The European Union plans to stop funding new oil and gas pipelines in future, as it switches the focus to promoting energy sources that are less harmful to the climate. Negotiators from the EU member states and the European Parliament agreed on Wednesday morning on a reform of the TEN-E …

Italian major Eni has signed a contract to relaunch production in Algeria’s Berkine basin as well as an agreement for decarbonization initiatives. The contract for the Berkine area was signed by the CEO of Sonatrach Toufik Hakkar and the CEO of Eni Claudio Descalzi in the presence of the Minister …

China, the world’s biggest buyer of crude, is set to start 2022 with a subdued appetite for oil. For that, you can blame — or thank — Beijing’s increasingly tough line on the virus, pollution, and rule-breakers. The winter months are usually the time when refiners buy crude to replenish …

Japanese automakers are looking for ways to catch up with European and U.S. competitors in China, which has grown to become the world’s largest car market. Around 2 million vehicles were sold in China in 2000, before the country joined the World Trade Organization. Sales have since grown over tenfold …

The Omicron coronavirus variant will slow the recovery in global demand for oil but the market will be “more comfortable” in 2022, the International Energy Agency said on Tuesday. The oil market “appears to stand on a better footing than it has for some time,” the IEA wrote in its …

The European Union is planning a hard deadline to end long-term contracts to import natural gas as part of its green shift, a setback for top supplier Russia. The bloc’s executive arm wants to prevent such contracts from being extended beyond 2049 in a sweeping overhaul of its energy markets, …

Saudi Arabia said global oil production could drop 30 per cent by the end of the decade due to falling investment in fossil fuels. “We’re heading towards a phase that could be dangerous if there’s not enough spending on energy,” Oil Minister Abdulaziz bin Salman said in Riyadh. The result …

Gazprom Neft has put into operation the Yamal Gas Arctic subsea gas pipeline to connect the production facilities on the Yamal Peninsula with the Yamburg – Tula mainline gas pipeline. The pipeline will transport gas extracted at the Novy Port field into the Common gas supply system of Russia. The …

Iranian state-owned NIOC will switch the benchmark basis of its official prices for European crude sales, a potential signal of Tehran’s intentions to return in full force to global markets. In its latest official price formula issuance for January, NIOC notes it will shift its benchmark from Ice Bwave to …

The price of natural gas in Europe on Tuesday rose to $1,400 per 1,000 cubic meters after Germany said Russia’s Nord Stream 2 pipeline could not be greenlighted for launch, citing rising tensions on the Ukrainian border. The price of January futures on the TTF hub in the Netherlands rose …