Russia’s sanctions against Gazprom Germania and its subsidiaries could cost German taxpayers and gas users an extra $5.4 billion (5 billion euros) a year to pay for replacement gas. The estimated cost was reported by German Welt am Sonntag weekly on Sunday, citing industry representatives. In May, Russia decided to …

Asian shares steadied on Monday as U.S. stock futures made cautious gains ahead of U.S. inflation data later in the week, while the euro touched a seven-year top on the yen amid wagers of European Central Bank tightening. Oil prices firmed after Saudi Arabia raised prices sharply for its crude …

The gap between what is said in crude oil markets and what actually happens in the physical trading world has been illustrated by a commitment by the OPEC+ group to boost output being followed by its top member, Saudi Arabia, raising prices. Producer group OPEC+ said after meeting last week …

U.S. imports of crude oil from Iraq last week averaged 326 thousand barrels per day (bpd), the Energy Information Administration (EIA) said this weekend. In its weekly report on U.S. oil imports, EIA said that the U.S. net oil imports averaged 5.561 million bpd last week, down by 325 thousand …

The Iraqi Ministry of Oil said on Friday (June 3) the country’s oil production will climb to 4,580,000 barrels per day (bpd) as of July after an agreement with OPEC+, state media reported. Ministry spokesman Aasem Jehad said per the agreement, Iraq’s rate or production will increase by 71,000 bpd, …

France is talking to the United Arab Emirates about the supply of oil and diesel as it seeks alternatives to Russian energy sources, Finance Minister Bruno Le Maire said on Sunday. The minister said France also planned to accelerate investment in the transition to cleaner energy, such as speeding up …

Iranian Oil Minister Javad Owji said that Iran and Azerbaijan will develop the latter’s Shah Deniz natural gas project jointly, Mehr reported. Developing relations with all countries especially neighboring states is the main foreign policy of Iran in administration of President Ebrahim Raisi, he said, adding that experience of Iran-Azerbaijan …

The Organization of the Petroleum Exporting Countries (OPEC) and allies, including Russia, known as OPEC+, agreed to raise output by 648,000 barrels per day (bpd) in July. According to an OPEC statement, the 29th OPEC and non-OPEC Ministerial Meeting decided to advance the planned production adjustment for September and “redistribute …

Iran and the Republic of Azerbaijan have signed a deal to double the amount of Turkmenistan’s gas that is transferred to Azerbaijan through the Islamic Republic’s territory under a swap deal. The deal to increase the gas transfer through Iran to Azerbaijan was signed during a visit by the Iranian …

Iranian Foreign Ministry Spokesman warned against undermining and weakening the credibility of the International Atomic Energy Agency (IAEA). In a tweet on Friday, Saeed Khatibzadeh wrote, “As one of the original signatories to NPT, Iran calls on all to beware of further erosion of the IAEA’s credibility.” “No one can …