Russia introduced fresh tax relief on Wednesday for new liquefied natural gas (LNG) projects in the Arctic, focused on those intended to come on stream from 2022, the text of a law signed by President Vladimir Putin showed. The zero-rate extraction tax on natural gas will primarily benefit independent gas …

The US will become the world’s leading exporter of liquefied natural gas (LNG) by 2025, says an analyst. LNG has grown in popularity over recent years, providing energy companies with a lower-carbon alternative to coal as they seek to reduce their emissions amid growing climate change pressure. Record production levels …

With oil plummeting near an 18-year low amid unprecedented supply and demand shocks, Russia finally admitted: crude is too cheap. “Of course it’s a low price, we would like to see it higher,” Kremlin spokesman Dmitry Peskov said on a conference call, signaling for the first time that the country’s …

The Kremlin believes that the current oil prices level is low, presidential press secretary, Dmitry Peskov told reporters on Wednesday. “Certainly, this is a low price; we would like to have it higher,” Peskov said, responding to a question whether the oil price of about $27 a barrel is suitable …

Iranian President Hassan Rouhani said the domestic economy has reflected a positive and growing trend in the oil and non-oil sectors in the current Iranian calendar year (started in March 2019), despite intensified US pressures on the country. Speaking on the sidelines of a cabinet meeting in Tehran on Wednesday, …

Iraq’s oil minister has urged for an emergency meeting between OPEC and non-OPEC members to be called to discuss immediate action to help balance the oil market, according to a letter he sent to OPEC on March 17. In the letter seen by Reuters, Thamer al-Ghadhban asked OPEC Secretary-General Mohammad …

How long can the vicious oil-price war between Saudi Arabia and Russia last? If history is any guide, the battle will be a long one. Riyadh has waged four price wars, including the current one, over the last 35 years. All of them lasted at least a year, and prices …

Russian oil and gas workers in the Arctic Yamal peninsula could see their shifts extended by months to shield the energy industry and its employees from the spread of coronavirus. The region’s governor recommended in an order published on Tuesday that the shifts of those currently working in the region …

Governments across Europe should keep clean energy top of mind as they consider measures to protect their economies against a likely recession caused by the coronavirus, the International Energy Agency (IEA) has said. The European Commission is paying close attention to the economic impact of the coronavirus, saying border shutdowns …

Saudi Aramco reported a net profit of $88.2 billion for 2019, down from $111.1 billion a year earlier as low oil prices and production curbs took their toll on the world’s largest oil company. Free cash flow was also lower, at $78.3 billion, down from $85.8 billion in 2018, but …