International

OPEC has cut its forecasts for US shale oil supply several times as factors including investor caution curb expansion, making the non-conventional supply less of a worry for the producer group in its decisions on oil policy. On Tuesday, OPEC trimmed its forecast for 2023 growth in U.S. tight oil, …

Turkey on Friday held a long-awaited ceremony to mark an increase in capacity at its first underground natural gas storage facility, in what officials say will make it the biggest storage site in Europe. The country has been filling its gas storage units this year as the import-dependent country sought …

China’s largest reserve base of liquefied natural gas (LNG), located in Jiangsu Province’s Yancheng City, officially kicked off the start of gas supply for East China on Friday, according to the China National Offshore Oil Corporation (CNOOC). About 2.41 million cubic meters of natural gas were transported by pipeline on …

Germany’s first liquefied natural gas terminal arrived on the country’s north coast, the first of several specialist tankers Berlin is counting on to ease its energy crisis. The Hoegh Esperanza, a floating storage and regasification unit, or FSRU, moored at Wilhelmshaven Thursday, ahead of an opening ceremony Saturday to be …

Europe is bringing in diesel cargoes from around the world at close to a record pace ahead of the coming ban on shipments from its biggest external supplier. In the first 10 days of this month, the UK and European Union imported more than 16 million barrels of diesel-type fuel …

Oil consumption in China, India, and the Middle East has surprised to the upside in recent weeks, prompting the International Energy Agency (IEA) to revise up its oil demand growth forecast for both this year and next. Despite an expected fourth-quarter contraction of global oil demand by 110,000 barrels per …

China will stop collecting and reporting comprehensive Covid case data after it ended mandatory testing for the virus. The move comes amid a general relaxation of Covid-related restrictions as Beijing adjusts its zero-Covid policy following a wave of protests against the restrictions in large Chinese cities. Bloomberg reports from now …

Russia was shipping more than 3 million barrels per day (bpd) of crude oil to Asia in the week to December 9, the week in which the EU embargo on imports of Russian crude by sea came into force, vessel-tracking data monitored by Bloomberg showed on Monday. The volumes being …

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the impact of European sanctions on Russian crude oil and the cap that the Group of Seven nations has imposed on the price of Russian barrels is not clear yet. “In terms of sanctions and price caps, these have not yielded …

The Organisation of Petroleum Exporting Countries (OPEC), has said the Document of Cooperation between the cartel and non-OPEC members has stabilised the oil market. OPEC Secretary-General, Haitham Al Ghais, in a statement at the weekend to mark the sixth year of the agreement, added that it has also helped in …