International

OPEC+ is set to stick this week to its monthly modest oil output increases despite seeing tighter global markets, five OPEC+ sources said on Wednesday, June 1, as the group fast approaches its maximum production capacity. Oil prices rallied above $124 per barrel this week following new European Union sanctions …

The Netherlands and Germany will drill for gas in the North Sea together, with production expected to start in 2024, the Dutch government has announced. According to the Dutch government’s website, production will take place in the North Sea, about 19 kilometres north of Schiermonnikoog and Borkum. A pipeline is …

Moscow could respond to European sanctions on Russian oil by seeking other buyers for its crude or cutting production to keep prices high. Its actions would have a global economic impact — unless OPEC intervenes. EU leaders on Monday agreed to ban 90% of Russian crude by the end of …

The tentative reopening in China and strong Asian refining margins could prompt Saudi Arabia to raise the official selling prices of all the crude grades it will be selling in July in its key market, Asia, six refining sources told Reuters in a survey on Monday. Saudi Aramco, the oil …

Oil prices extended their rally on Tuesday after the EU agreed to ban most of Russia’s oil imports by the end of the year, raising concerns about a tighter market amid higher demand expectations in the summer. Brent, the benchmark for two thirds of the world’s oil, was up 1.43 …

Denmark could be the next country cut off from Russian natural gas as its biggest utility is refusing to cave in and make payments in rubles. Orsted A/S is preparing for Gazprom PJSC to cut off one of Denmark’s biggest sources of the fuel, the firm said in a statement …

Prime Minister Pedro Sánchez will call for more ambition to implement the reform of the European electricity markets and reduce energy bills on Monday and Tuesday at the EU summit in Brussels, Spanish official sources told EURACTIV’s partner EFE. Sánchez, together with other EU leaders, will participate in the extraordinary …

Cash-strapped Sri Lanka took delivery on Saturday of Russian oil — which could soon be subject to a European embargo — to restart operations at the country´s only refinery, the energy minister said. The island nation is suffering its worst economic meltdown since independence, with shortages of fuel and other …

The number of total active drilling rigs in the United States fell by 1 this week, after the 14 rig increase in the week prior, according to new data from Baker Hughes published on Friday. The total rig count slipped to 727 this week—270 rigs higher than the rig count …

Russia expects to receive one trillion rubles in additional oil and gas revenues this year, the Russian finance minister said, adding that part of the unexpected revenue will be spent on Moscow’s offensive in Ukraine. “We expect to receive up to one trillion rubles (.4 billion) in additional oil and …