International

Saudi Arabia has limited additional crude oil production capacity, Wall Street Journal sources revealed on Wednesday. The sources, who are said to be familiar with Saudi Arabia’s oil production capabilities, were not named. The mystery surrounding Saudi Arabia’s crude production capabilities has grown in recent weeks amid a tight oil …

For the first time in six years, the European Union (EU) has overtaken Asia as the biggest buyer of US crude oil, Bloomberg reported. The EU imported 213.1 million barrels US crude over the first five months of the year, while Asia imported 191.1 million barrels, new US Census Bureau …

The European Union (EU) is considering a voluntary 15% cut in natural gas use by its member states beginning next month on concerns that Russia may halt supplies of the fuel, Bloomberg reported on Tuesday, citing EU diplomats, Reuters reported. Brussels is expected to publish plans on Wednesday for how …

The European Union will set out emergency plans on Wednesday to reduce gas demand within months, warning countries that without deep cuts now they could struggle for fuel during winter if Russia cuts off deliveries. Europe is racing to fill its gas storage ahead of winter and build a supply …

The German government said Monday that a turbine at the centre of uncertainty about future gas deliveries through a major pipeline from Russia to Europe was only supposed to be installed in September, underlining its insistence that there should be no technical obstacle to the gas flow. Meanwhile, Germany’s biggest …

The European Commission has signed a memorandum of understanding with Azerbaijan to double imports of Azeri natural gas to at least 20 billion cubic metres a year by 2027. European Commission President Ursula von der Leyen and Azerbaijan’s President Ilham Aliyev signed a memorandum of understanding (MoU) on a strategic …

The ongoing growth in trade between the UAE and France underscores their strong economic partnership and deep-rooted relations, supported by their leadership. The visit of President His Highness Sheikh Mohamed bin Zayed Al Nahyan to France also confirms the strength of the comprehensive strategic partnership between the two friendly countries. …

European natural gas prices jumped with a heat wave scorching the western half of the region, boosting demand for cooling and pushing energy costs higher. Temperatures in parts of the UK and France, including London and Paris, could rise to record levels Monday and Tuesday, according to forecaster Maxar. The …

U.S. imports of crude oil from Iraq last week averaged 302 thousand barrels per day (bpd), the Energy Information Administration (EIA) said this weekend. In its weekly report on U.S. oil imports, EIA said that the U.S. net oil imports averaged 5.957 million bpd last week, up by 55 thousand …

Saudi Arabian Foreign Minister Prince Faisal bin Farhan Al-Saud said that oil was not discussed at a U.S.-Arab summit held on Saturday, and that OPEC+ would continue to assess market conditions and act as necessary. “There was no oil discussion at the summit,” Prince Faisal told a news conference, adding …