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

People from Tiwi Islands and Larrakia Traditional Owners seek injunction from Seoul Central District Court to block loans to deep-sea pipeline planned off northern Australia

Even if most oil sales are done in dollars, more and more countries are doing deals in other currencies, as shown by India’s purchase of Russian crude via a rouble/rupee transaction

Experts say the Saudi offer to allow China to pay for oil in yuan is not linked to sanctions on Russia, but rather Riyadh using China as a bargaining chip to put pressure on its Western allies

Arrivals of Saudi crude totalled 14.61 million tonnes in January-February, equivalent to 1.81 million barrels per day (bpd), down from 1.86 million bpd a year earlier, data showed

Tehran envoy Ali Chegeni said if both nations restart their rupee-rial trade, bilateral trade could surpass $30 billion

Canberra on Friday announced new sanctions against 11 government entities and financial institutions and 41 more individuals, including two billionaires

As of Friday, retail petrol prices will rise by 750 yuan ($118) a tonne and diesel prices by 720 yuan a tonne, the National Development and Reform Commission said