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 …

Iraq wants a US partner for Exxon’s stake, Oil Minister Ihsan Abdul Jabbar told reporters in Baghdad. If the talks with Halliburton fail, Iraq will step in to buy the stake, he added. He said a few days ago that Iraqi state company Basra Oil Co. could be a potential …

Chinese authorities recently presented a draft plan to reduce heavy metal emissions by 5% by 2025. As noted previously here, the move comes after Beijing moved to stabilize surging coal prices. The government moved to increase both coal imports and domestic output. The Dalian coking coal price surged to $694 …

China will loosen blanket restrictions on energy consumption in order to ensure environmental and climate targets do not erode future economic growth, according to a policy document issued after an agenda-setting meeting of the country’s top leaders. The country will also move towards capping carbon dioxide emissions from overall energy …

Oil prices extended their rally on Monday as investor appetite improved amid growing relief the Omicron coronavirus variant may not cause severe illness and will likely have a limited impact on global fuel demand. Brent futures climbed 94 cents, or 1.3%, to $76.09 a barrel by 0500 GMT, after rising …