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US President Donald Trump granted Hungary an exemption from sanctions on purchases of Russian oil, providing a major win for Prime Minister Viktor Orban. Hungary has won a “general, indefinite exemption” on purchases of Russian oil and natural gas via two main pipelines, Orban told reporters after a bilateral lunch with Trump at the White...
Chinese state-owned companies including Sinopec canceled some purchases of seaborne Russian crude after the US blacklisted Rosneft PJSC and Lukoil PJSC, adding to signs of disruption in the oil market. The majors have begun to assess the curbs, as well as similar moves by the EU, according to people with knowledge of the situation, asking...
For the first time in years, the US federal government has leased every parcel of public land it has opened for geothermal development — and at record prices. Average prices for public land leases for geothermal energy development soared by 282% this year to $127 per acre, driven by growing energy demand from data centers...
Ukraine claimed an attack on Russia’s Orsk oil refinery near the border with Kazakhstan, as Kyiv seeks to widen the range of strikes on its foe’s energy infrastructure. Columns of black smoke rose from the refinery site as a result of the strike, said a person familiar with the matter at the Security Service of...
Oil climbed for a third session as investors weighed President Donald Trump’s next moves to penalize Russia for its war in Ukraine, raising concerns over crude supplies from the region. West Texas Intermediate rose 1.7% to settle below $64 a barrel, the highest settlement price in a week. The commodity had a knee-jerk reaction after...
Russia’s seaborne crude oil shipments bounced back to a seven-week high in August, with China stepping up purchases even as flows to India slowed sharply following US sanctions pressure.According to tanker-tracking data compiled by Bloomberg, average weekly crude exports from Russian ports rose by 770,000 barrels per day (bpd) to 3.49 million bpd in the...
The Trump administration is withholding approval for several Western oil majors seeking to operate in Venezuela, ramping up pressure on Nicolás Maduro’s government even as Chevron Corp. is allowed to work there, according to people familiar with the matter. The pause is focused on non-U.S. firms, leaving companies including Spain’s Repsol SA, Italy’s Eni SpA...
The Trump administration has eased recent export limits on a critical petroleum product that’s used to make plastics — a shift that represents a modest pullback on curbs used as leverage in trade negotiations with China.Under the change, Enterprise Products Partners LP and Energy Transfer LP are being allowed to load that gas, known as...
Oil edged higher after a volatile session as President Donald Trump fanned speculation that the US may join the Middle East conflict.West Texas Intermediate rose 0.4% to settle above $75 a barrel, the highest closing price since January. Markets swung between gains and losses in a $3 range amid sharp reactions to developments in the...
Russia said its overnight missile and drone barrage struck the large Kremenchuk oil refinery in central Ukraine, which was previously targeted by Kremlin forces in 2022.“A group strike with precision-guided air and sea-based weapons, as well as unmanned aerial vehicles” hit the facility in the Poltava region, Russia’s defense ministry said in a Telegram statement.Acting...
