International

Stainless steel prices continue to struggle as we approach the final quarter of the year. Meanwhile, nickel prices float just above their 2021 average, closing August at $21,320 / mt. Both indices seem to indicate an overly-cautious marketplace, with buyers and sellers seemingly waiting to see what the other will …

Saudi Arabia’s signal from two weeks ago that OPEC+ could decide to cut production at any time, in any form, managed to lift Brent oil prices to above $100 per barrel for around a week. But this week, fresh lockdowns in China, intensified fears of recession, and guidance that the …

Europe’s looming winter fuel crisis has deepened after Russia shut down a key gas pipeline to Germany, claiming the indefinite stoppage was due to what experts say is a minor oil leak. Nord Stream 1, which runs under the Baltic Sea, had been due to resume operating on Saturday after …

Iraq collectively grossed 9.784 billion dollars from oil sales in August 2022, according to a survey by the state oil marketer, SOMO. Crude oil exports amounted to 101,959,528 barrels, yielding 9,784,000,000 dollars, the SOMO survey said. Exports from oilfields in Mid and south Iraq amounted to 100,750,000 barrels, while Kirkuk …

Russian oil production may increase this year, Deputy Prime Minister Alexander Novak said on Thursday, despite Western sanctions over Ukraine, while the country supports OPEC+ deal extension beyond 2022. He said production of oil and gas condensate is expected at between 520 million tonnes and 525 million tonnes in 2022 …

Minister of Energy of Bulgaria Rosen Hristov held phone talks with his Azerbaijani counterpart Parviz Shahbazov, Trend reports via the ministry. According to the ministry, the parties discussed the timing of the start of commercial supplies of Azerbaijani gas to Bulgaria via the Interconnector Greece-Bulgaria (IGB). “Shahbazov noted that from …

Covid lockdowns, a property market crisis and a struggling domestic economy weren’t enough to slow down China’s oil giants as they posted record first half profits. PetroChina Co., Sinopec and Cnooc Ltd. each said they made historic amounts of money in the January-to-June period as surging prices for the oil …

The United Arab Emirates (UAE) has similar views to Saudi Arabia on the crude oil markets, a source familiar with the UAE’s thinking told Reuters on Friday, as speculation intensifies over whether the OPEC+ group would consider making new cuts to production again. The idea of new OPEC+ cuts, just …

Indian Oil Corp., the country’s biggest refiner, said it plans to spend 2 trillion rupees ($25 billion) to achieve carbon neutrality by 2046. The company will target Scope 1 and 2 emissions under its net zero aim, Shrikant Madhav Vaidya, chairman of the state-owned refiner-cum-fuel retailer, said on Thursday. It …

Hungary is planning to receive the supply of ‘green’ electricity from Azerbaijan, Trend reports via Minister of Foreign Affairs Peter Siatro’s Facebook page. According to him, the current situation clearly shows the importance of exploring new energy sources and integrating them into the supply. “One of the most important partners …