International

OPEC+ is poised to stick to its oil output targets when it meets on Sunday, four OPEC+ sources said as the alliance gathers after the Group of Seven (G7) nations agreed a price cap on Russian oil. OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies …

The white containers on the edge of a small Belgian town form the largest electricity storage plant in continental Europe, capable of meeting peak demand in the country without the need for gas or fuel oil. “Until now, the capacity to produce quickly was largely provided by oil or gas-fired …

India said that it would continue to purchase Russian crude oil even after the embargo and price cap go into effect on December 5, an official in the Indian Oil Ministry said on Friday. India has consistently stated its intention to continue to purchase whatever crude oil makes the most …

The White House on Friday welcomed a $60 per barrel EU price cap for Russian oil exported by sea. “A price cap will help limit Mr. Putin’s ability to profiteer off the oil market so that he can continue to fund a war machine that continues to kill innocent Ukrainians,” …

G7 countries and Australia joined the EU on Friday in adopting a $60 per barrel price cap on Russian oil. A statement said the EU took a similar step earlier in the day and countries reached a consensus on a maximum price of $60 for seaborne Russian-origin crude oil. “With …

The United States has urged caution in the European Union’s discussions of a price cap on Russian crude, saying that the lower prices that have been cited in recent days may be misleading. Per a Reuters report, an unnamed U.S. official said that the price of $52 per barrel of …

Venezuelan President Nicolas Maduro said Wednesday that licenses and authorizations granted so far by the US to ease sanctions it imposed on Venezuela are “headed in the right direction” but are “not enough.” The easing of the oil embargo by the US government “undoubtedly goes in the right direction, although …

Oman’s significance in the Middle East, and therefore the world, is much greater than its 5.4 billion barrels of estimated proved oil reserves (the 22nd largest in the world) implies. Its true importance to both the U.S. and China is its critical geographical position, which makes it perhaps the most …

With oil tumbling ahead of the grueling 2023 recession, the last thing OPEC+ and (bullish) oil traders wanted to see is even more supply coming on line, and yet that’s precisely what the core gulf hub is proposing. According to Bloomberg, the United Arab Emirates – which in recent years …

The Biden administration has proposed a set of new rules aimed at curbing gas flaring on public lands, with the Bureau of Land Management saying these measures would result in $39.8 million in additional royalties for the United States. Per the proposal, every company applying for an oil and gas …