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Russian Foreign Minister Sergey Lavrov said he supported Norwegian Prime Minister Jonas Gahr Store’s criticism of the European Commission’s call to prohibit the development of new oil and gas fields in the Arctic region. “I agree with the opinion, expressed by Norwegian Prime Minister Store, who has already expressed his …

Oil rose with traders awaiting U.S. supply data that will show whether inventories tightened further at the Cushing, Oklahoma, crude storage hub. U.S. crude futures rose 1.1% on Tuesday, holding at the highest since 2014. The industry-funded American Petroleum Institute’s inventory tally due later Tuesday will be closely watched after …

Oil services company Petrofac has said it is “anticipating significant upside potential upon return to markets in Saudi Arabia, Iraq and the UAE”. In 2019, customers in Iraq and Saudi Arabia suspended Petrofac from bidding on new contracts, while allowing it to execute pre-existing contracts, followed by a UAE customer …

Saudi Aramco said oil-output capacity across the world is dropping quickly and companies need to invest more in production. It’s a “huge concern,” Chief Executive Officer Amin Nasser said in an interview in Riyadh, Saudi Arabia’s capital. “The spare capacity is shrinking.” His comments come with crude prices having soared …

Oil prices edged higher on Tuesday after trading down earlier, looking set to sustain a rally driven by strong demand in the US, the world’s biggest consumer of oil and its products. Brent crude was up 13c or 0.2% at $86.12 a barrel by 0427 4.27am GMT, after gaining 0.5% …

European Union energy ministers are set for another spat over how to cushion consumers and companies from soaring power and natural gas prices, with political and legal constraints leaving little room for immediate action. At an emergency meeting in Luxembourg on Tuesday, the ministers will discuss how the EU could …

Saudi Aramco said that oil-output capacity across the world is dropping quickly and that companies need to invest more in production. It’s a “huge concern,” Chief Executive Officer Amin Nasser said in an interview in Riyadh, Saudi Arabia’s capital. His comments come with crude prices having soared 70% this year …

The European Union’s top negotiator will meet his counterpart from Tehran this week in Brussels for talks on restarting negotiations over Iran’s nuclear deal, a spokesman for the bloc said on Monday. “I can confirm that a bilateral meeting with his Iranian counterpart is planned for this week,” spokesman Peter …

Russian natural gas supplied to Europe has the minimal carbon footprint and meets all EU climatic requirements, Deputy CEO of the Russian gas holding Elena Burmistrova said in an interview with the Gazprom’s corporate magazine. The European Union has recently announced plans to introduce the carbon duty in 2026 at …

Third Iran-Germany Joint Energy Committee meeting will be held on Tuesday, October 25, Trend reports citing ILNA. The meeting will be held online, via a video conference. The Iranian delegation will be represented by Oil Minister Jawad Owji. According to ILNA, the first Iran-Germany Joint Energy Committee meeting was held …