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Oil prices rose nearly 1.5 per cent on Friday, posting a second straight weekly increase as impending European Union sanctions on Russian oil raised the prospect of tighter supply and had traders shrugging off worries about global economic growth. Brent futures, the global benchmark, rose $1.49, or 1.3 per cent, …

Nigeria may lose its largest crude oil buyers, China and India, as both countries plan to negotiate Russian oil at discount prices. India is said to be asking Russia for below $70 per barrel discount price. The duo’s move comes as Europe considers banning Russian oil due to the country’s …

Russia plans to put the Nord Stream 2 gas pipeline to domestic use after the fuel exports to Germany and Europe that were envisaged in its decade-long construction were called off because of the war in Ukraine. The Baltic Sea pipeline was completed last year but had not yet entered …

An official with the National Iranian Oil Company (NIOC) revealed that Phase 11 of the South Pars Gas Field is expected to generate 14 million cubic meters of gas per day by the end of current Persian calendar year (March 20, 2023). According to IRNA, Karim Zobeidi, NIOC’s director of …

The European Union has proposed a revision to its Russia oil sanctions ban that would give Hungary and Slovakia an extra year, until the end of 2024, to comply, according to people familiar with the matter. The Czech Republic would also be granted an exemption until June 2024, the people …

OPEC+ will likely stick to modest oil output increases on Thursday arguing it is not responsible for geopolitics and supply disruptions while stressing its worries over the demand outlook due to new Covid-19 lockdowns in China. Delegates from the group said OPEC+ was set to agree another monthly increase of …

The Russian invasion of Ukraine has put the European energy and climate policies through their most difficult test so far. The spike in energy prices aggravated by the slow pace of energy transition in Europe and the excessive reliance on Russian fossil fuel imports have demonstrated the need for a …

The general director of the state corporation Rosatom, Alexei Likhachyov, and his counterpart from the International Atomic Energy Agency (IAEA), Rafael Grossi, met in Istanbul on Wednesday to discuss in detail, among other things, the safety at Ukraine’s nuclear power plants (NPPs), Rosatom stated. The pair paid special attention to …

OPEC+ members meeting on Thursday are expected to agree a marginal increase in oil production, bolstered by risks to demand amid coronavirus restrictions in China. Russia’s invasion of Ukraine has also added to supply concerns, which have increased with Europe’s announced moves on a potential Russian oil embargo. Prices soared …

Italian Prime Minister Mario Draghi recalled the importance of boosting the industrial partnership between Italy and Japan, particularly in the renewable energies sector, at a press conference at Palazzo Chigi after a bilateral meeting with the Japanese Prime Minister Fumio Kishida. In an attempt to curb energy reliance from Moscow …