Russian oil output is set to fall by 1.4 million barrels per day (bpd) next year after the European Union imposed a ban on crude oil exports to Russia, the International Energy Agency said

OPEC cut its forecast for a fifth time since April and further trimmed next year’s figure, citing mounting economic challenges including high inflation and rising interest rates

Oil prices jumped by more than 3% after health authorities in China eased some of the country’s heavy COVID curbs, raising hopes for improved economic activity and demand in the world’s top crude importer

U.S. crude stocks rose as domestic oil production gained, while gasoline and distillate inventories fell last week, the Energy Information Administration said

Bahrain has announced two natural gas discoveries in the Al-Joubah and Al-Jawf reservoirs, state news agency BNA said. Bahrain’s energy strategy and is likely to be decided in the next six months, Nogaholding’s CEO told Reuters last week

The United Arab Emirates will be a responsible supplier of oil and gas for as long as the world needs, its President Sheikh Mohammed bin Zayed al-Nahyan said at the start of two weeks of climate talks in Egypt

Global oil benchmark Brent crude fell $1 a barrel after weaker-than-expected factory activity data out of China and on concerns that the world’s top crude importer’s widening COVID-19 curbs will curtail demand

Spain’s Repsol said that higher oil and gas prices had caused its adjusted net profit to double to 1.48 billion euros in the third quarter compared to the same period in 2021, prompting an increase in the dividend and more share buybacks

Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis,” the head of the International Energy Agency (IEA) said

New steps from Group of Seven countries to cap Russian oil sales at an enforced low price will not be replicated against OPEC producers, whose plans to cut output have irked consumer countries