Pakistan only started importing liquefied natural gas (LNG) six years ago, but its growing dependence on the super-chilled fuel is starting to turn into a nightmare.
Natural gas prices in the UK and the Netherlands soared to record highs as concerns over tight supplies mount while demand increases.
Abu Dhabi National Oil Company (ADNOC) will supply Indonesian national oil company Pertamina with liquefied petroleum gas (LPG) and sulfur in a four-year deal worth around $2 billion.
Oil edged lower in New York, with OPEC and its partners engaging in a diplomatic push to agree on output levels before a key meeting on Thursday.
Mexico will cash in its oil price insurance policy this year for the fourth time only in the last two decades, receiving a payout of about $2.5 billion from its 2020 sovereign oil hedge, people familiar with the transaction said.
Oil extended its slide, falling to the lowest in more than two decades, on concern the world is rapidly running out of places to store crude after output cuts proved insufficient to cope with plunging demand.
Oil traded near the highest close in more than three years as Iraq echoed a call by the United Arab Emirates and other producers for OPEC-led output cuts to continue, despite recent price gains.
The battle between OPEC and shale oil producers can be characterized as a two-round fight. In the first round, shale producers gained market share and the price of crude crashed. In the second, OPEC curbed output as shale producers adapted to the lower prices. Now, get ready for round three, as OPEC and Russia try to plot a way out of their production cuts but likely get stymied by market twists and turns that upset their calculations.
OPEC's production output dropped last month from a record high as producers attempt to tackle the global oil glut.
Iran's Oil minister has claimed the market is oversupplied but said the balance between demand and supply will be restored.
Eni Norge has given an early termination notice for a contract with Viking Supply Ships (VSS) for one of its vessels.
In the world’s biggest oil market, buyers have better options than US crude. As the country inches toward ending the last restrictions on exports, Asian buyers will probably have a limited appetite for the quality of crude on offer. Many of the region’s refiners are geared to process heavier, cheaper oil with higher sulfur content.