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Crude oil began trading this week with a gain, pushed higher by the shutdown of the Keystone pipeline and uncertainty around the consequences of the G7 price cap on Russian oil exports. Brent crude was trading close to $76.50 per barrel at the time of writing, with West Texas Intermediate …

Europe has simply switched from dependency on Russian gas to dependency on LNG from the US, the Kremlin said on Sunday. “They have now changed their dependence on Russia for dependence on American liquefied natural gas. This is exactly the same dependence. Only there is much less reciprocity,” Kremlin spokesman …

A project to construct a new submarine power line that will transport clean energy from Tunisia to Italy was given the green light by the European Commission. This was a “decisive” step towards making southern Italy an “energy hub” in Europe, which will “strengthen the continent’s energy security,” said the …

Oil prices rose more than 1 per cent on Monday as a key pipeline supplying the United States remained shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports. Brent crude futures were up 46 cents, or 0.6 per cent, …

China’s president Xi Jinping mentioned on his trip to Riyadh last week that the Shanghai Petroleum and Natural Gas Exchange would be “fully utilized in RMB settlement in oil and gas trade.” Most commodities including crude oil are traded in US dollars. The renminbi trade was part of several “priority …

The Iraqi Ministry of Oil announced on Friday that the oil production capacity from oilfields in Maysan governorate reached 300 thousand barrels per day, according to the Iraqi News Agency (INA). The Ministry of Oil mentioned in a statement that this achievement is an important addition, especially as it comes …

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the impact of European sanctions on Russian crude oil and the cap that the Group of Seven nations has imposed on the price of Russian barrels is not clear yet. “In terms of sanctions and price caps, these have not yielded …

A dozen countries, including Belgium, Italy, Poland and Slovenia, have made efforts to “significantly” lower the European Union’s planned gas price cap amid the bloc’s attempts to reach an agreement on the issue, Reuters reports. Gas prices in Europe have risen sharply this year after Russia cut gas supplies, leading …

Saudi oil giant Aramco plans to work with Chinese partners to maintain the safety and stability of the industrial supply chains, the company’s Chairman Yasir Al-Rumayyan has told Xinhua. In a written interview with Xinhua on Friday, Al-Rumayyan said his company would cooperate with its Chinese partners also in various …

Iran and Kenya traded $50 million worth of goods in the first eight months of the current Iranian year (March 21-Nov. 21), according to an Iranian official. Iran’s exports to Kenya reached 86,156 tons worth $38.3 million during the period, registering a 20% year-on-year decrease, says Rouhollah Latifi, the deputy …