Singh Puri has said. Petrochemicals, which turn oil and gas into all sorts of daily products — such as plastics, fertilisers, …

Saudi Basic Industries Corp. (SABIC) signed a memorandum of understanding (MoU) with Saudi Arabian Oil Co. (Saudi Aramco) and China Petroleum & Chemical Corporation (Sinopec) to assess the economic and technical feasibility of developing an integrated petrochemical complex with a local refinery in Yanbu Industrial City. The MoU is valid …

German Chancellor Olaf Scholz and other ministers inaugurated on Saturday morning (17 December) the country’s first liquid natural gas (LNG) terminal in Wilhelmshaven in northern Germany, a project expected to supply around 6% of the country’s energy demand. At the inauguration, Scholz stated that the rapid completion of the plant …