The European Union is capable of going through next winter without imports of Russian natural gas while avoiding serious damage to its economy, according to a new report by Belgium-based think tank Bruegel. The 27-nation bloc would need to curtail its demand by at least 10%-15% should Russia halt imports …

OPEC+ is widely expected to continue raising its overall production quota by 400,000 barrels per day (bpd) per the plan from last summer, despite the surging oil prices over the Russian invasion of Ukraine, a Bloomberg survey of 18 analysts and traders showed on Tuesday. The OPEC+ group—led by Saudi …

As the conflict in Ukraine continues, several African states could stand to benefit from rising oil prices as many countries look to develop their burgeoning oil sectors. With Big Oil eying several African countries as potential development areas for low-cost, low-carbon oil, this could be the opportunity they have been …

Italian oil giant Eni said Tuesday it would withdraw from the Blue Stream gas pipeline linking Russia to Turkey, in which it has a 50 percent stake. “Eni intends to sell its stake” in Blue Stream, a company spokesman said, following moves by rivals BP and Shell to divest from …

The Swiss-based company that built the Nord Stream 2 gas pipeline from Russia to Germany is considering filing for insolvency, sources said, as it tries to settle claims before a US sanction deadline for other entities to stop dealing with it. The US imposed sanctions on Nord Stream 2 AG …

State-run Indian refiner Bharat Petroleum Corp is seeking extra oil from Middle Eastern producers for April, fearing Western sanctions against Russia could hit deliveries of Urals crude, a source familiar with the matter said. BPCL, India’s second biggest state refiner, on average buys two million barrels of Russian Urals every …

The United States and other member states of the International Energy Agency (IEA) on Tuesday agreed to release 60 million barrels of oil reserves to compensate for supply disruptions following Russia’s invasion of Ukraine. Russian oil trade is in disarray after many nations imposed sanctions on Russian companies, banks and …

Norwegian energy company Equinor ASA has announced that it will begin exiting its current joint ventures in Russia and give up potential new investments, thus putting an end to its presence of more than 30 years in the country. “We are all deeply troubled by the invasion of Ukraine, which …

Germany’s Federal Maritime and Hydrographic Agency (BSH) has launched the participation procedure for the German continental shelf section of the Hansa PowerBridge subsea cable project. BSH is now accepting submissions from public interest representatives as part of the participation procedure for the 300 kV cross-border submarine cable between Germany and …

Ukraine’s largest state-owned oil and gas company has announced it had stopped the work in some of its production facilities after Russian troops invaded Ukraine. As of Friday 4pm, Naftogaz said one gas storage facility in the Chernihiv region, north-central Ukraine, temporarily suspended gas extraction due to reports of hostilities …