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Oil prices settled on Thursday at their highest level since December 1 as the market is turning bullish on China’s oil demand this year. The Chinese reopening is set to drive oil demand growth and push oil higher if most of the developed economies manage to avoid recessions, analysts say. …

Oil prices slightly rose on Friday over demand worries after a higher-than-expected increase in oil stockpiles in the US, the world’s largest oil consumer. International benchmark Brent crude traded at $82.75 per barrel at 09.22 a.m. local time (0622GMT), a 0.10% increase from the closing price of $82.67 a barrel …

Norwegian state-owned energy giant Equinor has received consent from the country’s offshore safety regulator to use one of Transocean’s semi-submersible rigs for plugging, drilling and completion activities at a field in the North Sea off Norway. The Petroleum Safety Authority Norway (PSA) revealed on Thursday that it had given Equinor …

The Islamic Emirate of Afghanistan (IEA) said on Saturday it is ready to form a special unit to safeguard the Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project. In a statement, the office of deputy prime minister for economic affairs, noted that TAPI as a significant regional economic project was initiated during the …

In the background of Azerbaijan’s ongoing blockade of the only road in and out of Nagorno-Karabakh lies the fate of another critical transportation route: the would-be “Zangezur Corridor.” In the ceasefire agreement that ended the 2020 war, Armenia agreed to “guarantee the security of transport connections” between Azerbaijan’s mainland and …

A floating terminal to import liquefied natural gas (LNG) arrived in the German port of Brunsbuettel on Friday, the third such vessel to start up in recent weeks as Europe’s top economy is rushing to diversify away from former top supplier Russia. The Hoegh Gannet vessel arrived at the Brunsbuettel …

The US-led price cap coalition will place two separate price limits on Russian oil products depending on their category, the US Treasury Department said in a statement on Friday. According to the statement, following a meeting between Deputy Treasury Secretary Wally Adeyemo and deputy ministers representing other G7 countries, EU …

Pakistan will start importing oil and gas from Russia by March on terms that will ensure “mutual economic benefit”, the nations said in a joint statement on Friday. Since the launch of its military offensive against Ukraine, Moscow has been targeted by Western economic sanctions and has sharply reduced its …

The total number of total active drilling rigs in the United States fell by 4 this week, according to new data from Baker Hughes published on Friday. The total rig count fell to 771 this week—167 rigs higher than the rig count this time in 2022, and 304 rigs lower …

China expects to add 70 gigawatts (GW) of coal-fired power generation this year, up from 40 GW of capacity from coal installed in 2022, a report from the power sector’s group, China Electricity Council, showed. The coal additions, however, will not be the biggest capacity increases in China in 2023, …