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European energy companies appear to have bent to Russian President Vladimir Putin’s demand that they purchase natural gas using an elaborate new payment system, a concession that avoids more gas shut-offs and also gives Putin a public relations victory while continuing to fund his war effort in Ukraine. The system, …

Representatives of Turkish companies that purchase oil and fat products in Russia expect supplies of such products to remain at a high level this year, the Russian Agriculture Ministry’s Agroexport Center said. “Representatives of Turkish companies, most of which already work with Russia, are confident that the quantity of supplies …

European Commission President Ursula von der Leyen has ruled out reaching an EU-wide agreement on banning Russian oil imports at next week’s European Council summit. In an interview with POLITICO on the sidelines of the World Economic Forum in Davos, von der Leyen said she did not want to raise …

Scientists at the U.S. Naval Research Laboratory believe that power beaming could be the next big thing in energy, capable of wirelessly powering devices and delivering electricity from miles away. Basic physics and recent advances in transmission and reception technologies could one day provide power without needing electricity grids—potentially reducing …

Tensions are rising between Baghdad and Kurdish officials in the semi autonomous Kurdistan Regional Government in Northern Iraq as Iraq’s Oil Ministry prepares to take control of the Kurdish oil sector, including contracts with foreign companies. On Saturday, the Iraqi Oil Ministry announced plans to create a new national oil …

Italian Eni and French TotalEnergies on Monday began the exploratory drilling of a natural gas well off the coast of Cyprus in the same block where a discovery was made in 2018. On Monday, the Tungsten Explorer drillship arrived off the coast of Cyprus to begin drilling in Block 6, …

Norway, western Europe’s largest oil and gas producer, should share the huge profits it has made from oil and gas exports since the Russian invasion of Ukraine, Poland’s prime minister Mateusz Morawiecki said this weekend. “They should share these excess profits. It’s not normal, it’s unjust. This is an indirect …

Oil prices fell by more than $1 on Tuesday as concerns over a possible recession and China’s COVID-19 curbs outweighed an expectation of tight global supply and a pick-up in fuel demand with the U.S. summer driving season. Brent crude futures for July fell $1.34, or 1.2 per cent, to …

CEO and President of Saudi Aramco Amin Nasser said that the company cannot expand production capacity any faster than promised. “The world is facing a major oil supply crunch as most companies are afraid to invest in the sector as they face green energy pressures,” Nasser said. Aramco is sticking …

The liquefied natural gas market is hurtling toward a potentially historic shortage this winter as the world rushes to secure the super-chilled fuel. Europe’s plan to cut imports of piped Russian gas by two-thirds by the end of the year and replace it with LNG from the US and Africa …