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Official Tokyo has joined the ceiling of prices for petroleum products from Russia introduced by the European Union, the Ministry of Foreign Affairs of Japan reported. The limit is being introduced “in connection with the current situation in Ukraine and as a contribution to international efforts being made to solve …

OPEC Secretary General Haitham Al Ghais said on Monday the collective decision to cut output in October was the right move and added that credit should be given to the OPEC+ alliance for its constructive role in supporting global market stability. “Due recognition should be given for our constructive and …

The Iranian Foreign Ministry rejected a statement released by the European troika and the US about the Fordow nuclear facility, saying Iran has already informed the IAEA about all uranium enrichment activities in the site. Foreign Ministry Spokesman Nasser Kanaani on Sunday dismissed a statement from the European troika –France, …

China’s economy could be poised for a stronger-than-anticipated rebound that’ll deliver a demand boost for oil and natural gas, according to the head of the International Energy Agency. There are some “first indications” from China that growth will accelerate faster than previous expectations and the nation is projected to deliver …

Crude oil could soon swing into a deficit that will make next year a difficult one, Goldman Sachs said, as spare production capacity dwindles and underinvestment threatens future supply. Speaking on the sidelines of an event in Saudi Arabia, Goldman’s top commodity analyst Jeffrey Currie said, as quoted by Bloomberg, …

Saudi energy minister Prince Abdulaziz bin Salman said Feb. 4 the kingdom was waiting for clearer signs of rising oil demand before committing to hike crude production with its OPEC+ counterparts, while also warning that western sanctions on Russia would lead to supply shortages. China’s reopening and encouraging economic data …

Russia’s budget revenues from oil and gas plunged in January by 46% compared to the same month last year due to the sanctions on Russian oil exports, which led to a slump in the price of Russia’s flagship crude grade. Russian budget revenues from energy sales – including taxes and …

The Rare Earths MMI (Monthly Metals Index) rose considerably over the past month, climbing by a total of 7.05%. The primary factor influencing the rare earth price forecast over the past several months was zero-COVID. Now, the focus is on those restrictions being lifted. Currently, China reports that the country’s …

Europe has raised its imports of fuels from the Middle East and the United States in preparation for the EU ban on seaborne imports of Russian refined petroleum products. Just ahead of the ban, Europe was still the biggest buyer of Russian diesel and it will have to boost imports …

The North Atlantic Treaty Organization (NATO) on Friday called on Russia to respect its treaty with the United States on nuclear weapons, which contributes to international stability. NATO ambassadors said in a statement that “We note with concern that Russia has failed to comply with legally-binding obligations under the New …