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Oil prices eased on Tuesday, reversing earlier gains, as U.S. consumer prices unexpectedly rose in August, giving cover for the U.S. Federal Reserve to deliver another hefty interest rate increase next week. Brent crude was down 80 cents, or 0.9%, to $93.20 a barrel at 1254 GMT, while WTI crude …

GCC GDP is expected to grow by 6.7% this year, the fastest rate since 2011, driven by higher oil production, the recycling of government revenues into investment initiatives and, to a lesser extent, household and business spending. However, the possibility of a global recession limiting oil demand remains a key …

Economists are warning prime minister Liz Truss’s decision to freeze energy bills for everyone in the UK at £2,500 raises the risk of blackouts. Experts at the economic think tank the Institute for Fiscal Studies (IFS) said energy supplies may run dry due to the government propping up energy spending. …

Bulgaria has offered to export electricity to Azerbaijan in exchange for expanding gas supplies, acting Economy Minister Nikola Stoyanov announced during his visit to Baku on Sunday (11 September). “With such a scheme – bartering gas for electricity, Bulgaria could receive quantities in the next four to five months, when …

The United States and its natural gas have been vital for Europe’s attempt to fill its gas storage ahead of this winter season. Yet record U.S. LNG exports have led to a surge in domestic gas prices. The boomerang is coming back. When President Joe Biden promised the European Union …

Qatar and the US discussed cooperation in the field of energy security on Saturday amid an ongoing global energy struggle in light of the Ukraine crisis. The discussions came during a meeting in Doha between Qatar’s Foreign Minister Sheikh Mohammed bin Abdulrahman Al Thani and US Special Envoy and Coordinator …

Oil prices fell early on Monday morning as bearish sentiment continued to weigh on markets amid expectations of further interest rate hikes and concerns about Chinese oil demand. Brent started the week more than a dollar down at $91.80 a barrel at the time of writing. West Texas Intermediate was …

Italian Minister for Ecological Transition Roberto Cingolani said the European Union should introduce a cap on gas prices for exporters across the board as targeting Russia’s dwindling gas exports to Europe “makes no sense.” “Capping only Russian gas makes no sense. It is currently delivered to Europe in very small …

Türkiye has been affected by the energy crisis, yet in contrast to Europe, it is not expected to face any disruptions this winter as long as gas suppliers follow through on their pledges, the country’s energy chief said on Saturday. Fears in Europe have increased over a potentially bleak winter …

India says Russian oil now accounts for 12% of its overall purchases of the commodity, with the ratio surging six-fold in the past few months, as Asia’s third-largest economy seeks to slow inflation back to target. “We speedily ramped up Russian oil imports from 2% to 12%,” Finance Minster Nirmala …