Markets

Fires at Libya’s Zawiya refinery are under control after armed clashes damaged key oil reservoirs, forcing NOC to declare force majeure

Oil prices rise amid new Russia sanctions, OPEC demand cuts, and ExxonMobil’s production boost, reshaping the global market for 2024

Rosneft and Reliance seal a $130B, 10-year oil supply deal, reinforcing India’s status as the top importer of Russian crude

Japan weighs LNG supply shift as Sakhalin-2 contracts expire, driven by clean energy goals and pressure to reduce reliance on Russian gas

The EU and U.S. are collaborating to manage the sanctions impact on Gazprombank, navigating energy trade challenges and seeking solutions

OPEC+ delays output increases and extends cuts to support oil prices and the market amid weak demand and rising production outside the group

OPEC+ faces a tough decision on easing production cuts as non-OPEC oil growth, especially from the U.S., complicates the group’s strategy

Trafigura faces trial over bribery charges in Switzerland and mounting financial losses in Mongolia linked to fraud by employees

Oil prices rise as China’s manufacturing activity boosts demand while Middle East tensions create volatility in the global oil market

Cuba urges businesses to adopt renewable energy amid ongoing power shortages. New rules target energy conservation and air conditioning use