Oil prices dropped sharply on Thursday after reports that U.S. President Joe Biden is considering the release of up to 180 million barrels from the country’s strategic petroleum reserve (SPR). Biden is set to give remarks later on Thursday, with multiple outlets reporting that the plan to cool soaring crude …

Hyundai Motor Group said on Wednesday it will collaborate with Saudi Aramco and a Saudi Arabian university to jointly develop an environment-friendly fuel and engine for vehicles. Hyundai, Aramco, and King Abdullah University of Science and Technology (KAUST) plan to develop an advanced fuel for ultra-lean burn, spark-ignition engines to …

US exports of liquefied natural gas set a record high in 2021, averaging 9.7 billion cubic feet per day (Bcf/d), according to the most recent ‘Natural gas Monthly’ report from the US Energy Information Administration. LNG exports increased by 50% from 2020. The increase was driven by increased demand in …

Poland will strive to stop all Russian oil, gas and coal imports this year, as moves to wean Europe off its dependence on energy supplies from the country over its war in Ukraine intensify. Poland plans to “do everything” to stop importing Russian oil by the end of 2022, Prime …

OPEC and its allies remain in firm control of the oil market, key members Saudi Arabia and the UAE said March 29, as the group prepares to meet to decide on May production levels amid an outcry from crude importing countries over tight supplies and rising fuel prices. Market balances …

Europe’s largest economy braced for a cut-off of Russian gas supplies on Wednesday, activating the first phase of a national emergency plan. The move comes two days ahead of a deadline set by Russia for ‘unfriendly’ states to start paying for deliveries of Russian energy in rubles, rather than in …

The managing director of National Iranian Oil Company (NIOC) said that projects worth $8 billion have been defined for the development of the oil fields at the West Karoun region. One of these projects is development of phase 2 of South Azadegan field through establishment of a consortium of Iranian …

Germany will significantly expand its hydrogen refueling network as it seeks to wean lorries and buses off fossil fuels and decarbonize its transport network. The number of stations in Europe’s largest economy will more than triple to 300 by 2030, the network operator H2 mobility and financial backers said in …

Saudi Arabia and the United Arab Emirates said the U.S. must trust OPEC+’s strategy, as Washington and other major importers call on the group to hike oil production following Russia’s invasion of Ukraine. Crude prices surged to almost $140 a barrel soon after Moscow’s attack last month, though they’ve eased …

Qatar is to invest $5 billion in Egypt, the government in Cairo announced Tuesday, in another sign of a growing rapprochement following last year’s restoration of ties. The announcement came after talks between President Abdel Fattah al-Sisi and visiting Qatari Foreign Minister Mohammed bin Abdulrahman Al-Thani, who also met Prime …