International

The European Union is preparing to take a much bigger swing at Russia’s oil trade, and this time Brussels is aiming less at optics and more at the plumbing that actually keeps barrels moving. The European Commission has proposed what would be its broadest sanctions package yet against Russian crude …

Tankers carrying a total of up to 12 million barrels of crude oil are either en route or close to China in East Asian waters, waiting for buyers in the world’s top crude importer, as India is pulling back. Five of these tankers signal ‘for orders’ or ‘China for orders’ …

The United States has transferred the proceeds from sales of Venezuelan oil to Caracas, following a deal agreed by the two governments in January. The deal involved Venezuela “turning over” between 30 million and 50 million barrels of crude to the United States, according to a social media post by …

Russia’s flagship crude, Urals, is being offered in India at a widening discount to Brent, with the differential now at $11 per barrel and testing the appetite of Indian refiners amid the trade deal with the U.S. that calls for limited purchases of Russian oil. Sellers are offering Urals at …

Kuwait prepares to invite international oil companies to help it develop recently discovered offshore oil and gas fields, Kuwait’s Prime Minister, Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, said on Tuesday. Kuwait Petroleum Corporation (KPC) will turn to foreign majors for collaboration and assistance for Kuwait Oil Company to develop the offshore …

Libya will step up its natural gas production to be able to supply more of the commodity to Europe, the chairman of the national Oil Corporation said today, as quoted by Reuters. Masoud Sulaiman said the country’s national oil company will aim to ramp up natural gas production to almost …

President Donald Trump said on Monday that the United States and India have reached an agreement on a trade framework that cuts U.S. tariffs on Indian goods and commits New Delhi to expand purchases of U.S. oil and gas, pushing energy supply to the center of talks that have unfolded …

Qatari Energy Minister Saad al-Kaabi on Monday warned that rising power demand from artificial intelligence could wipe out the global LNG surplus and push markets into deficit by around 2030, despite more than 100 million tonnes per year of new LNG capacity scheduled to come online this decade, Reuters reported. …

The United States has extended a Treasury license that shields Venezuela-owned refiner CITGO Petroleum Corp from creditor actions through March 20, a move that preserves the company’s legal status while debt disputes continue, Reuters reported on Monday. The license prevents creditors from seizing Citgo’s U.S. assets as part of ongoing …

Kuwait exported record volumes of very low sulfur fuel oil (VLSFO) in January after a key refinery restarted full operations following a fire-induced partial outage at the end of last year. One of the Gulf’s top crude oil exporters, which also vies to be a major fuel oil exporter, was …