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The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 1 to 585 this week, compared to 632 rigs this same time last year. The …

Russia has announced that it possesses more than a century’s worth of coal reserves, signaling its enduring role as a key player in the global energy landscape despite facing Western sanctions. According to Alexander Kozlov, Russia’s Minister of Natural Resources and Environment, the country’s coal reserves are estimated at an …

Iraq retained its position as the second-largest supplier of oil to India in July, according to recent data from Indian industry and trade sources. The data, reviewed by Shafaq News, indicated “a 4% increase in India’s crude oil purchases from the Middle East in July, lifting the region’s share of …

The U.S. has imposed sanctions on seven liquefied natural gas carriers linked to Russia, including vessels believed to have loaded at its newest export facility in the Arctic region. LNG vessels included Pioneer and Asya Energy, which loaded the first two shipments from the Arctic LNG 2 project previously sanctioned …

OPEC is unlikely to reverse any of the production cuts that it approved last year as growing production from non-cartel countries is on the rise, pressuring prices. The observation, made by BP’s chief economist Spencer Dale, could inject some optimism into oil markets, where many appeared to expect that the …

A group of 50 organizations including the International Energy Agency and the Climate Bonds Initiative has set up a scheme to fund oil and gas companies committing to methane emission reduction, Bloomberg reported, noting the funding will take the form of so-called transition bonds. The group will release its recommendations …

Russia’s Novatek has once again hit a snag with its Arctic LNG 2 project, postponing the start of its third line from 2026 to 2028, according to RBC Media. This delay is a direct consequence of the Western sanctions imposed due to Russia’s ongoing conflict with Ukraine. These sanctions have …

Brazil’s grid operator is capping the amount of electricity wind and solar producers can supply to the national grid, seriously threatening future renewable energy investments in the country. Industry executives and representatives have lamented that renewable energy investments are less viable under the National Electric System Operator’s (ONS) current “curtailments” …

The trend of legacy automakers ditching their plans and investments in EVs continues, with Ford reportedly the latest to cancel plans for a large three-row electric sport-utility vehicle, according to a new report from the Wall Street Journal. The company will take $1.9 billion in related special charges and write-downs …

Europe is facing a tighter gas market as Norwegian field operators enter scheduled maintenance season. Any unplanned extension of the maintenance period would cause an imbalance on gas markets on the continent and leas to price rises, Bloomberg reported. “Europe is already struggling,” Florence Schmit, a European energy strategist at …