A surge in U.S. crude oil exports is changing the face of the global market and how oil is priced, with the price of U.S. crude gaining weight against other benchmarks. This is what traders and analysts have observed this year, as Europe became a major destination for U.S. oil …

Iran has invested the equivalent of $1.35 billion in its natural gas sector in the two years to July this year, according to the CEO of the National Iranian Gas Company (NIGC). Majid Chegeni said on Monday that Iran had spent some 680 trillion rials to expand its natural gas …

Oil prices were little changed on Tuesday after China reported a sharp monthly drop in imports in July, which reinforced demand fears, though that was offset by supply concerns from Saudi Arabian and Russian output cuts. Oil imports to China, the world’s largest oil importer and second-largest consumer, in July …

Wheat extended gains after Ukraine used sea drones to cripple a Russian oil tanker and a naval vessel, threatening a key export route for Russian commodities through the Black Sea. Top wheat shipper Russia moves most of its grain through the waterway and is in the midst of a second …

Last year, China emerged as the world’s clean energy champ, with the country accounting for $546 billion, or nearly half, of the $1.1 trillion that flowed into the sector as countries everywhere rushed to beef up their energy security. But those mammoth investments will do little to change China’s tag …

Total electricity produced at Iran’s only nuclear power plant after some 12 years of activity has reached 60 billion kilowatt hours (kw/h), according to the country’s nuclear chief. Head of the Atomic Energy Organization of Iran (AEOI) Mohammad Eslami said on Sunday that the electricity produced at the Bushehr Nuclear …

Ukraine has warned Austria that it does not plan to extend the gas transit contract, DW economic expert Andriy Gurkov said. He notes that the Ukrainian route mainly serves Austria, with some small gas volumes that ship to Hungary and Italy. Therefore, the Austrian OMV company has already reserved transit …

Japan plans to start releasing treated radioactive water from the tsunami-wrecked Fukushima nuclear power plant into the ocean as early as late August, Japan’s Asahi Shimbun daily reported on Monday, citing unidentified government sources. The release will most likely come shortly after Prime Minister Fumio Kishida meets with U.S. President …

Russia expects to get a huge inflow of energy revenue by the end of this year despite an oil price cap imposed by Group of Seven nations, and may channel it toward spending as the government continues to pour resources into the war in Ukraine. In the last five months …

The OPEC+ ministerial panel met on Friday and decided to keep its current oil production policies unchanged. The policies state that there will be no change in current output and production cuts will stay in place. The OPEC+’s decision came after Saudi Arabia decided to extend its voluntary production cut …