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Oil prices rose 1% on Tuesday, clawing back more of last week’s losses as investors focused on tight supplies of crude and fuel products rather than concerns about a recession dampening demand. Brent crude futures rose $1.08, or about 1%, to $115.21 a barrel at 4am GMT, adding to a …

Plans by Shell’s Iraq gas capture joint venture to ramp up its operations hinges on three southern oil fields reaching their plateau level of production to allow the JV to process more associated gas, the country chairman of Shell Group of Companies in Iraq & UAE said June 18. Under …

The German government said that it remains committed to its goal of phasing out coal as a power source by 2030, despite deepening worries about a cut in Russia’s gas supplies. Russia’s Gazprom announced last week that it was sharply reducing supplies through the Nord Stream 1 pipeline to Germany …

Gazprom’s natural gas flows to Greece will be interrupted from June 21 to June 27, according to information published by from state-run Public Gas Corporation of Greece DEPA. The interruption is due to the annual scheduled maintenance of the TurkStream pipeline, through which Greece is supplied. Gazprom announced on Saturday …

Germany’s economy minister said Sunday that the country will limit the use of natural gas for electricity production amid concerns about possible shortages caused by a cut in supplies from Russia. Economy Minister Robert Habeck said that Germany will try to compensate for the move by increasing the burning of …

The Norwegian Petroleum Directorate (NPD) has announced a minor gas discovery southwest of the Skarv field in the Norwegian Sea at wildcat well 6507/4-3 S. Preliminary estimates indicate the size of the discovery, which is operated by ConocoPhillips Skandinavia AS, is less than 0.1 million standard cubic meters of recoverable …

Italy is considering moving to a state of alert to ration gas consumption and increase gas storage following Gazprom’s gas supply cut, Italian newspaper Corriere della Sera reported. According to the Italian emergency protocol, the state of “alert” – which is the second level on a scale of three – …

State-owned China National Petroleum Corp. and Sinopec are expected to invest in Qatar’s $29 billion North Field East project, said a person familiar with the situation, who asked not to be identified discussing a private matter. The companies are looking to procure LNG under long-term contracts, two other people familiar …

LG Chem Ltd. said Monday it is building a hydrogen plant in South Korea to produce clean fuel for use in its key petrochemical processing in line with its long-term low carbon emission goals. The hydrogen plant, to be located in its Daesan complex, about 75 kilometers southwest of Seoul, …

China continued to snap up Russian energy products last month, including a record quantity of crude oil, lifting purchases to $7.47 billion — about $1 billion more than April and double the amount of a year ago. The increase in shipments came as the war in Ukraine entered a fourth …