oil and gas

“I call on the companies to pass along every penny of this 18 cents reduction to the consumers,” President Joe Biden said Wednesday.

Biden warned refiners the administration is ready to “use all reasonable and appropriate Federal Government tools and emergency authorities to increase refinery capacity and output in the near term”

European countries that are dependent on Russian imports are looking to get greater access to the global natural gas market through a new pipeline that crosses a remote border area of Greece and Bulgaria. The pipeline is nearing completion, and it would ensure that large volumes of gas flows between the two countries in both directions. The project is seen...

The Kremlin warned other European Union countries could be next, sending shivers of worry through the 27-nation bloc

President Joe Biden is ordering the release of 1 million barrels of oil per day from the nation’s strategic petroleum reserve for six months in a bid to control energy prices

The White House on Thursday announced that the U.S. will release 1 million barrels of oil per day from strategic reserves.

The meeting comes more than a month after Russia launched its invasion of Ukraine.

In a call with German Chancellor Olaf Scholz, Russia’s Vladimir Putin said European firms could continue paying for gas supplies in euros or dollars.

Finance, geopolitics and cybersecurity will all be crucial in determining the scope and success of any energy transition.

With the U.S., EU and U.K. looking to phase out Russian gas imports, western leaders could look to LNG projects in sub-Saharan Africa to soften the landing.

One of the early casualties of Russia’s territorial ambitions in Ukraine was the Nord Stream 2 gas pipeline, a massive energy project that cost $11 billion.

Brent crude futures fell 5% early Thursday, while U.S. crude futures slid over 6%.

Poland’s government says it’s taking steps to cut Russian oil imports by the end of 2022 as Germany triggered an early warning level for natural gas supplies amid Russia’s war in Ukraine.

Germany said Wednesday the “early warning” measure was the first of three stages and does not yet imply a state intervention to ration gas supplies.

Major oil importers in Asia like China and India have been pressured by oil prices which have soared since Russia invaded Ukraine in late February.

Soaring energy prices have caused inflation to spike around the world and triggered cost of living crises across both developed and emerging economies.

Germany has some advice for Russian President Vladimir Putin: think about the consequences of asking for energy payments in rubles.

Saudi Arabia’s energy minister has said OPEC+ will keep politics out of its decision-making in favor of the “common good” of stabilizing energy prices.

Sanctions on Russia are likely to lead to higher prices, and Middle East nations don’t seem ready to increase supply, said Helima Croft of RBC Capital Markets.

The UAE’s energy and infrastructure minister said Monday that Russia will always be part of OPEC+ even as governments shun Moscow over the war in Ukraine.