International

Crude oil inventories sagged by another 4.8 million barrels, American Petroleum Institute (API) data showed on Tuesday, after dropping 5.8 million barrels in the week prior. Analysts anticipated a smaller 2.2 million barrel draw. U.S. crude inventories may have grown by roughly 21 million barrels so far this year, according …

Like the first cuckoo of spring, the annual autumn refrain from senior Iraqi oil officials of new production targets has that pleasant ring of the familiar about it to seasoned oil industry watchers. Sometimes it is 6 million barrels per day (bpd), sometimes 7, and sometimes 8, but it always …

Surging global demand for liquefied natural gas is set to nearly triple U.S. LNG exports over the next decade, as LNG buyers seek diversification and reliable, low-cost supply, energy consultancy Wood Mackenzie said in a new report this week. LNG exports are already outpacing U.S. exports to Mexico—compared to lower-than-Mexico …

Oil tanker tycoons are enjoying a surge in revenue as the sanctions triggered by Russia’s war are redrawing the global trade in crude. And it’s set to last. The disruption is fairly simple. Europe, for decades the top buyer of Russian oil, is banning purchases from Moscow next month and …

Qatar’s Supreme Committee for Delivery & Legacy (SC) said that carbon savings from the new 800 MW solar power plant will be used to offset about half the emissions generated from the country’s hosting of the Fifa World Cup. The Al Kharsaah Solar PV Independent Power Producer Project will commit …

The European Commission (EC) has prepared a draft document that includes a mechanism for introducing a dynamic ceiling on natural gas (NG) prices. The final version will be presented at the EU summit on Nov. 24, Italian Environment and Energy Security Minister Gilberto Pichetto Fratin said in an interview published …

Russia said on Friday that it and China had switched to national currencies in their trade for natural gas, implementing a deal they signed in early September. Noting that Beijing already paid for Russian gas on the basis of the ruble-yuan parity, Deputy Prime Minister Alexander Novak said in a …

Traces of explosives were found near the sites of the explosions at the Nord Stream 1 and Nord Stream 2 gas pipelines in the Baltic Sea, Sweden said on Friday, noting that the incident is “gross sabotage.” Gas leaks in each of the Nord Stream 1 and 2 pipelines were …

The number of total active drilling rigs in the United States rose by 3 this week, according to new data from Baker Hughes published on Friday. The total rig count increased to 782 this week—219 rigs higher than the rig count this time in 2021, and 297 rigs lower than …

The European Union will have its regulations in order before the Russian crude oil price cap and ban goes into effect, the EU’s energy commission told Reuters on Friday. Although the G7 price cap has yet to be quantified. The G7 plan to cap the price of Russian crude oil …