Ukraine called on its allies on Wednesday to help it import more natural gas as it moved to increase gas imports by a third to 22.6 million cubic meters following a series of Russian missile attacks on Ukrainian gas facilities. The call came after natural gas production sites owned by Ukraine's state-run energy firm Naftogaz were damaged in a Russian strike on the central Poltava region on Tuesday, the company said. "These attacks on gas production and underground storage facilities create [Read more]

OPEC on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2025, saying air and road travel would support consumption and potential trade tariffs were not expected to impact economic growth. The Organization of the Petroleum Exporting Countries, in a monthly report, said world oil demand will rise by 1.45 million barrels per day (bpd) in 2025 and by 1.43 million bpd in 2026. Both forecasts were unchanged from last month. OPEC's view on oil demand is at the [Read more]

Mexico plans to boost its crude oil reserves to ensure it has enough for at least a decade of consumption, the chief executive officer of state energy company Pemex, Victor Rodriguez, said on Wednesday. Pemex has 12 strategic projects that will account for 61% of this hydrocarbon production, Rodriguez added. Speaking alongside Mexican President Claudia Sheinbaum at her regular morning press conference, Rodriguez said that Pemex would invest 105 billion pesos ($5.09 billion) to refurbish [Read more]

The Trump administration has named Kathleen Sgamma, a vocal oil and gas advocate for Western states, to head up the Interior Department's Bureau of Land Management, which manages the use of the country's nearly 250 million acres of public lands. Sgamma heads the Western Energy Alliance, which represents oil and gas companies that operate on federal lands, and had been critical of Biden and Obama administration efforts to set aside public land for conservation instead of opening more acres for [Read more]

U.S. crude oil inventories rose last week as refinery maintenance continued, while gasoline stockpiles posted a surprise draw, the Energy Information Administration (EIA) said on Wednesday. Crude inventories rose by 4.1 million barrels to 427.9 million barrels in the week ended February 7, the EIA said, compared with analysts' expectations in a Reuters poll for a 3 million-barrel rise. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 872,000 barrels last week, the EIA [Read more]

Russia may be forced to throttle back its oil output in the coming months as U.S. sanctions hamper its access to tankers to sail to Asia and Ukrainian drone attacks hobble its refineries. The United States imposed sanctions last month that targeted 180 Russian tankers while Kyiv has stepped up drone attacks to improve its bargaining position amid expectations that U.S. President Donald Trump will press Russian leader Vladimir Putin to negotiate an end to the war in Ukraine. Trump has said [Read more]

Oil prices edged down on Wednesday as an industry report showed an increase in U.S. crude stockpiles and tariff worries weighed on sentiment, though stronger refining margins limited the market's downside. Brent futures fell 25 cents, or 0.3%, to $76.75 a barrel by 0408 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 28 cents, or 0.4%, to $73.04 a barrel. The declines snapped a three-day streak of gains for prices with Brent climbing 3.6% while WTI rose 3.7%. Crude oil [Read more]

The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) narrowed on Tuesday: * WCS for March delivery in Hardisty, Alberta, settled at $13 a barrel under WTI, according to brokerage CalRock, having ended at a $13.20 discount on Monday. * The discount on Canadian heavy crude prices has been easing since February 5, when it sat at $14 a barrel under WTI. * Trump paused his plan to impose a 10% levy on Canadian oil for [Read more]