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European refiners now seem to have more crude oil than they need—with the early panic about Russia’s dwindling oil exports—and the world’s subsequent oil shortage—proving to be overblown. Crude oil traders have pointed to Europe’s ability to source crude oil from Latin America, the Middle East, and the United States …

The European Commission (EC) has prepared a draft document that includes a mechanism for introducing a dynamic ceiling on natural gas (NG) prices. The final version will be presented at the EU summit on Nov. 24, Italian Environment and Energy Security Minister Gilberto Pichetto Fratin said in an interview published …

Russia said on Friday that it and China had switched to national currencies in their trade for natural gas, implementing a deal they signed in early September. Noting that Beijing already paid for Russian gas on the basis of the ruble-yuan parity, Deputy Prime Minister Alexander Novak said in a …

Ankara is ready to transit natural gas from Turkmenistan to Europe, the Neutral Turkmenistan newspaper reported on Saturday, following the visit of Chairman of the Grand National Assembly (Parliament) of Turkey Mustafa Sentop to Ashgabat. According to the newspaper, the parliament speaker said that there are broad prospects for increasing …

Traces of explosives were found near the sites of the explosions at the Nord Stream 1 and Nord Stream 2 gas pipelines in the Baltic Sea, Sweden said on Friday, noting that the incident is “gross sabotage.” Gas leaks in each of the Nord Stream 1 and 2 pipelines were …

The number of total active drilling rigs in the United States rose by 3 this week, according to new data from Baker Hughes published on Friday. The total rig count increased to 782 this week—219 rigs higher than the rig count this time in 2021, and 297 rigs lower than …

The European Union will have its regulations in order before the Russian crude oil price cap and ban goes into effect, the EU’s energy commission told Reuters on Friday. Although the G7 price cap has yet to be quantified. The G7 plan to cap the price of Russian crude oil …

The world’s largest crude oil exporter, Saudi Arabia, has started to slash its crude exports after OPEC+ is now reducing its overall target production by 2 million barrels per day (bpd). Initial tracking and estimates suggest that so far in November, Saudi Arabia has reduced its crude oil exports by …

Gazprom could supply up to one billion cubic meters of gas to Azerbaijan this winter, the Russian state-owned company said in a statement. “Deliveries of Russian gas to Azerbaijan began on November 15 as per the new gas sale-and purchase-agreement. Gazprom Export LLC and the State Oil Company of the …

Iran has been ramping up its natural gas production with the aim of increasing exports to global markets as the demand in Europe for natural gas is surging ahead of winter, an Oilprice.com report stated. “Iran last week made it clear that it is ramping up its gas production operations …