The European Commission sent a revised proposal to national governments on Saturday that would spare oil shipments through the giant Druzhba pipeline, which is Hungary’s main source of crude imports, Bloomberg reported on Sunday, citing people familiar with the matter.

Cash-strapped Sri Lanka took delivery on Saturday of Russian oil — which could soon be subject to a European embargo — to restart operations at the country´s only refinery, the energy minister said. The island nation is suffering its worst economic meltdown since independence, with shortages of fuel and other …

The Haidach gas storage site in Austria—one of central Europe’s largest—may be unable to receive any natural gas ahead of next winter due to a lack of connections other than with Russia’s Gazprom, Austrian energy officials told Bloomberg on Friday. The Haidach site was built and used by Gazprom and …

The number of total active drilling rigs in the United States fell by 1 this week, after the 14 rig increase in the week prior, according to new data from Baker Hughes published on Friday. The total rig count slipped to 727 this week—270 rigs higher than the rig count …

Russia expects to receive one trillion rubles in additional oil and gas revenues this year, the Russian finance minister said, adding that part of the unexpected revenue will be spent on Moscow’s offensive in Ukraine. “We expect to receive up to one trillion rubles (.4 billion) in additional oil and …

Russian President Vladimir Putin reported to Austria on Friday that Russia would meet its natural gas delivery commitments and was ready to negotiate a prisoner swap with Ukraine, according to Reuters. President Putin told Austrian Chancellor Karl Nehammer over the phone that all gas deliveries would be completed in full. …

Italian energy giant Eni signed a memorandum of understanding on May 26 with Algeria’s Sonatrach to boost gas exploration in the north African nation, as Rome seeks to reduce its reliance on Russia. It was penned during a state visit by Algerian President Abdelmadjid Tebboune to Rome, a few weeks …

The Group of Seven urged OPEC to pump more oil, even as it made new pledges to try to fight climate change. “We call on oil and gas producing countries to act in a responsible manner and to respond to tightening international markets, noting that OPEC has a key role …

While Europe shuns Russian oil amid sanctions and expectations of an oil embargo on Russian oil imports, India and China have stepped up purchases and are importing record volumes of Russian crude, according to data from energy analytics company Kpler cited by Bloomberg on Friday. Russia had up to 79 …

Apart from the host nation Qatar, the FIFA World Cup 2022 should deliver sizeable economic prospects for UAE and Bahrain too. The football carnival is expected to give a $20 billion to $25 billion boost to Qatar. In addition, rising liquid natural gas (LNG) prices and the spurt in orders …