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EU countries want to ease conditions for a proposed gas price cap to be triggered following criticism that the European Commission’s model was too strict, according to a leaked draft, seen by EURACTIV. The new set of amendments, circulated by Czechia, which currently holds the EU’s six-month rotating presidency, show …

Russia’s seaborne coal exports returned to near the highest levels on record after the European Union loosened restrictions on transporting the commodity, making it easier to redirect volumes to Asia. Shipments in October were almost 16.6 million tons — just shy of the level in June, which was the highest …

OPEC+ yesterday decided to leave its production quotas where they are, at 2 million bpd lower than they were in October, which is an effective cut of 1 million bpd of production. Three days earlier, the European Union reached an agreement to set a price cap on Russian crude oil …

Despite the fact that U.S. crude oil production has recently hit the highest level since the pandemic low of below 10 million barrels per day (bpd) in May 2022, the growth rate has markedly slowed this year as the shale patch struggles, labor shortages, supply chain delays, and the high …

The new drive for energy security prompted by the fossil fuel price crisis will accelerate the development of renewable energy, the International Energy Agency has said in a new report. “Renewables were already expanding quickly, but the global energy crisis has kicked them into an extraordinary new phase of even …

Chevron will officially assume control of an oil project in Venezuela this week, Bloomberg has reported, citing unnamed sources. The supermajor will process heavy crude at the Petropiar facility, called an upgrader, and then export it to refiners on the U.S. Gulf Coast after the Treasury Department granted Chevron an …

On December 2, EU member states unanimously agreed to introduce a price cap at $60 per barrel on Russian seaborne oil, as well as an EU-imposed embargo on Russian crude oil shipped by sea. Both initiatives would go into effect on December 5. The EU’s price cap is also joined …

An oil tanker traffic jam has formed in Turkey following the EU’s introduction of a price cap on global Russian crude supplies, the Financial Times reported on December 5, with Turkish authorities demanding new proof of full insurance coverage for vessels passing through the Bosphorus and Dardanelles straits. The EU, …

The Government of National Unity (GNU), announced that it had lifted the force majeure for oil and gas explorations on Monday. The GNU invited international oil companies that have contracts with the state-oil company (NOC) to resume their work in the country. The government of Abdul Hamid Dbeibah had signed …

Oil prices have edged higher after a G7 price cap on Russian seaborne oil came into force on top of a European Union embargo on imports of Russian crude by sea. Brent crude futures LCOc1 rose 66 cents to $83.34 a barrel by 0108 GMT on Tuesday. West Texas Intermediate …