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Crude oil began trade today with a gain on the resurgence of hopes that Chinese demand is about to enter recovery mode. The hopes followed announcements from China that some pandemic restrictions will be relaxed. The gains, albeit modest, reflect a reversal in market sentiment, which just last week led …

The refinery in Schwedt, Germany, near the Polish border, refines 12 million tons of oil every year. It was built in the 1960s and received its supplies from the Druzhba pipeline, which pumped oil from Russia through Belarus and Poland onward to Germany. The plant in Schwedt was an object …

The German government is postponing its decision on a gas and electricity price brake that had been planned for Friday. Due to the complexity of the project and necessary consultations with the European Union, it will probably not be possible to refer the matter to cabinet this week, said a …

Oil switched between gains and losses, as the market remains caught between the outlook for global growth and China’s easing of COVID restrictions. West Texas Intermediate futures traded near US$89 a barrel and have been in a range of just over US$10 for the last month. The dollar rose for …

Türkiye’s Black Sea gas field is on track to go online next year as promised and work has sped up to connect it to the national infrastructure, President Recep Tayyip Erdoğan said Saturday. Addressing a natural gas pipeline opening in the northern Kastamonu province, Erdoğan said drilling at nine of …

The petrochemical facility in Ras Laffan, a collaboration between QatarEnergy and Chevron will comprise an ethane cracker that will produce 1.9m tonne of ethylene per year, an 82 percent output increase making it the biggest of its kind in the region and one of the largest in the world when …

US President Joe Biden told the COP27 climate conference in Egypt on Friday (11 November) that global warming posed an existential threat to the planet and promised the United States would meet its targets for fighting it. His speech was intended pump up global ambition to prevent the worst of …

Oil-laden tankers risk being left languishing at sea if insurers do not urgently get clarity on an unfinished G7 and European Union plan to cap the price of Russian crude, two senior industry executives told Reuters. The Group of Seven (G7), which includes the United States, Britain, Germany and France, …

Kazakhstan hopes to deliver up to 1.5 million tons of oil through the Baku-Tbilisi-Ceyhan pipeline in 2023 as part of growing efforts to find export routes bypassing Russia. Prime Minister Alikhan Smailov told reporters on November 10 that the government’s expectation is that annual shipments via the Baku-Tbilisi-Ceyhan pipeline will …

G20 countries are expected to further their talks on the acceleration of energy transition at their upcoming summit in Bali, Indonesia, as soaring energy prices have stalled decarbonization progress. The G20 major economies have agreed to take steps such as ensuring achievement of the sustainable global development targets by 2030 …