Iranian Minister of Petroleum Javad Owji has said that the return of oil and gas revenues is accelerating this year despite the sanctions as compared to last year. “Return of revenues from the sale of crude oil, gas condensate, gas exports, petroleum products and petrochemical products has increased 2.5 times …

Russia has warned it may shut off its main Nord Stream gas pipeline to Germany after Berlin halted approval of a second line across the Baltic Sea in response to Russia’s invasion of Ukraine. The comment, from Russian Deputy Prime Minister Alexander Novak, reflects escalating tensions that have already sent …

As Germany closes its last nuclear reactors, it is also reactivating old coal power plants to ensure electricity supply security amid Russian threats to turn off the gas tap. Germany’s attempt to simultaneously phase out nuclear and coal power just got significantly more complicated. Once envisaged as a transition fuel …

China on Wednesday defied the US move to ban imports of oil and other energy products from Russia, reiterating its opposition to “unilateral sanctions.” “China and Russia have always maintained sound energy cooperation relations and the two will continue to carry out normal trade cooperation including oil and gas in …

The US government has imposed a ban on crude oil imports from Russia in the light of its invasion of Ukraine. After a close consultation with allies and partners around the world, US President Joe Biden ordered import ban on Russian crude oil and certain petroleum products, LNG, and coal …

Asia’s liquefied natural gas (LNG) demand growth may cool this year as buyers baulk at record-high spot prices pushed even higher by Europe’s shift to the super-chilled fuel amid the Ukraine crisis, analysts and industry sources said. High spot prices since late last year have already slowed trade and are …

The EU members of the UN atomic agency’s Board of Governors have issued a statement in support of preserving the 2015 Iran nuclear deal, JCPOA and the lifting of anti-Tehran sanctions. The EU reaffirmed its firm commitment and continued support for the full and effective implementation of the JCPOA, saying …

Global share markets fell on Tuesday as oil prices climbed yet further, driven by the United States banning Russian oil and other energy imports over Moscow’s invasion of Ukraine. U.S. President Joe Biden made the announcement on Tuesday, while Britain said it would phase out imports of Russian oil and …

Energy giant Shell says it will stop buying Russian oil and natural gas as well as shut down its service stations and other operations in the country amid international pressure for companies to sever ties over the invasion of Ukraine. Shell says in a statement Tuesday that it would withdraw …

Russia has threatened to close a major gas pipeline to Germany and warned of $300 oil prices if the West goes ahead with a ban on its energy exports. “It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Russian Deputy …