Russian Foreign Minister Sergei Lavrov on Saturday said Western sanctions would have no effect on the country’s oil exports and predicted a big jump in profits from energy shipments this year. “Considering the price level that has been established as a result of the West’s policies, we have suffered no …

Two oil companies could begin shipping Venezuelan oil to Europe as soon as next month to make up for Russian crude, resuming oil-for-debt swaps halted two years ago when Washington stepped up sanctions on Venezuela. The volume of oil that Italian oil company Eni SpA and Spain’s Repsol Sare expected …

U.S. crude oil imports from Iraq averaged 294 thousand barrels per day (bpd) in May, the Energy Information Administration (EIA) said in its monthly report. According to the report, May imports from Iraq amounted to 9.114 million barrels, up from 5.52 million barrels (average 184 bpd). Iraq’s oil exports to …

Russia’s sanctions against Gazprom Germania and its subsidiaries could cost German taxpayers and gas users an extra $5.4 billion (5 billion euros) a year to pay for replacement gas. The estimated cost was reported by German Welt am Sonntag weekly on Sunday, citing industry representatives. In May, Russia decided to …

Asian shares steadied on Monday as U.S. stock futures made cautious gains ahead of U.S. inflation data later in the week, while the euro touched a seven-year top on the yen amid wagers of European Central Bank tightening. Oil prices firmed after Saudi Arabia raised prices sharply for its crude …

The gap between what is said in crude oil markets and what actually happens in the physical trading world has been illustrated by a commitment by the OPEC+ group to boost output being followed by its top member, Saudi Arabia, raising prices. Producer group OPEC+ said after meeting last week …

U.S. imports of crude oil from Iraq last week averaged 326 thousand barrels per day (bpd), the Energy Information Administration (EIA) said this weekend. In its weekly report on U.S. oil imports, EIA said that the U.S. net oil imports averaged 5.561 million bpd last week, down by 325 thousand …

The Iraqi Ministry of Oil said on Friday (June 3) the country’s oil production will climb to 4,580,000 barrels per day (bpd) as of July after an agreement with OPEC+, state media reported. Ministry spokesman Aasem Jehad said per the agreement, Iraq’s rate or production will increase by 71,000 bpd, …

France is talking to the United Arab Emirates about the supply of oil and diesel as it seeks alternatives to Russian energy sources, Finance Minister Bruno Le Maire said on Sunday. The minister said France also planned to accelerate investment in the transition to cleaner energy, such as speeding up …

Iranian Oil Minister Javad Owji said that Iran and Azerbaijan will develop the latter’s Shah Deniz natural gas project jointly, Mehr reported. Developing relations with all countries especially neighboring states is the main foreign policy of Iran in administration of President Ebrahim Raisi, he said, adding that experience of Iran-Azerbaijan …