The European Commission, the executive body of the European Union, is due to examine a request to extend a 25% safeguard on a range of steel imports. Steel news reports that the EC received a request from 14 member states of the 27-member bloc on January 12. This request aimed …

ADNOC announced that it has formally closed the acquisition of a 24.9% shareholding in OMV AG (OMV), a global energy and chemicals group, headquartered and listed in Vienna, Austria, from Mubadala Investment Company (Mubadala). The transaction accelerates delivery of ADNOC’s global chemicals growth strategy, and reinforces its status as a …

Saudi Arabia is expected to announce in a few days little changes to the price of its crude going to Asia in April, amid a rise in Middle Eastern oil benchmarks, a Reuters survey of refiners showed on Friday. Saudi Aramco, the world’s top crude oil exporter, is set to …

Crude oil prices are set to end the week with a modest gain on expectations that OPEC+ will extend its production cap deal, tightening supply further. OPEC initially agreed to reduce combined supply by 2.2 million bpd over the first quarter of the year and meet in early March to …

Egypt has signed seven memorandums of understanding (MoUs) with international developers and government entities in the fields of green hydrogen and renewable energy, the Egyptian State Information Service said Wednesday. Prime Minister Mostafa Madbouly and a number of ministers attended the signing ceremony for the agreements at the government headquarters …

U.S. natural gas prices gained over 3% on Wednesday, recovering from a four-year low earlier in the week as European demand popped and unseasonably warm temperatures in the southern United States boosted cooling demand to make up for lackluster heating demand. So far this year, natural gas has shed over …

Ukrainian metals and mining group Metinvest recently reported a 31% decrease year on year in its crude steel production for 2023, citing Russia’s ongoing invasion of the country. On February 16, the company announced its decision to halt steel manufacturing activities at its assets in Mariupol, Avdiivka, and Zaporizhzhia. This …

Russia has started diverting its LNG cargoes away from the Suez Canal and is using the longer route to China via the Cape of Good Hope in Africa, amid a higher risk of Houthi attacks in the Red Sea, according to LSEG data cited by Reuters on Wednesday. The longer …

Crude oil futures inched higher Wednesday as U.S. crude inventories rose while OPEC+ is considering extending its production cuts into the second quarter. U.S. crude stocks rose by 8.4 million barrels last week, according to the American Petroleum Institute. Inventories have been rising in the U.S. as the rate at …

A cold wind of Soviet nostalgia is blowing across a Russia that uses World War II to justify its war against Ukraine. No coincidence then that laying the keel for the next nuclear-powered icebreaker will happen simultaneously as St. Petersburg celebrates the 80th anniversary of the end of the Nazi-German …