The European Union is discussing the idea of temporarily exempting Russian oil supply via the Druzhba pipeline from a ban on imports of Russia’s crude, as leaders are trying to persuade Hungary to drop its opposition to an embargo, Bloomberg reported on Friday, quoting sources with knowledge of the discussions. …

Germany plans to use coal-fired power plants that were due to be closed this year and next as reserve facilities, as part of a plan to make sure the country can keep the lights on in case natural gas supplies from Russia are abruptly cut. The plan comes as the …

Serbia can use Hungary’s facilities to store 500 million cubic metres of gas to secure a steady supply during winter according to an agreement reached between both states in Budapest Wednesday. “We’ll start filling the storage by the end of June. Serbia will be able to withdraw three million cubic …

The Iraqi Oil Marketing Company “SOMO” announced that the Chinese oil companies are the top buyers of Iraqi oil during April 2022. According to SOMO statistics, 34 international companies bought Iraqi oil the last April. China ranks first with eight companies, followed by India (seven companies), while the USA ranks …

The European Union is considering the idea of a construction of an offshore gas pipeline between Spain and the Italian coast in Tuscany to reduce the EU’s reliance on Russian gas, Spanish daily El Pais reported on Wednesday. Spain has the highest number of regasification terminals for liquefied natural gas …

Russian oil production has been falling since its invasion of Ukraine. Russia’s crude producers are struggling to place all their oil on the market—especially the European one—and domestic refinery throughput is also slumping amid lower demand. Despite this, rising oil and gas prices have resulted in record-high oil and gas …

U.S. benchmark natural gas prices jumped to above $9 per million British thermal units (MMBtu) early on Wednesday, driven by high LNG exports, warmer weather, and volatile trade ahead of the prompt-month contract expiry. As of 9:15 a.m. EST on Wednesday, the front-month natural gas futures at the Henry Hub, …

Equinor ASA has transferred its participating interests in four Russian joint ventures to Rosneft and is released from all future commitments and obligations, the company said in a release May 25. An agreement to exit the Kharyaga project has also been signed. Equinor began the exit process in late February …

Norwegian oil and gas giant Equinor has made a new oil discovery in Snøfonn Nord with the exploration well 7220/8-2 S, located by the Johan Castberg field development in the Barents Sea. This proximity to the current project development enables the tieback option, which will be considered by Equinor and …

Nearly 62 million barrels of Russia’s flagship Urals crude oil, a record amount, are currently in tankers at sea, according to data from energy analytics firm Vortexa, as cited by Reuters. However, traders are reportedly struggling to find buyers for some of the cargo as EU countries fail to agree …