After driving up prices for everything from steel pipes to frack sand to labor, inflation has finally ensnared the centerpiece of oilfield equipment: the drilling rig. Rig prices are spiking in the U.S. compared to the rest of the world, promising profits at multiyear high for oilfield contractors. Three of …

A U.S. Senate panel will consider as soon as next week a bill to open the OPEC oil production group and countries working with it to lawsuits for collusion on boosting petroleum prices, Senator Chuck Grassley’s office said on Thursday. The bill, sponsored by Grassley, a Republican, Senator Amy Klobuchar, …

Despite sanctions, Russia has almost doubled its revenues coming from fossil fuel exports since the 24th of February which marked the start of a grim new chapter in history, the war in Ukraine. That’s according to research by the Centre for Research on Energy and Clean Air (CREA) which suggests …

In the latest Short-Term Energy Outlook report for the week between 21 April and 27 April, EIA says U.S. LNG exports decrease by three LNG carriers from last week. 23 LNG vessels with a combined LNG-carrying capacity of 84 billion cubic feet departed the United States in this period. Nine …

Inflation in Germany rose at its fastest pace in four decades, data published Thursday (28 April) showed, as Russia’s invasion of Ukraine pushed up energy prices. Consumer prices were 7.4% higher in April compared to a year ago, according to the federal statistics agency Destatis. In March, the corresponding figure …

Poland’s and Bulgaria’s decision not to pay for Russian natural gas in rubles could have serious consequences not just for the two European countries, but for the rest of the continent as well. While heavily dependent on Russian energy, Europe, at least at this point, does not have much choice …

The world’s economy is forecast to grow around 3.6% this year, but Arab oil exporters are seeing a windfall from high energy prices that will buoy their economies and replenish their financial reserves this year and next, according to a report released Wednesday by the International Monetary Fund. Those hard-hit …

CNOOC has brushed aside recent media reports that the firm is considering withdrawing from oilfield investments in the UK North Sea, the US and Canada. The Nikkei Asia financial publication said the Chinese national oil firm is not, contrary to reports, seeking to diminish its vulnerability to Western-led sanctions targeting …

Greece has vowed to help neighboring Bulgaria after Russia decided to cut off its gas supply. Prime Minister Kyriakos Mitsotakis spoke to his Bulgarian counterpart Kiril Petkov over the phone on Wednesday morning, according to a statement from his office. “During their discussion, the prime minister stated that Greece will …

Natural gas prices in Europe fell for a second day as buyers looked for ways to keep paying for Russian gas and still avoid busting European Union sanctions. Benchmark futures slipped as much as 3.9%. Austria’s OMV AG said it expects Russian flows into Europe will continue, a day after …