Saudi Arabia is synonymous with oil, the EU is obsessed with renewable energy, and the U.S. is the world's leading natural gas producer, but there are few countries pursuing all three of these energy sources with as much vigor as the UAE.

Two commodity trading giants are betting big on a Russian oil project in a rare move that could make or break the oil traders’ fates - and oil market observers should be paying close attention. When commodity trading major Trafigura bought a 10-percent stake in Rosneft’s Vostok Oil project, oil prices were trading below $50 per barrel. There were also forecasts that oil demand may never recover to pre-pandemic levels and that oil, in general, was on its way out.

Crude oil prices could rise to $200 per barrel as international oil companies curb their investments in new exploration and production, the Nigerian National Oil Corporation said this week.

Economies reopening after lockdowns and a consequent surge in travel have pushed crude oil prices to levels last seen years ago. Now, something else can push them even higher: the weather.

Crude oil prices fell slightly today after the Energy Information Administration reported an inventory decline of 5.2 million barrels for the week to June 4.

Libya’s crude oil production has declined by more than 200,000 barrels per day (bpd) in recent days, or by almost 20 percent, on the back of pipeline leaks and maintenance at the biggest oilfield, Bloomberg reported on Wednesday, quoting sources familiar with the situation.

Canada’s oil and gas sector is growing increasingly optimistic about its near-term future as economies recover and oil prices rally. Yet, the industry faces growing challenges in the medium and long term, mainly in the form of the neverending battle over pipeline takeaway capacity and the environmental and activist shareholder urgency to hold the oil industry accountable for climate change. With the U.S. benchmark WTI price rallying this year, Canada’s largest oil companies expect stronger cash flow generation, which would go toward reducing debts and boosting shareholder returns. A year after the pandemic forced operators to curtail oil production, output in the main oil-producing province of Alberta has recovered to pre-crisis levels.

Energy-oriented investors could not fail to have taken note of the decision that came down in the Dutch court against Shell, (NYSE:RDS.A), (NYSE:RDS.B), last week. This decision was the first time an energy giant had been held liable for emissions not directly tied to its internal activities. Basically it requires Shell to accelerate its planned carbon intensity reductions by 45% to include "Scope-3 emissions" by 2030. Some twenty years sooner than the time frame to which it has already committed publicly.

Growing demand in Asia means that the age of oil isn’t over yet, although consumption in developed western economies has trended lower over the past decade, according to Karin Kneissl, a newly appointed director on the board of Russia’s oil giant Rosneft.

Crude oil imports into China dropped by almost 15 percent annually last month. While substantial, the drop is no reason for worry because it was caused by refinery maintenance season. What could be a reason for worry are rising benchmark prices.