Türkiye has sent a draft proposal to Iraq aiming to renew and broaden their energy agreement to include cooperation on oil, gas, petrochemicals, and electricity, according to an Iraqi oil ministry official.
The UK, in coordination with the EU, has reduced the price cap on Russian crude oil from $60 to $47.6 per barrel to increase economic pressure on Moscow.
The White House says Russia will face tough new tariffs — and countries buying its oil will be sanctioned — if it does not agree to a ceasefire with Ukraine within 50 days.
Kazakhstan will remain part of the OPEC+ oil production deal but is opening talks to revise contracts with foreign investors at its largest oil and gas fields, Prime Minister Olzhas Bektenov said on Tuesday.
The global oil market may be tighter than headline supply-demand figures suggest, the International Energy Agency (IEA) said Friday, citing rising refinery activity and seasonal summer demand as key drivers of short-term market pressure.
Oil prices plunged more than 12% last week, ending a three-week rally, with experts expecting them to stabilize around $60 if the fragile ceasefire between Israel and Iran holds.
Trump says China can continue buying Iranian oil after Israel-Iran ceasefire, hinting at softer sanctions enforcement.
Oil prices dropped 1% on Monday after hitting five-month highs, as markets assessed the impact of U.S. strikes on Iran and potential risks to oil transit through the Strait of Hormuz.
Goldman Sachs economists have warned that any significant disruption to oil shipments through the Strait of Hormuz could push Brent crude prices over $100 per barrel, potentially causing a sharp rise in transport costs, inflation, and slowing global growth.
Global oil demand will continue rising until around 2030, even as China’s consumption peaks in 2027, driven by low U.S. gasoline prices and slower EV adoption, the International Energy Agency (IEA) said on Tuesday.
U.S. Defense Secretary Pete Hegseth has authorized the voluntary evacuation of military dependents from locations across the Middle East, a U.S. defense official said Wednesday.
Iraq’s oil minister has voiced concerns over two major energy deals worth $110 billion signed by the Kurdistan region, stressing that such agreements should be authorized by the federal government.
Eight OPEC+ nations submit revised plans after breaching production limits.
Shell has signed a deal with Bulgaria to explore 4,000 sq km in the Black Sea for oil and gas, as Sofia seeks to diversify energy sources. The move follows a similar agreement with OMV Petrom and NewMed Energy last month.
Crude oil prices inched higher on global exchanges, reflecting cautious optimism amid ongoing market fluctuations.
Tehran International Oil, Gas, Refining and Petrochemical Exhibition (Iran Oil Show 2025) that will be held from May 8 to 11 is set to become the largest energy trade event in West Asia, - said Iran’s Deputy Oil Minister for International Affairs and Trade.
BP Chair Helge Lund intends to step down "likely during 2026" and the process to pick his successor has started, the energy group said on Friday amid a campaign by activist hedge fund Elliott for more change at the company.
Russia, the world's second-largest oil exporter, on Wednesday imposed restrictions on another major oil export route, suspending a mooring at the Black Sea port of Novorossiisk only a day after restricting loadings from a key Caspian pipeline.
A cargo ship rammed into an oil tanker off England’s northeast coast on Monday, igniting a fire and spilling jet fuel into the sea, forcing crews to abandon ship as explosions erupted.
Saudi Arabia has reduced oil prices for Asia by 40 cents per barrel, its first cut in three months. This follows OPEC+'s decision to increase supply by 138,000 barrels per day for April. The move aligns with market expectations, as Russian and Iranian oil supplies to China rise.
At least 42,000 liters of oil products have spilled into the Katwickhaven Canal near Hamburg's container port, contaminating over 90,000 cubic meters of water. Emergency crews are working to contain the spread.
The agreement could be signed by Kyiv and Washington as early as Friday, according to one report.
Brasília, Brazil, February 18, 2025 – Brazil’s government has approved joining OPEC+, a group of major oil-exporting nations, signaling a significant step in the country’s evolution into a prominent oil state.
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