Europe has accelerated its purchases of liquefied natural gas to refill its storage caverns for the winter, and once again, this has driven prices higher, sapping demand in Asia. This could turn into a seasonal pattern until new LNG capacity comes online—and it will definitely add to Europe’s energy cost …

Ongoing geopolitical conflicts, including one active war, combined with market instability, declining steel demand in certain global regions and a rise in protective tariffs on exporting nations, have all come together to force some steel-producing countries, including China, to reassess and refocus their steel industry supply chains. Faced with weak …

Global crude oil production declined by 1% last year, for the first time since 2020, averaging 72.58 million barrels daily, OPEC said in the latest edition of its Annual Statistical Bulletin. The group reported a decline in OPEC and partner production while non-OPEC oil producers boosted output last year, in …

Supermajors ExxonMobil, Chevron, TotalEnergies, and Eni are competing in Libya’s first oil bid round in 18 years, ‏Masoud Suleman, chairman of Libya’s National Oil Corporation (NOC), told Bloomberg in an interview published on Wednesday. Libya earlier this year launched its first oil and gas exploration tender since 2007, which is …

India, the world’s third-largest crude oil importer, which depends on imports for about 85% of its daily consumption, considers building three new sites to raise its strategic petroleum reserves. Engineers India Ltd, a state-run engineering consultancy, is doing feasibility studies, L R Jain, chief executive at the state company managing …

Equinor and its partners have decided to invest $1.3 billion (13 billion Norwegian crowns) in the Phase 3 expansion of the Johan Sverdrup oilfield in the North Sea, Western Europe’s biggest oil-producing field. The Phase 3 development plan includes two new subsea templates, which will be tied into existing infrastructure …

China is increasingly integrating artificial intelligence into its energy system to increase the sector’s efficiency and enhance national energy security. From managing energy storage to more accurately forecasting energy supply and demand, large language models can make the whole sector smarter, by streamlining energy systems and minimizing waste. As early …

Turkmenistan has attracted lots of diplomatic attention this week from both the United States and Russia. The flurry of activity suggests geopolitical jostling is intensifying over the Central Asian state, apparently catalyzed by the recent Iranian-Israeli conflict. Turkmen Foreign Minister Rashid Meredov capped a hectic week with a June 26 …

The Iraqi Minister of Oil, Hayan Abdul-Ghani, highlighted on Monday the need to increase Iraq’s oil export outlets by developing projects that improve export capacity and allow greater flexibility in exceptional scenarios. Abdul-Ghani’s remarks took place during a meeting of the ministry’s Advisory Board, when he stressed the importance of …

Poland’s second-largest publicly listed company, Orlen, officially ended its oil imports from Russia on Monday, following the expiration of its final contract with Russian oil firm Rosneft. According to Polish state-run TVP World, the company ended oil imports from Russia to its Litvinov refinery in the Czech Republic, cutting its …