A big increase in Russian oil imports by India could expose Delhi to "great risk" as the US prepares to step up enforcement of sanctions against Moscow for invading Ukraine, a US official has warned

Move would mark the third time the US has tapped strategic reserves in six months, and would be the largest release in the near 50-year history of the reserve system

The actions include support to boost domestic production, alternative procurement and to help technological developments to reduce use of the materials

While oil prices have slipped from the highs seen earlier from Russia’s war in Ukraine, a weakening yen is likely to keep upward pressure on imported fuel costs

Thailand, along with most other countries in Southeast Asia, has been slow off the blocks to embrace EVs, but demand is starting to gain momentum

Companies have rushed to cash in on higher natural gas prices as sanctions on Russian fuel have shocked already tight supplies

Russian Foreign Minister Sergei Lavrov is set to fly to India this week, sources said, amid talk that Moscow wants to boost trade and payment systems because of sanctions over Ukraine

Saudi and the UAE want the US to make policy concessions before they boost output to reduce global oil prices, analyst Greg Priddy says

Oil prices dropped on Tuesday, as Ukraine and Russia headed for peace talks and fears of a drop in fuel demand in China after Shanghai shut down to curb a surge in Covid-19

Sinopec expects to spend 198 billion yuan (over $31 billion) in 2022, up 18% from a year ago, beating the previous record of 181.7 billion yuan set in 2013, according to a company statement

Sanctions may not hit payments in euros because GAIL's contract is with a Singapore unit of Gazprom and the EU has stopped short of placing curbs on energy imports

Kuwait signed a deal with Saudi Arabia to develop the Durra field, which is expected to produce 1 billion standard cubic feet per day of gas and 84,000 barrels per day of condensates