Top News

Pakistan has placed an order for a single cargo of Russian oil, but is keen for a long-term deal to buy the crude in Chinese currency, according to the country’s power minister. The payment for the first shipment has been made in US dollars but Pakistan would like further purchases …

Freight rates for supertankers have plunged by 75% in a month since several large OPEC+ producers announced a new round of oil production cuts that will lead to lower volumes shipped between May and December this year. Daily rates on the Middle East to China route for the very large …

Australia will allocate A$2 billion ($1.4 billion) to support renewable hydrogen projects, as the major fossil fuel exporter attempts to reinvent itself as a clean energy powerhouse. The funding, announced in the budget late Tuesday, will provide revenue support to private developers, with the aim of having two or three …

German utility EON SE warned that Europe may not have seen the end of turmoil in its energy markets and the situation could still take a turn for the worse. “The crisis is not over yet,” the energy company’s Chief Financial Officer Marc Spieker said Wednesday alongside an earnings report. …

Oil prices dipped on Wednesday, stalling a three-day rally, as an unexpected rise in U.S. oil inventories sparked demand concerns, while investors awaited U.S. inflation data to gauge the next rate decision in the top oil consuming nation. Brent crude dropped 52 cents, or 0.7 per cent, to $76.92 a …

Eni has begun offloading the first LNG cargo into Snam’s new regasification terminal in Piombino, in the presence of the Minister of the Environment and Energy Security, Gilberto Pichetto Fratin. The terminal has a total processing capacity of 5 Bcm per year, or approximately 7% of Italy’s gas demand. The …

A study published in Nature Energy on Monday has revealed that the U.S. Oil Patch is home to tens of thousands of inactive offshore oil and gas wells that remain unplugged, posing the risk of possible leaks into the ocean. The study estimates that whereas plugging and abandoning these wells …

The European Commission has proposed to EU member states to consider trade restrictions on companies from China, Hong Kong, the UAE, Uzbekistan, and Armenia which are thought to be helping Russia obtain technology for its military and industrial complex, Bloomberg reported on Monday, quoting draft proposals it had seen. The …

Saudi Aramco said it will introduce performance-linked dividends that will be paid out in addition to its base dividend, which was $19.5 billion for the fourth quarter. The new payout will be “in the amount of 50%-70% of Saudi Aramco’s annual free cash flow, net of the base dividend and …

The Director of the International Atomic Energy Agency, Rafael Grossi, issued an urgent warning of a potential catastrophic nuclear accident at the Russian-controlled Zaporizhzhia nuclear plant in Ukraine, as Russian forces evacuated civilians from the nearby Ukrainian town of Enerhodar. Grossi said the situation at the Zaporizhzhia station was “increasingly …