A supertanker carrying 2.1 million barrels of Russia’s Far Eastern ESPO crude grade has been anchored near China for days in what traders say is an unusual pattern that could suggest weaker demand in the Asian market. The Big Star supertanker loaded ESPO from three smaller vessels near Russia’s Zarubino …

OMV AG has made a final investment decision to proceed with the construction of an electrolysis facility in Bruck an der Leitha, Lower Austria. The 140-MW electrolyzer – a facility that splits water molecules into hydrogen and oxygen through electricity – is planned to produce up to 23,000 metric tons …

Turkey’s first floating natural gas production platform, Osman Gazi, arrived Saturday at Filyos Port in Zonguldak on Turkey’s Black Sea coast. The massive platform was sent off from the Presidential Dolmabahce Office in Istanbul on May 29 — the 572nd anniversary of Istanbul’s conquest — in a ceremony attended by …

US crude futures fell on Friday as traders expected OPEC+ would decide on Saturday to boost oil output for July beyond previous forecasts. Brent crude futures settled down 25 cents, or 0.39%, at $63.90 a barrel. US West Texas Intermediate crude finished down 15 cents, or 0.25%, at $60.79 a …

The European Commission considers allowing European Union countries more flexibility in reaching a 90% emissions cut target by 2040, diplomats told Reuters on Friday, amid growing backlash against the too stringent EU climate policies. In early July, the European Commission is set to propose a 2040 climate target that would …

China has waived a short-lived 125% tariff on U.S. ethane imports, but American shipments to China could be hindered by a U.S. requirement of export licenses. Ethane, a natural gas liquid primarily extracted from raw natural gas during processing, is mainly used as a feedstock for ethylene production, one of …

Chinese mills are churning out steel, aluminum and even refined copper at near-record levels and sending the surplus abroad, a trend steel industry analysts say could pressure industrial metal prices in the United States. After a year of lagging domestic demand, China’s exports of construction and manufacturing metals have surged, …

With six little words, Elon Musk has relegated the oil industry to a historical footnote. This, despite the oil industry underpinning the workings of the entire world. “Compared to solar, oil is small-time,” Musk posted on X, delivering a withering verdict on the fossil fuel era. No charts, no caveats. …

On May 27, the European Union formally approved its 150 billion-euro ($170 billion) scheme to boost defense spending in the bloc. The so-called SAFE (Security Action For Europe) regulation was first proposed in March by the European Commission in response to calls from member states for financial and political support …

Saudi Aramco, the world’s biggest oil firm, is expected to price later on Tuesday a three-part bond in U.S. dollars as a campaign to raise funds, IFR news service reports. The bond sale is set to be benchmark-sized, which typically means the issue would be of at least $500 million. …