International

Amid the continued rally in oil prices, Saudi Aramco raised its official selling price for crude exported to Asia, with its flagship Arab Light cargos for March up by $0.60 per barrel to a total $2.80 per barrel premium over the benchmark. According to Bloomberg, this is the highest price …

Saudi Arabia raised oil prices for its main market of Asia after crude’s surge to almost $95 a barrel. State firm Saudi Aramco increased pricing for all grades for Asian customers in March, according to several people with knowledge of the matter. The company raised its key Arab Light oil …

President Vladimir Putin unveiled a new Russian gas deal with China at a meeting with President Xi Jinping in Beijing on Friday, promising to increase Moscow’s far east exports at a time when Putin is at odds with European customers over Ukraine. Russia, already Beijing’s No. 3 gas supplier, has …

The Nord Stream 2 gas pipeline should not be singled out and viewed “in isolation” given Europe’s continued need for all sources of gas supply, the head of Austria’s OMV said Feb. 3. Speaking after OMV released its fourth quarter results, CEO Alfred Stern said European gas demand would remain …

Qatar, one of the world’s top natural gas exporters, will not be able to unilaterally replace Europe’s energy needs in case of a shortage due to the crisis between Russia and Ukraine, the emirate’s minister of state for energy said on Tuesday, February 1. “The volume of gas needed by …

China plans to launch by 2025 a unified nationwide power market system to ensure grid flexibility and stability and avoid a repeat of the energy crisis in the autumn of 2021. The power market trading system will see provincial and regional markets cooperate, which would improve cross-provincial and cross-regional market …

Concerned about Europe’s energy vulnerability, the head of NATO said the continent needs to diversify its energy supplies on Sunday. Britain warned it was “highly likely” that Russia, a major natural gas supplier, wanted to invade Ukraine. Russia has massed some 120,000 troops near its neighbor and demanded the western …

European officials are scrambling to lock down energy supplies they would need to keep their economies churning if hostilities around Ukraine imperil natural gas piped from Russia, and have turned to the U.S. for help finding backup sources beyond Moscow’s control. In recent weeks, as Russia has positioned more than …

European Commission President Ursula von der Leyen and US President Joe Biden pledged on Friday (28 January) to cooperate on guaranteeing Europe’s and Ukraine’s energy security amid a standoff triggered by Russia amassing troops at Ukraine’s border. In a joint statement put out on Friday – the result of several …

Venezuela appears to be following in Iran’s footsteps by starting to ignore U.S. sanctions on its oil industry to once again develop its substantial crude reserves. After years of stalling and losing out on international investment as well as vital revenues, Venezuela looks to be set to increase its oil …