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The biggest energy shock since the 1970s is expected to keep oil and other energy prices elevated for years as the Russian invasion of Ukraine is changing energy trade flows and consumption and production, the World Bank said in its latest Commodity Markets Outlook report on Tuesday. Prices of food …

A cargo of 2 million barrels of U.S. crude oil arrived this month in Spain. It is, according to Bloomberg, the biggest U.S. oil cargo to arrive in Europe since at least 2016. But it may be only the beginning. Bloomberg reported on the arrival of the supertanker this week, …

Iraq collectively grossed more than 10 billion dollars from oil sales in March 2022, according to a survey by the state oil marketer, SOMO. Crude oil exports amounted to 100,579,612 barrels, yielding 10,913,197 dollars, SOMO survey said. Exports from oilfields in Mid and south Iraq amounted to 99,130,677 barrels, while …

Asia is still snapping up cheap Russian oil that European buyers don’t want. Seaborne exports of the nation’s crude rebounded in the seven days to April 22. One-fifth of the volume shipped from ports on the Black Sea, Baltic and Arctic coasts is on tankers showing no final destination, with …

China, the world’s biggest importer of liquefied natural gas, is trying to sell some spare supply due to fears that demand-sapping virus lockdowns could spread from Shanghai to other parts of the country. Major buyers, including Cnooc Ltd., are offering at least five shipments for summer delivery on the spot …

A group of lawmakers from all political groups in the European Parliament has urged Germany to impose an embargo on Russian energy imports amid rumors that the EU would slap its sixth sanctions package later this week, according to a news report on Monday. In a letter dated Saturday and …

Technip Energies NV may have to considerably slow construction for Novatek PJSC’s Arctic LNG 2 project because of the latest European Union sanctions against Russia for invading Ukraine. The prospect is a blow for Netherlands-based Technip and the Russian energy company, which is developing the giant export terminal for super-chilled …

Benchmark European natural gas prices rose on Monday morning as forecasts of low wind speeds and still and cooler weather in the coming days spurred increased demand for gas for power generation across Europe. The day-ahead gas price at the Dutch TTF hub, the benchmark gas price for Europe, jumped …

Oil prices have fallen to a two-week low, dipping below $100 on fears of the further demand consequences of a COVID-19 lockdown in China that has sparked bearish sentiments in markets, despite a Russian oil decline and declining U.S. inventories. Brent was at $99.89–down some 5%–on Monday at 11:50am EST, …

The authorities in Norway have arrested 20 activists who used small boats to keep a Russian oil tanker from unloading off Copenhagen on Monday. The activists, joining a Greenpeace action, had chained themselves to the Hong Kong-registered Ust Luga oil tanker before being removed by police, Norway’s Aftenposten daily newspaper …