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The pace of Gazprom’s natural gas exports’ growth to Europe has slowed in recent months to just under five percent, according to data published by the Kremlin-backed gas giant yesterday. Gazprom revealed its natural gas exports outside the former Soviet Union bloc between January and December had increased 4.8 percent …

The European Union (EU) is reportedly reconsidering its position on extending long-term natural gas contracts beyond 2049 as part of reforms in its natural gas market to meet the net-zero by 2050 goal. Should the European Commission’s proposal be endorsed by EU heads of state and government this week, putting …

Mitsui OSK Lines (MOL) and Royal Vopak (Vopak) have come to an agreement whereby Vopak will acquire 49.99% of the shares in the vessel owning company of MOL FSRU Challenger, whose name will be changed to Bauhinia Spirit, a nod to Hong Kong’s flag, which features the tropical plant. This …

The European Union plans to stop funding new oil and gas pipelines in future, as it switches the focus to promoting energy sources that are less harmful to the climate. Negotiators from the EU member states and the European Parliament agreed on Wednesday morning on a reform of the TEN-E …

Italian major Eni has signed a contract to relaunch production in Algeria’s Berkine basin as well as an agreement for decarbonization initiatives. The contract for the Berkine area was signed by the CEO of Sonatrach Toufik Hakkar and the CEO of Eni Claudio Descalzi in the presence of the Minister …

China, the world’s biggest buyer of crude, is set to start 2022 with a subdued appetite for oil. For that, you can blame — or thank — Beijing’s increasingly tough line on the virus, pollution, and rule-breakers. The winter months are usually the time when refiners buy crude to replenish …

Japanese automakers are looking for ways to catch up with European and U.S. competitors in China, which has grown to become the world’s largest car market. Around 2 million vehicles were sold in China in 2000, before the country joined the World Trade Organization. Sales have since grown over tenfold …

The Omicron coronavirus variant will slow the recovery in global demand for oil but the market will be “more comfortable” in 2022, the International Energy Agency said on Tuesday. The oil market “appears to stand on a better footing than it has for some time,” the IEA wrote in its …

The European Union is planning a hard deadline to end long-term contracts to import natural gas as part of its green shift, a setback for top supplier Russia. The bloc’s executive arm wants to prevent such contracts from being extended beyond 2049 in a sweeping overhaul of its energy markets, …

Saudi Arabia said global oil production could drop 30 per cent by the end of the decade due to falling investment in fossil fuels. “We’re heading towards a phase that could be dangerous if there’s not enough spending on energy,” Oil Minister Abdulaziz bin Salman said in Riyadh. The result …