UAE’s Mubadala Energy announced a natural gas discovery in an offshore block in Indonesia. The discovery, analysts say, is the second-largest deepwater gas find this year, Reuters reported. In a statement, the company said the discovery was made in the South Andaman area, around 100 km offshore of North Sumatra. The exploration well Mubadala Energy.
The European Union’s energy ministers approved on Tuesday a plan to extend the emergency cap on natural gas prices for another year until the end of January 2025. The original cap on gas prices, the so-called “market correction mechanism,” was introduced at the end of last year to shield industry and households from excessive spikes in gas.
China’s state oil and chemicals giant Sinochem has bought a rare cargo of Venezuelan crude, trade sources told Reuters on Tuesday, as Chinese state-owned firms look to acquire cheaper crudes without fear of secondary sanctions now that the U.S. has eased the restrictions on Venezuela. The temporary U.S. sanctions relief from October 2023 to April.
Crude oil prices hit the highest in two weeks following BP’s announcement it will temporarily reroute its tankers away from the Red Sea amid intensifying attacks by the Yemeni Houthis on vessels in the area. Brent crude gained 1.8% on Monday and earlier today topped $78 per barrel, while West Texas Intermediate topped $72 per.
Turkey, which has become one of the biggest buyers of Russian oil after the EU embargo on Moscow’s crude and refined products, has saved some $2 billion from its oil import bill so far this year, as it has boosted imports from Russia, Reuters has estimated. Turkey has continued to buy Russian crude and refined.
Crude oil prices began the week with a 1% gain in mid-morning trade in Asia as the latest news about Red Sea ship attacks sparked concern about the security of oil shipments. At the same time winter weather in Russia has affected oil exports negatively, adding to oil’s upwards potential, Reuters reported today, citing an.
India is resuming imports of crude oil from Venezuela for the first purchases since 2020 as the U.S. lifted most of the sanctions on Venezuela’s oil industry in October. The easing of the sanctions now allows the production, lifting, sale, and exportation of oil or gas from Venezuela, and the provision of related goods and services, as.
Global coal demand is set to rise by 1.4% this year and surpass a record-high level of 8.5 billion tons for the first time, the International Energy Agency (IEA) said on Friday. While coal demand in the United States and the EU is set for a 20% record decline this year, coal use in emerging.
OPEC kept on Wednesday its oil demand growth forecasts for this year and next, citing better-than-expected economic performance so far this year and blaming “exaggerated concerns about oil demand growth” for the recent slump in oil prices. In its closely-watched Monthly Oil Market Report (MOMR) out on Wednesday, OPEC kept its forecast for world oil.
Crude oil prices began the day with a loss in Asian trading today as concerns about oversupply and weak demand continued to weigh on prices. Traders are also waiting for the outcome of a Fed meeting today and the Energy Information Administration’s latest weekly oil inventory report. Reuters noted in a report that recent economic.
