European Union leaders are set to agree sanctions on Turkish individuals on Thursday over a energy exploration dispute with Greece and Cyprus, but will postpone any harsher steps until March, according to a new draft summit statement. Shying away from a threat made in October to consider wider economic measures, …

Oil advanced on Thursday as Britain starts vaccinating its residents and United states approval of the vaccine. US West Texas Intermediate (WTI) crude futures rose 25 cents, or 0.6%, to $45.77 a barrel at 05:00 GMT, while Brent crude futures climbed 22 cents, or 0.5%, to $49.08 a barrel. Prices …

As the Trans-Adriatic Pipeline (TAP) became operational last month, a Greek official stated that his country had become the most important hub for gas from sources other than Russia in Southeastern Europe, also thanks to its LNG terminals. Kostis Hatzidakis, Greece’s minister of environment and energy, hailed the start of …

Russia has signaled it may be starting to prepare for a permanent decline in crude oil demand over the long term, even after the devastating effects of the coronavirus pandemic are over. “The peak of consumption may have already passed,” Deputy Finance Minister Vladimir Kolychev told Bloomberg in an interview. …

Iranian President Hassan Rouhani says returning to the nuclear deal commitments does not need negotiations but determination. Speaking at a cabinet session on Wednesday, Rouhani pointed to the need for the JCPOA signatories to meet their obligations under the deal. “Our returning to the commitments does not take time, it …

Japan’s greenhouse gas emissions fell in fiscal 2019 for the sixth straight year to reach their lowest level since comparable data became available in fiscal 1990, partly due to the impact of the U.S.-China trade dispute, the Environment Ministry said Tuesday. The equivalent of 1,213 million tons of carbon dioxide …

Iraq is poised to sign a multibillion-dollar contract with China ZhenHua Oil Co., a bailout from Beijing for the cash-strapped government which will receive money upfront in exchange for long-term oil supplies. The deal is the latest example of China, via state-controlled trading companies and banks, lending to struggling oil …

Oil prices inched higher on Wednesday, paring earlier losses, as positive news on COVID-19 vaccines lifted investor hopes for a recovery in fuel demand, outweighing concerns over an unexpected jump in U.S. oil inventories last week. Brent crude futures rose 11 cents, or 0.2%, to $48.95 a barrel by 0746 …

Energy efficiency is expected to record this year its weakest progress in a decade, creating additional challenges to the world achieving international climate goals, the International Energy Agency (IEA) said in a new report. Plunging investments and the economic crisis have markedly slowed the progress in energy efficiency this year, …

French supermajor Total is in talks to sell its 18% stake in an oil field in Iraq’s semi-autonomous Kurdistan region, with which it could raise around $ 500 million, Bloomberg reported, citing sources familiar with the matter. Total is working with Jefferies Group on the potential sale of its stake …