One of Turkey's mid-sized Mediterranean oil terminals - the Dortyol terminal - will no longer accept Russian imports after receiving record volumes last year, amid an increase in sanctions pressure by the United States. Turkey has become one of the biggest importers of Russian crude and fuel since 2022, after the West imposed sanctions on Moscow for the invasion of Ukraine. Russia responded by re-routing oil away from Europe and the U.S. to Asia, Turkey and Africa. Global Terminal [Read more]

Oil prices fell for a second day on Tuesday as pledges by China to transform its economy amid stuttering growth since the COVID pandemic failed to impress investors concerned about slower consumption. Brent futures for May fell 16 cents, or 0.2%, to $82.64 a barrel by 0301 GMT, while U.S. West Texas Intermediate (WTI) fell 28 cents, or 0.4%, to $78.46. Brent was on track to fall for the fifth straight session on Tuesday. China vowed to "transform" its economic development model and [Read more]

The United States may sell its 1 million barrel Northeast gasoline reserve in fiscal year 2024, according to the draft text of a funding bill released on Sunday. The reserve, first established in 2014 after Superstorm Sandy left motorists in the northeastern United States without fuel, is located in New York Harbor, New York, Boston, Massachusetts and Portland, Maine. The proceeds from the sale of the refined products in the reserve would be deposited into the Treasury's general fund, [Read more]

The European Union is set to call for the fossil fuel industry to help pay for fighting climate change in poorer countries under a United Nations target, a draft document shows, as nations prepare for talks this year on a global finance goal. This year's U.N. climate negotiations in Baku, Azerbaijan, in November, are the deadline for countries to agree a new goal of how much wealthy, industrialised nations should pay poorer ones to adjust to the most severe impacts of a hotter world. Given [Read more]

U.S. natural gas producers are curbing their output and spending on drilling activity as an oversupplied market has brought the prices of the commodity down to multi-decade lows. In recent months, gas prices have dropped on near-record output and low heating demand from a mild winter, leaving ample amounts of gas in storage. Below is a list of natural gas producers and steps they are taking to tackle price declines. EQT Corp The biggest natural gas producer cut natural gas production [Read more]

International Atomic Energy Agency chief Rafael Grossi has asked global development banks and their government shareholders to fund new nuclear energy projects, stating that failing to do so could delay the energy transition, the Financial Times reported on Monday. The U.N. nuclear watchdog chief told the Financial Times in an interview that lack of funding for emissions-free nuclear energy by multilateral lenders such as the World Bank and Asian Development Bank was "out of step" with the [Read more]

Oil prices nudged higher on Monday after OPEC+ members agreed to extend voluntary oil output cuts to the end of the second quarter, largely in line with market expectations, while Russia pledged to cut production and exports. Brent futures was 14 cents, or 0.2% higher, at $83.69 a barrel at 0415 GMT, while the U.S. West Texas Intermediate (WTI) inched up 2 cents to $79.99 a barrel. Prompt Brent intermonth spread widened 5 cents to 90 cents a barrel while the six-month spread gained 15 [Read more]

OPEC+ members led by Saudi Arabia and Russia agreed on Sunday to extend voluntary oil output cuts into the second quarter, sources said, giving extra support to the market amid concerns over global economic growth. Saudi Arabia, the de facto leader of the Organization of the Petroleum Exporting Countries (OPEC), said it would extend its voluntary cut of 1 million barrels per day (bpd) through the end of June, leaving its output at around 9 million bpd. The cuts would be reversed gradually, [Read more]