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Crude oil prices rose marginally on Thursday amid volatility after the recent steep fall amid recession fears. Around 11.25 am, the September contract of Brent on the Intercontinental Exchange was at $99.80 per barrel, higher by 0.23% from its previous close. The August contract of WTI on the Nymex was …

Maintenance on the Nord Stream 1 pipeline may well persist beyond its scheduled end-date next week but will likely resume operations by the end of next month, analysts said on Wednesday. The key gas conduit – between Russia and Germany – began 10 days of annual maintenance on Monday, but …

Russian gas monopoly Gazprom said on Wednesday it wouldn’t guarantee the resumption of gas shipments to Europe through its pipelines, despite recent political decisions in Canada allowing the return of key compression equipment from maintenance. Under pressure from European allies in the throes of an energy crisis, the Canadian government …

OPEC expects global oil demand to rise in 2023 but at a slower pace than 2022, the producer group said in its first forecast for next year, citing still-robust economic growth and progress in containing COVID-19 in China. In a monthly report on Tuesday, the Organisation of the Petroleum Exporting …

The value of Iran’s non-oil export to Oman jumps 168 percent in the first quarter of the current Iranian calendar year (March 21-June 21), from that of the same quarter in the previous year, the spokesman of Islamic Republic of Iran Customs Administration (IRICA) announced. Ruhollah Latifi said that Iran …

Germany will stop buying Russian coal on 1 August and Russian oil on 31 December, Deputy Finance Minister Jörg Kukies said at a conference in Sydney, Reuters reported. Kukies said the key challenge going forward will be filling the huge gap that will remain when the European Union gives up …

China’s imports of edible oils plunged to the smallest in more than seven years on weak demand from the restaurant industry as the impact of Covid lockdowns lingers, and on expectations prices will drop even more. Just 254,000 tons were unloaded in June, the lowest monthly total since February 2015, …

Japan may ask households and businesses to cut back on natural gas use on the back of concerns that increase in global competition for the precious fuel will disrupt stable supply. A panel within Japan’s trade ministry called for discussion to create a framework that would allow the government to …

The value of Iran’s non-oil export to Iraq fell 22 percent in the first quarter of the current Iranian calendar year (March 21-June 21), from that of the same quarter in the previous year, the spokesman of Islamic Republic of Iran Customs Administration (IRICA) announced. Ruhollah Latifi said that Iran …

The European oil market just received another supply shock ahead of the looming EU embargo on seaborne Russian oil imports. A Russian court has ordered the closure of a key Russian Black Sea export route, through which most of Kazakhstan’s crude oil passes to Europe. The Russian court ruling further …