Top News

Crude oil inventories in the United States decreased this week by 2.408 million barrels, the American Petroleum Institute (API) data showed on Tuesday, after falling by 1.246 million barrels in the week prior. Analysts were expecting a smaller 1.467-million-barrel draw in U.S. crude-oil inventories. The total number of barrels of …

Asia needs to achieve net zero before the world can do so, according to the CEO of Malaysia’s state-owned oil and gas company Petronas. “The bulk of the emissions [that] are expected to emit will be produced in Asia going forward,” Tengku Muhammad Taufik told CNBC’s JP Ong Tuesday on …

Russian President Vladimir Putin on Monday extended through Dec. 31 the ban on selling Russian oil and petroleum products to countries that introduced a price cap, a price above which fuel purchases are prohibited. According to a decree on the government’s official website, the supply of Russian oil and petroleum …

The International Energy Agency (IEA) announced that it expected global oil demand to peak at the end of the decade earlier this month. Meanwhile, the Organisation of the Petroleum Exporting Countries (OPEC) said oil demand could reach 110 bpd by 2045, above the peak IEA estimate. But if these major …

In a recent interview, Gideon Rachman, Chief Foreign Affairs Commentator at the Financial Times, explored the growing relationship between the U.S. and India. The article primarily targets a British audience, but still playfully mock the Brits’ obsession with the “special relationship” between the UK and US. Most people acknowledge that …

Chinese oil giant Sinopec has begun producing green hydrogen at a plant in Xinjiang, using solar power to electrolyse water, the company announced on Friday. The facility is Sinopec’s first green hydrogen plant and has the capacity to produce 20,000 metric tonnes of hydrogen a year, it said in a …

Oil and gas industry leaders are confident in the long-term resilience of oil demand despite challenges from the energy transition. This is the message coming out of the inaugural edition of the Energy Asia conference that took place this week in Malaysia. “Energy transition is going to take a lot …

Solar is growing at 33.7% year-on-year and is now at twice the capacity of coal power in China, according to a new report. Solar and coal in China Today, the China Electricity Council, a state-approved nonprofit national trade association, released its first-quarter report, the “Operational Situation of [the] Electric Power …

According to the Islamic Republic of Iran Customs Administration (IRICA), the country’s non-oil trade in the first three months of the current Persian calendar year (March 21 to June 22) reached $26.5 billion. Some 35.5 million tons of goods, valued at $12.5 billion, with crude oil kerosene, fuel oil and …

Russia’s main crude grade is still selling well below international benchmarks — and a Group of Seven-imposed price cap — but a huge amount of money for delivering it continues to go into the hands of mystery middlemen. The country’s flagship Urals grade averaged about $52 a barrel so far …