Top News

Oil prices fell on Wednesday as an unexpected build in crude and fuel inventories in the U.S., the world’s biggest oil consumer, and economic uncertainty reignited demand worries. U.S. West Texas Intermediate (WTI) crude futures decreased by 79 cents, or 1.1%, to $74.33 a barrel at 0503 GMT, while Brent …

Oil prices slid on Tuesday over concerns about economic growth and oil demand in the US, the world’s largest oil consumer, and as weaker US dollar increases traders’ appetite for cheaper dollar-indexed crude oil. International benchmark Brent crude traded at $79.32 per barrel at 9.55 a.m. local time (0655GMT), a …

Kyiv expects the European Union to include Russian state nuclear energy company Rosatom in its next round of sanctions over the war in Ukraine, Prime Minister Denys Shmyhal said on Monday (9 January). Shmyhal said after talks in Kyiv with European Commission vice-president Frans Timmermans that Russia’s nuclear energy industry …

Russia’s Lukoil has sold its Italian refinery to a group of firms backed by a major trading house in its first significant asset sale since Moscow’s invasion of Ukraine, the companies said on Monday (9 January). Since its inception following the collapse of the Soviet Union, Lukoil had been one …

Norway will continue to pump the current high volumes of natural gas for at least another five years as operators have pledged $30.3 billion (300 billion Norwegian crowns) to develop new fields and extend the lifetimes of producing fields, the Norwegian Petroleum Directorate said on Monday. “These are remarkable investments …

Europe imported nearly one-quarter of all LNG traded last year, becoming the premium market for liquefied natural gas as it seeks to replace Russian pipeline gas supply. This year, Europe needs to import even larger volumes of LNG—in the absence of much of the Russian gas—to refill gas storage sites …

India has officially booted Japan out of the number three spot in the global automotive market. Latest industry data, reported on by Nikkei, shows that for the first time ever, India is now the third largest global auto market. For 2022, the country’s new sales came in at 4.25 million …

China issued a substantial increase in its crude imports quotas for this year, the clearest sign yet that Chinese refiners are set for a material increase in output – and a surge in demand for oil – as the nation finally moves away from its ridiculous Covid Zero policy. On …

The state-owned QatarEnergy announced Monday an agreement with the US petrochemical giant Chevron Phillips Chemical to build a petrochemical facility. QatarEnergy and Chevron Phillips Chemical will build a $6 billion complex in Qatar’s Ras Laffan Industrial City. To this end, the two companies created the joint venture Ras Laffan Petrochemicals. …

The last month has been a month of celebration in the European Union. Gas demand is down because of the unusually warm weather. As a result, prices are down, and the crisis, according to analysts, appears to be averted. The problem is that some of those analysts are adding the …