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European utilities are getting increasingly reliant on coal for power as the region tries to reduce its dependence on Russian natural gas. Even with prices for the dirtiest fossil fuel surging with most other commodities, it’s still much cheaper for power plants to burn coal than gas to make electricity. …

The Organisation of Petroleum Exporting Countries (OPEC) yesterday said the war between Russia and Ukraine has frightened investors from the oil and gas industry and also rattled commodity market. Speaking at the Nigeria Energy Forum (CERA Week 2022 Agenda, OPEC Secretary General, Dr. Sanusi Barkindo, noted that the war has …

With Europe unveiling plans this week to end its reliance on Russian gas by 2030, Algeria is keen to boost its output and become a major player. However, with long-term Russian contracts and structural issues in Algeria, that will prove to be a challenge, experts say. About 40 per cent …

With WTI at over $107 per barrel, and Brent at $111, energy stocks are setting record highs and buybacks are in the air. Bloomberg reports that a minimum of 21 major North American energy companies engaged in stock buybacks in Q4 2021, and that buybacks continue to gain significant momentum …

According to the latest Short-Term Energy Outlook from EIA, U.S. LNG exports decreased by one vessel for the period between 3 March and 9 March 2022 compared to the week before. Twenty-three LNG vessels with a combined LNG-carrying capacity 85 f billion cubic feet departed the United States in this …

Equinor, Western Europe’s largest natural gas producer, said it is extracting oil and gas at full capacity in order to replenish the continent’s dwindling gas storage, while admitting that Europe’s dependency on Russia will be “difficult” and will require greater investment in both fossil fuels and renewables. As part of …

Goldman Sachs Group Inc.’s economists warned the probability of a U.S. recession in the next year may be as much as 35% as they cut their forecasts for growth due to the hit from soaring oil prices and other fallout from the war in Ukraine. Economists led by Jan Hatzius …

National Iranian Tanker Company (NITC) has awarded the project for building a 113,000-ton oil tanker to a high-level domestic company, the company’s managing director announced. According to Hossein Shiva, NITC has awarded the construction of the mentioned vessel to Iran Shipbuilding and Offshore Industries Complex (ISOICO) and the official deal …

The National Iranian Oil Company (NIOC) voices the country’s readiness to supply oil to the global market “at a maximum level,” saying Iran’s potential return to the market could effectively help stabilize soaring crude prices. NIOC Managing Director Mohsen Khojasteh-Mehr told IRNA on Friday that the new Iranian administration has …

Iranian Minister of Petroleum Javad Owji has said that the return of oil and gas revenues is accelerating this year despite the sanctions as compared to last year. “Return of revenues from the sale of crude oil, gas condensate, gas exports, petroleum products and petrochemical products has increased 2.5 times …