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Europe News

Two Russian shadow fleet tankers on fire off Turkiye's coast

Two sanctioned oil tankers, the Kairos and the Virat, have caught fire in the Black Sea a few dozen nautical miles off the Turkish coast. Their crews are safe as the causes of the explosions are being investigated.

Europe News

2% of Russian global oil supply affected following Ukrainian attack

A major oil terminal in the Russian port city of Novorossiysk in Krasnodar Krai temporarily suspended operations, approximately 2% of global exports, following Ukrainian attacks.

Business

How Azerbaijan’s oil fund is expanding its influence in Europe

Azerbaijan’s State Oil Fund is ramping up European infrastructure and renewables investments, taking stakes in London Gatwick airport and Italian solar panel capacities as it seeks to diversify away from oil and hydrocarbon revenues.

Markets

European shares hit record highs on US shutdown progress

European stocks rallied to new record highs as optimism grew over a US government shutdown resolution and strong corporate earnings. Gains were led by healthcare and luxury sectors, while UK bond yields rose amid political uncertainties. Currency and commodity markets showed mixed signals.

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Business

Swiss firm Gunvor drops plan to buy Lukoil assets after US resistance

“As long as Putin continues the senseless killings, the Kremlin’s puppet, Gunvor, will never get a licence to operate and profit,” said the US Treasury in an X post on Thursday.

Earth News

Norway oil projects face stricter climate scrutiny after court ruling

The case worked its way through European legal systems for nearly a decade before the ruling.

Europe News

Viktor Orbán in push to reverse Trump's sanctions on Russian oil

Orbán said he will visit Trump next week to discuss Russian oil imports to Hungary after the US imposed sweeping sanctions. When asked if Trump's tariffs on Russian oil went too far, Orbán said yes.

Earth News

Trump reopens Alaska wildlife refuge to oil and gas drilling

The Trump administration has approved plans to open Alaska’s Arctic National Wildlife Refuge to oil and gas drilling, rekindling fierce debate between economic interests and environmental protection.

Europe News

Donald Trump called Hungary's Orbán to discuss Russian oil imports

According to the Hungarians, Orbán told Trump that Hungary needs Russian fuel to keep its energy prices low, and Trump acknowledged this.

Europe News

Hungary rebuffs Trump's call to cut Russian oil imports

Hungary said that alternative routes wouldn't suffice to replace Russian pipeline oil, after Donald Trump warned he would call Viktor Orbán to tell him to stop buying Russian oil. Experts say Hungary could use EU funds for the decoupling.

Climate

Former world leaders call for permanent taxes on oil and gas profits

During an energy price crisis in 2022, similar taxes raised billions, the authors argue.

Ukraine

Latest Russian missile and drone attack on Ukraine kills three

Russia launched over 600 drones and missiles towards nine regions across Ukraine. Meanwhile, Kyiv struck two Russian oil refineries, as part of its wider campaign against Russian oil and gas.

Business

Syria resumes oil exports after 14 years, with 600,000 barrels a day

Before 2010, when the protests against Bashar al-Assad led to a civil war in the country, oil provided more than half of Syria's income.

Business

BP launches cost-cutting scheme despite beating profit expectations

The business review comes just a few months after BP said it would save $4bn to $5bn by the end of 2027, relative to 2023 costs.

Business

OPEC+ agrees to boost oil production in large output hike

Eight OPEC+ countries meeting on Sunday agreed on a bump in oil production for September by 547,000 barrels per day.

Earth News

The world loves argan oil but Morocco’s trees are paying the price

The hidden cost of argan oil's beauty boom is drought, deforestation and disappearing traditions.

Europe News

Poland discovers one of Europe's largest oil deposits in a decade

The Wolin East 1 well is estimated to hold 22 million tonnes of crude oil and 5 billion cubic metres of natural gas, with the broader concession potentially containing even more.

Iraq

Drone attacks salvo strikes multiple oil fields in Iraqi Kurdistan

Three oil fields in Iraqi Kurdistan were targeted by explosive drones on Wednesday, causing material damage without casualties.

Markets

Israel Iran conflict highlights Asia's dependence on Middle East oil

A blockade of the Strait of Hormuz could affect a number of Asian countries, making renewable energy capacity a crucial guard against volatility.

Business

Shell says it’s not in talks to acquire BP as takeover rumours swirl

BP’s share price jumped on the speculation that it could be acquired by Shell, following a report in the Wall Street Journal.