Venezuelan President Nicolas Maduro said Wednesday that licenses and authorizations granted so far by the US to ease sanctions it imposed on Venezuela are “headed in the right direction” but are “not enough.” The easing of the oil embargo by the US government “undoubtedly goes in the right direction, although …

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman has announced the discovery of two new natural gas fields in the Kingdom. The “Awtad” unconventional natural gas field was discovered southwest of the Ghawar field, 142 kilometers southwest of the city of Hofuf, according to the Saudi Press Agency. The “Al-Dahna” …

Germany has formally decided to abandon an international energy accord that fossil fuel companies had used to oppose measures against climate change, the country’s energy minister said Wednesday, AP reported. The move follows similar decisions by Italy, France, Spain, and other European countries to leave the 1998 Energy Charter Treaty, …

Oil prices dipped in Asia trade on Thursday as uncertainty lingered ahead of Sunday’s OPEC+ meeting, though easing COVID curbs at the world’s top crude importer China capped price declines. Brent crude futures fell 25 cents, or 0.3 per cent, to $86.72 per barrel by 0430 GMT, while U.S. West …

While Germany’s gas reserves are currently almost full, there is also no gas supply coming through its main supply pipelines, which originate in Russia. According to energy analyst Thomas O’Donnell, this is a major problem for German industry and private consumers. He casts doubt on claims by the German government …

The European Union on Friday once again failed to reach an agreement on a price cap for Russian oil, with the bloc’s eastern-most members including Poland, Estonia, Latvia, and Lithuania objecting that the proposed $60-$70 per barrel for Russian crude is too generous and well above the rates Russia currently …

Worldwide sales of heat pumps are set to soar to record levels in the coming years as the global energy crisis accelerates their adoption, the International Energy Agency says in a new special report released today. The heating of most buildings around the world – such as homes, offices, schools …

Oman’s significance in the Middle East, and therefore the world, is much greater than its 5.4 billion barrels of estimated proved oil reserves (the 22nd largest in the world) implies. Its true importance to both the U.S. and China is its critical geographical position, which makes it perhaps the most …

With oil tumbling ahead of the grueling 2023 recession, the last thing OPEC+ and (bullish) oil traders wanted to see is even more supply coming on line, and yet that’s precisely what the core gulf hub is proposing. According to Bloomberg, the United Arab Emirates – which in recent years …

Oil prices posted gains of more than 1 per cent in Asian trade on Wednesday on falling U.S. crude inventories and a lower greenback, but concerns OPEC+ will leave output unchanged at its upcoming meeting and weak China data limited gains. Brent crude futures firmed 95 cents or 1.14 per …