The oil market is running out of sellers in its surge to almost $90 a barrel. Whether it’s speculators, traders hedging their barrels in storage tanks or U.S. producers, some of the biggest drivers of bearish price movements have all retreated in recent months. As global stockpiles fall to seven-year …

The European Union is in talks with its trading partners in search of viable options to increase supplies of natural gas to its member states, according to the bloc’s Energy Commissioner Kadri Simson. “The gas storage levels in the EU are significantly lower than usual at this time of the …

Major Chinese liquefied natural gas (LNG) importers are now offering to resell some cargoes on the spot market this year, suggesting that China has stocked up more than enough to see it through the winter and easing concerns about the global gas crunch. Natural gas prices fell on Wednesday and …

Oil prices jumped on Monday on the back of supply disruption concerns linked to the rise in geopolitical tensions in the Middle East and Eastern Europe, while demand held steady as the impact of the Omicron coronavirus strain eased in some countries. Brent, the global benchmark for two thirds of …

European Union Energy Commissioner Kadri Simson after a meeting with energy ministers of EU member-countries in Amiens in France on Saturday, said that the gas storage for this time of the year was less than usual, and announced that she will visit Washington and Azerbaijan next month to discuss the …

Chinese state-owned energy company Sinopec has signed a deal to develop the Mansuriyah gas field in Iraq, the country’s oil ministry said last week. The field is estimated to have gas reserves of 4.5 trillion ft3 and is expected to produce 300mn ft3/day of gas. Sinopec will have a 49% …

US imports of crude oil from Iraq averaged 434 thousand barrels per day (bpd) last week, the Energy Information Administration (EIA) said on Sunday, amid a growing appetite for the black gold during the same period. In its weekly report on U.S. oil imports, EIA Said that the U.S. imports …

Russia, the world’s third-largest oil producer, has long been an unknown when it comes to the OPEC+ production agreement which caps the petroleum output of participants to support higher prices. It was Moscow’s spat with Saudi Arabia over production quotas in early 2020 which, combined with the emergence of the …

Germany has objected to draft EU plans to label nuclear power plants as an environmentally friendly energy source that can help countries reach their climate change goals. Chancellor Olaf Scholz’s new three-party coalition government voiced its objections in a formal letter to Brussels, ministers said on Saturday. The EU aims …

For the second year in a row Russia loses to Saudi Arabia the competition for the world’s largest oil market. China, which buys more than 10% of world oil production daily, reduced imports of Russian oil in 2021, TASS reports, citing statistics from the General Administration of Customs of China. …