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The number of active drilling rigs in the United States rose by 5 this week—the 18th straight weekly increase to the number of oil and gas rigs in the United States. The total rig count now has now reached 650, as the world watches for any signs of increased output …

Beijing, a key Russian ally, has moved to restrict financing for Russian commodities purchases through two of China’s largest state-owned banks, Bloomberg reports, as Russian forces advance to Kyiv only a day after launching a full-scale invasion plan. According to Bloomberg, the Industrial and Commercial Bank of China (ICBC) has …

Russia and China are making much of their strategic partnership as a counterbalance to their stresses with the West, but the European Union is still much more important economically to Russia than is China, and Australia comprehensively trumps Russia as a supplier to China. There’s no realistic prospect of China …

Russian natural gas flows through the Yamal-Europe pipeline halved on Thursday morning on its way to Poland, data from German network operator Gascade showed, the same day that Moscow launched “a special military operation” in Ukraine. It was not immediately clear whether the lower flows were related to the developments …

The sanctions that the United States is imposing on Russia for recognizing two breakaway regions in eastern Ukraine and sending troops there are not targeting Russian oil and gas flows, nor will they target such flows in subsequent sanctions that could be imposed soon, the U.S. said. On the condition …

Shares of Saudi Arabian Oil Co. hit their highest level since listing, at SAR 42.25 today, Feb. 24. The stock is trading at an increase of over 3%, with nearly 18 million shares traded so far. Brent crude jumped above $100 a barrel on Thursday’s trading session for the first …

Operator TotalEnergies has made a significant discovery of light oil and associated gas off the coast of Namibia, the company said on Thursday, 24 February. Two sources earlier told Reuters about the large discovery in the Venus-X1 well, the second recent offshore discovery for the southern African country that has …

Oil prices surged by nearly $6 per barrel Thursday after President Vladimir Putin launched Russian military action in Ukraine. Brent crude oil jumped to over $100 per barrel on unease about possible disruption of Russian supplies. The price of US benchmark crude briefly surpassed $98 per barrel. The ruble sank …

Russian gas exports via Ukraine have continued as normal and are in line with requests from consumers, Russian energy giant Gazprom said on Thursday. The company said the requests have been at 83 million cubic metres per day as of Feb. 24, up 31.4% from Feb. 23.

European aerospace and defence group Airbus (EPA:AIR) will partner with a joint venture of General Electric Co (NYSE:GE) and Safran Aircraft Engines to develop a hydrogen-fuelled aircraft engine that should be put into operation in zero-emission aircraft by 2035. As part of a demonstration programme, the partners will ground and …