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Natural gas prices in Europe edged lower amid rising inventories and signs of reduced demand, while supplies from Russia remain steady, albeit low. Benchmark futures erased earlier gains, though they’re still trading near their highest levels since early March, during the first weeks of Russia’s invasion of Ukraine. Prices rallied …

Libya’s oil output is finally increasing following the political crisis that restarted earlier this year following the failed Presidential elections of December 2021. The country is now attempting to ramp up its crude production through the summer months. As global demand stays strong and oil prices continue to increase, Libya …

Iran has completed installing three advanced IR-6 centrifuge cascades at its Natanz fuel enrichment plant (FEP), International Atomic Energy Agency (IAEA) said in a report to member states on Wednesday. Iran has also informed the agency it plans to install an additional six IR-2m cascades at the FEP in a …

The Organisation of Petroleum Exporting Countries on Wednesday raised Nigeria’s crude oil production quota for September 2022 to 1.83 million barrels per day, as Brent, the global benchmark for crude, dropped in price the same day. Data obtained from OPEC showed that the 13-member organisation increased Nigeria’s oil production quota …

OPEC+ agreed today, Aug. 3, to raise the production target for September by 100,000 barrels per day (bpd), Reuters reported, citing a member of the group. The decision came during the OPEC+ Joint Ministerial Monitoring Committee’s meeting today, headed by Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud. The …

Germany blamed Russia on Wednesday for reduced gas supplies through the Nord Stream 1 pipeline and dismissed Gazprom’s claim that disruptions were the result of legal and technical problems. Chancellor Olaf Scholz said a gas turbine repaired in Canada has been waiting for transfer at Siemens Energy’s site in western …

The G7 group of leading industrialized nations continues to explore ways of curbing Russia’s huge revenues from oil, including by considering a ban on all services enabling transportation of Russian oil unless said oil has a price cap, the G7 foreign ministers said on Tuesday. Canada, France, Germany, Italy, Japan, …

The European Union has reduced its dependence on Russian gas deliveries by 50 percent, but savings will be necessary to make up for the difference with alternative supplies. This is what the High Representative of the EU for Foreign Affairs and Security Policy Josep Borrell said this week in a …

It’s no secret that Russia’s invasion of Ukraine has had a massive global impact. From the sanctions to the natural gas supply cutoffs, the economic toll is both catastrophic and far from over. Currently, economists and other experts are trying to predict how different parts of the world will react …

After a decade of losses and shareholder frustration, the U.S. shale patch is generating record amounts of cash flows and is earning record profits this year as oil prices soar while firms prioritize returns to investors. The public independent U.S. shale producers already had a blockbuster first quarter, with many …