Shares of Saudi Arabian Oil Co. hit their highest level since listing, at SAR 42.25 today, Feb. 24. The stock is trading at an increase of over 3%, with nearly 18 million shares traded so far. Brent crude jumped above $100 a barrel on Thursday’s trading session for the first …

Operator TotalEnergies has made a significant discovery of light oil and associated gas off the coast of Namibia, the company said on Thursday, 24 February. Two sources earlier told Reuters about the large discovery in the Venus-X1 well, the second recent offshore discovery for the southern African country that has …

Oil prices surged by nearly $6 per barrel Thursday after President Vladimir Putin launched Russian military action in Ukraine. Brent crude oil jumped to over $100 per barrel on unease about possible disruption of Russian supplies. The price of US benchmark crude briefly surpassed $98 per barrel. The ruble sank …

Russian gas exports via Ukraine have continued as normal and are in line with requests from consumers, Russian energy giant Gazprom said on Thursday. The company said the requests have been at 83 million cubic metres per day as of Feb. 24, up 31.4% from Feb. 23.

European aerospace and defence group Airbus (EPA:AIR) will partner with a joint venture of General Electric Co (NYSE:GE) and Safran Aircraft Engines to develop a hydrogen-fuelled aircraft engine that should be put into operation in zero-emission aircraft by 2035. As part of a demonstration programme, the partners will ground and …

Europeans will soon have to pay €2,000 ($2,200) per thousand cubic meters of natural gas, former Russian president and current deputy chairman of the Security Council Dmitry Medvedev tweeted on Tuesday. The warning comes after Germany ordered a halt to Nord Stream 2 gas pipeline certification. “German Chancellor Olaf Scholz …

Iranian Petroleum Industries Equipment Manufacturers Association (known as SIPIEM) has signed a memorandum of understanding (MOU) with Bank Saderat Iran (BSI) to provide 50 trillion rials (over $193 million) of facilities to domestic manufacturers of oil industry equipment. As reported by Shana, the mentioned MOU was signed by SIPIEM Head …

Neither Qatar nor any other single country has the capacity to replace Russian gas supplies to Europe with liquefied natural gas (LNG) in the event of disruption due to a conflict between Russia and Ukraine, Qatar’s energy minister said on Tuesday, February 22. With most of Qatari volumes locked into …

Escalating tensions between major global food suppliers Russia and Ukraine are likely to force wheat, corn, and sunflower oil buyers to seek alternative shipments, Reuters reported on Tuesday, citing analysts and traders. The disruption could drive up world food prices which are already near multi-year highs, experts warn. The two …

Germany has moved ahead to block the €9.5bn Nord Stream 2 pipeline amid the growing military tensions between Russia and Ukraine. In a blow to the gas pipeline project, German Chancellor Olaf Scholz has suspended its certification process after Moscow announced recognition of the independence of Donetsk and Luhansk in …