Turkey’s total oil imports increased by 22.3% on an annual basis to 4.20 million tons in October, according to data released by the country’s energy watchdog on Thursday. Crude oil imports, the category with the highest oil import volume, rose by 24.2% in October to 2.89 million tons, the Energy …
Read More »Oil Prices up from Market Relief over New Variant Worries
Oil prices increased on Thursday on investor relief following news that the Pfizer-BioNTech vaccine booster is capable of neutralizing the omicron variant. International benchmark Brent crude was trading at $76.32 per barrel at 0624 GMT for an 0.65% increase after closing the previous session at $75.82 a barrel. American benchmark …
Read More »Oil up, Awaiting Strategic Oil Reserve Release Impacts
Global oil prices continued their rise on Thursday with the coordinated release of oil from strategic reserves, which is being closely watched by investors who want to determine how prices will be affected. International benchmark Brent crude was trading at $82.42 per barrel at 0600 GMT for a 0.20% increase …
Read More »Iran, China Top FMs Discuss Vienna Talks, IAEA Cooperation
The top diplomats from Iran and China discussed upcoming nuclear talks in Vienna on Saturday and Iran’s cooperation with the UN nuclear watchdog. Foreign Minster Hossein Amir-Abdollahian expressed hope to his Chinese counterpart Wang Yi in a telephone call that the US and the Europeans would “enter the negotiations realistically,” …
Read More »Europe’s Dependence on One Energy Source is Major Problem
Europe’s large dependence on one single natural gas supplier has contributed to the current energy crisis, according to the head of the LNG department at Swiss-based energy company Axpo. Axpo head Antonio Canseco, in his speech during Europe’s largest and most influential meeting place for the global gas industry, the …
Read More »Oil Prices Volatile as US Crude Stocks Rise, Energy Crisis Continues
Oil prices were volatile on Thursday, but keen to return to their upward path despite an unexpected build in US crude oil inventories as the world countries are bracing themselves for a post-pandemic energy crisis. International benchmark Brent crude was trading at $77.92 per barrel at 0701GMT for a 0.21% …
Read More »Turkey Poised to Become LNG Bunkering Hub with New Tri-Party Agreement
Turkey is on its way to becoming a key hub for LNG supplies with cooperation from Turkey’s largest public institution in the areas of energy, trade, transportation and storage, BOTAS, along with Arkas Bunkering and Sumitomo Corporation, according to Turkey’s BOTAS on Wednesday. A confidentiality agreement signed between BOTAS, which …
Read More »OPEC+ Keeps Hopes Up
After an unusually quick meeting on Sept. 1, OPEC+ decided to stick with its current production deal of adding an extra 400,000 barrels to markets at least until October as it continues to see markets tightening, a recovery in demand for oil for the remainder of 2021 of over 6 …
Read More »World must Commit to Nuclear Arms Reductions
Recalling the disastrous nuclear bombing by the US on Nagasaki 76 years ago, the mayor of the Japanese city on Monday urged world leaders to “commit to nuclear arms reductions.” “In order to follow a single path toward a world free of nuclear weapons amidst these two conflicting movements, world …
Read More »Oil Up over Demand Hopes as US Crude, Gasoline Stocks Signal Recovery
Oil prices rose on Friday over rising demand euphoria after US crude and gasoline oil inventories recorded huge falls although the lack of consensus at the latest OPEC+ meeting is leaving oil markets without direction. International benchmark Brent crude was trading at $74.48 per barrel at 0752 GMT for a …
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