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India started buying prompt shipments of liquefied natural gas from the spot market after a two-month absence, indicating a rebound in demand as the nation exits a deadly phase of the Covid-19 pandemic. Petronet LNG Ltd. and Indian Oil Corp. awarded tenders for delivery over the next few months, the …

The return of Iranian oil to the world market needs to be taken into account, but first, there has to be an understanding of the exact schedule and volume limits, Russian Deputy Prime Minister Alexander Novak told Sputnik. “Of course, this must be taken into account. Because it affects the …

China’s Silk Road Fund and Hassana Investment Co., controlled by the Saudi Arabian government, joined a group investing $12.4 billion in Saudi Aramco’s oil pipelines. The consortium, led by U.S. firm EIG Global Energy Partners LLC, has now closed a deal to acquire a 49% equity stake in Aramco Oil …

Iraqi expects oil prices to reach $80 per barrel, the country’s state news agency reported on Sunday, citing an oil ministry spokesman. The spokesperson, Asim Jihad, did not give a timeframe for the increase he predicted. Crude prices have been on the rise over the past weeks, settling over $70/barrel …

China has discovered a new 1-billion-ton super-deep oil and gas area in the Tarim Basin in Northwest China’s Xinjiang Uygur Autonomous Region, the largest discovery in the basin in nearly 10 years, the Chinese state-owned energy giant China National Petroleum Corporation (CNPC) said on Friday. The discovered well is located …

Germany said Turkey should negotiate a solution to its disputed natural gas exploration plans in the eastern Mediterranean. German Defence Minister Annegret Kramp-Karrenbauer called for an agreement after meeting with Turkish Defence Minister Hulusi Akar on Thursday in Ankara. The talks focused on tensions in the eastern Mediterranean and NATO’s …

Recently, panic struck the southeastern United States as the Colonial Pipeline, the country’s largest fuel pipeline network, shut down after a cyberattack. With 2.5 million barrels per day of gasoline, diesel, and jet fuel suddenly gone, mass panic buying ensued, sending prices into a spiral of volatility. The incident reminded …

A new wave of LNG importers borne out of China’s gas market reforms is the new growth opportunity in Asia’s LNG market, but their limited procurement capability and prompt demand requirements mean they are active only in the spot market. This complicates the marketing strategy of large LNG producers like …

China’s Silk Road Fund and Saudi Arabia’s Hassana Investment Co. have joined a group of investors in Saudi Aramco’s oil pipelines. The consortium led by U.S. group EIG Global Energy Partners LLC acquired a 49% equity stake in Aramco Oil Pipelines Co. for $12.4 billion, according to an emailed statement. …

Russia’s second-largest oil producer Lukoil plans to invest $3 billion in production of petrochemicals within the next 6 years, TASS news agency quoted the company’s head, Vagit Alekperov, as saying on Friday. He was speaking at the launch of an isomerisation unit at the NORSI oil refinery that is part …