The International Energy Agency has said that its member countries are releasing 60 million barrels of oil from their emergency reserves on top of previous U.S. pledges to take aim at energy prices that have soared since Russia invaded Ukraine. The Paris-based organization said on April 7 that the new …

As tensions persist over stable energy supplies due to the Russia-Ukraine war, Japan said on Thursday it will release oil from its state reserves. Prime Minister Fumio Kishida announced the release of at least 15 million barrels from its state reserves, Kyodo News reported. The announcement came amid disruptions in …

Ukraine’s gas grid warned that flows through Europe could be affected as Russia and illegal armed forces are disrupting operations at a key compressor station. Occupiers are interfering with operations at the Novopskov gas compressor station in the in Luhansk region, Gas TSO of Ukraine said in a statement. The …

A new U.N. report detailing what the world needs to do to combat climate change has highlighted the need for China – by far the world’s biggest greenhouse gas emitter – to accelerate its shift towards clean and low-carbon energy. This week’s report by the Intergovernmental Panel on Climate Change …

Asia is pumping billions of dollars into new gas infrastructure, making the region pivotal in a debate over the role of the fossil fuel as the world aims to curb emissions. The region has more than $350 billion of projects underway to expand liquefied natural gas terminals, gas-burning power plants …

At least two Indian refiners plan to buy less Saudi oil than usual in May, after the kingdom raised the official selling price (OSP) to record highs for Asia, two sources said on Wednesday, as India increases purchases of cheap Russian crude. India, the world’s third biggest oil importer and …

Buying enquiries from Europe for Asian petrochemicals have risen in recent weeks as international sanctions hit supply from Russia amid the Ukraine war. In the styrene-butadiene-rubber (SBR) market, Asian producers are preparing to ship out more cargoes to Europe given recent loss of Russian supply. Tyre factories in Europe are …

Hungary said on Wednesday, April 6, it was prepared to pay roubles for Russian gas, breaking ranks with the European Union which has sought a united front in opposing Moscow’s demand for payment in the currency. Hungary will pay for shipments in roubles if Russia asks it to, Prime Minister …

Iranian Customs Administration spokesman said that Iran’s non-oil trade reached its highest monthly level in years, rising to $11 billion and 538 million in value in the last month of the Iranian calendar year. Iranian Customs Administration spokesman Seyed Ruhollah Latifi said that 14 million and 539 thousand tons of …

Russia’s invasion of Ukraine has given a new boost to long-running efforts of Eastern Mediterranean states to tap into regional gas reserves amid concerns over energy security in Europe, experts have said. On Tuesday, Israeli Foreign Minister Yair Lapid travelled to Athens to meet with his Greek and Cypriot counterparts, …