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Oil prices dipped on Thursday as surging COVID-19 cases in China dimmed hopes of a recovery in fuel demand for the world’s largest crude oil importer. Brent futures for February fell 26 cents, or 0.3 per cent, to $83.00 a barrel by 0430 GMT, while U.S. crude fell 26 cents, …

The Qinshui coalbed methane field in north China’s Shanxi Province, the largest of its kind in the country, produced 6 million cubic meters of gas on Tuesday, hitting a fresh daily high. Located in the southeast of Shanxi, the PetroChina Huabei Oilfield’s Qinshui coalbed methane field spans more than 3,000 …

Natural gas output in the Appalachia region, the top gas-producing basin in the U.S., dropped by a record amount as Winter Storm Elliott swept through Pennsylvania and Ohio, freezing wells and some equipment and creating mechanical issues at pipeline infrastructure. The Appalachia basin saw natural gas supply drop by 27%, …

Oil dipped amid thin liquidity as investors weighed the fallout from a Russian ban on exports to buyers that adhere to a price cap. West Texas Intermediate fell toward $79 a barrel after closing little changed on Tuesday. Moscow’s restrictions will begin on February 1 and last until at least …

Russia’s budget deficit in the coming year might exceed the expected 2% of GDP as the oil price cap hurts export income, the country’s Finance Minister Anton Siluanov said on Tuesday. This marks the first time a Russian official has acknowledged that the $60 per barrel price cap imposed on …

Iran exported more than $621.761 million worth of non-oil commodities to Iraq via the Khosravi border crossing in the first nine months of the calendar year that started in late March, up 28% compared to the same period last year. Mehdi Abbasi, director of the Khosravi Customs Office, told IRNA …

The CEO of the National Iranian South Oil Company (NISOC) said that by the end of the NGL 1000 overhaul operations, 10 million cubic meters per day of gas was added to the gas production capacity of the country. According to NIOC, Alireza Daneshi said, “With the follow-up and emphasis …

Turkey has upped the estimate of its natural gas reserves in the Black Sea by nearly a third, putting its total deposits at 710 billion cubic metres (bcm) in a boost to its aims of increasing its energy independence. Speaking after a cabinet meeting, President Recep Tayyip Erdogan said Turkey …

From 1 February, Russia will completely ban the sale of oil to countries that have introduced a price cap on its exports. The $60 (€56) cap was agreed at the beginning of December by the EU, the G7 group of nations and Australia. On 27 December, Russian President Vladimir Putin …

Japanese firms have signed new long-term agreements to buy LNG from the United States and Oman as Japan looks to cater for its energy security and further diversify its LNG sourcing options. INPEX Corporation, the major gas firm in Japan, announced on Monday a long-term Sales and Purchase Agreement with …