Tag Archives: Oil Price

The European Commission has given Bulgaria the go-ahead to join the eurozone single currency region as of January 1, 2026, the country’s second major step in just one year on its path to full integration into the European Union. The commission, which met on June 4 to convey its decision …

Negotiators from the European Parliament and the EU member states have provisionally agreed to ease the bloc’s natural gas storage targets by allowing a 10 percentage point deviation in the 90% full storage goal, Bloomberg reported on Wednesday, citing a draft document it has seen. The greater flexibility comes in …

The combined net profits of Russia’s oil and gas companies nearly halved in the first quarter from a year earlier, while petroleum revenues for the budget have been falling with the decline in oil prices in recent months. The net profits of the Russian oil and gas firms slumped to …

Shell expects to add 12 million tons of LNG capacity volumes by the end of the decade from projects currently under construction, a top executive at the world’s largest LNG trader said on Wednesday. “(There is) up to 12 million tons of additional (LNG) capacity that we’re adding between now …

Asia’s currently tepid LNG demand is set to become robust during the summer months as models suggest higher-than-usual temperatures across north Asia. A rise in Asian demand will support increased U.S. exports of liquefied natural gas, which are already at record highs, Reuters columnist Gavin Maguire notes. Early this month, …

Crude oil demand will continue growing over the coming decades as the world’s population increases, the secretary-general of OPEC, Haitham Al Ghais, said this week, predicting a 24% cumulative rise in this demand until 2050. “There is no peak in oil demand on the horizon,” Al Ghais said at the …

Texas is pumping natural gas out of the ground and exporting it at a record pace. It may only be the start of another energy boom for the Lone Star State because natural gas demand is growing both globally and at home. Texas produced 34.1 billion cu ft daily of …

US petrochemical producers may have found themselves on the front line of global trade wars, BNEF reports, with China’s dependence on the US for feedstocks (see “Chinese Plastics Factories Face Mass Closure As US Ethane Supply Evaporates”) blunting the impact of its dominations of exports of rare earth metals. China …

The European Commission is set to unveil later on Tuesday its new sanctions package against Russia, which will include a proposal to lower the oil price cap for Russia’s crude to $45 per barrel and to ban the use of Nord Stream infrastructure, sources with knowledge of the plan told …

As China’s natural gas demand growth slows, domestic gas producers are lobbying the authorities to raise the number of gas-fired power plants, which they see as the key growth driver going forward, sources involved in advising on energy policy have told Bloomberg. China’s gas demand growth has weakened in recent …