International

Russian President Vladimir Putin on Friday, October 7, signed a decree that creates a new operator for the Exxon Mobil Corporation-led Sakhalin-1 oil and gas project in Russia’s Far East. Putin’s move affecting Exxon’s largest investment in Russia mimics a strategy he used to seize control of other energy properties …

The Minister of Oil and Gas, Mohammed Aoun, has stated that a new gas pipeline parallel to the existing one, could be extended to Italy, within four to six months, noting that Libya exports about 250 to 300 million cubic feet of gas to Italy per day. “There are huge …

The world’s largest crude oil exporter, Saudi Arabia, left the official selling price of its flagship Arab Light grade unchanged for November loadings compared to October, sources familiar with the latest pricing told Reuters on Thursday. Saudi Arabia’s Arab Light will sell in November to Asia at a premium of …

The European Union needs to quickly intervene in its gas and energy markets, including by imposing a price cap on wholesale gas, to avoid a spiral of deindustrialization and social unrest amid sky-high energy prices, Belgium’s Prime Minister Alexander De Croo told the Financial Times in comments published on Thursday. …

EU ambassadors on Tuesday night (4 October) reached a political agreement on the bloc’s new round of Russia sanctions, including an oil price cap, which earlier had been opposed by a few seafaring member states. The draft measures agreed on Tuesday that will form the eighth package of sanctions since …

Norway’s military said on Monday it had posted soldiers to help guard major onshore oil and gas processing plants, part of a wider effort to boost security amid suspicion that sabotage caused leaks in the Nord Stream gas pipelines last week. Russia’s Nord Stream 1 and 2 pipelines burst on …

Japan is considering extending its subsidy program for oil wholesales to lower retail gasoline prices beyond its current year-end deadline to next spring, intending to prevent a sharp hike in fuel costs amid persistent supply concerns triggered by Russia’s invasion of Ukraine, sources familiar with the situation said Saturday. The …

Norway will receive help from Britain, Germany and France to patrol the seas around its oil and gas platforms amid suspicion that sabotage caused leaks in Nord Stream pipelines earlier this week, Norway’s prime minister said on Friday. Russia’s Nord Stream 1 and Nord Stream 2 pipelines burst this week, …

Saudi Arabia is budgeting for Brent oil at around $76 a barrel next year, according to Al Rajhi Capital, an outlook in line with current forward prices but far more bearish than expected by analysts. The Finance Ministry said in a preliminary budget statement on Friday that it projects revenues …

The UAE on Friday slashed retail fuel prices by 38 fils per litre for the month of October in line with the drop in global rates. This is the third consecutive month that the UAE has slashed retail fuel prices. In October, the prices were slashed by 62 fils per …