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Oil markets jittery after Israel rejects Gaza ceasefire

Oil markets jittery after Israel rejects Gaza ceasefire

Oil prices were little changed on Friday, staying on track for weekly gains, but the markets remained jittery with tensions persisting in the Middle East after Israel rejected a ceasefire offer from Hamas, according to Reuters. Brent crude futures slipped 1 cent to $81.62 a barrel by 6:34 a.m. Saudi time, while US West Texas Intermediate crude futures rose 3 cents to $76.25 a barrel. Both benchmarks rose about 3 percent in the previous session as Israeli forces bombed the southern border city of Rafah on Thursday after Prime Minister Benjamin Netanyahu rejected a proposal to end the war in the Palestinian enclave. The tensions have kept oil prices elevated, with Brent and WTI both set to gain more than 5 percent for the week. “The move yesterday seemed a bit excessive on the back of not very much at least in terms of fundamentals,” ING’s head of commodities research Warren Patterson said. “I still expect the rangebound trading that we have become accustomed to recently will continue given the comfortable oil balance.” US officials made their most pointed criticism so far of Israel’s civilian casualties in Gaza as it turned the focus of its offensive to Rafah. A Hamas delegation arrived in Cairo on Thursday for ceasefire talks with mediators Egypt and Qatar. While the conflict has propped up prices, there has been no impact on oil production. Non-Organization of the Petroleum Exporting Countries output from Norway and Guyana is increasing while Russia is exporting more crude in February than it planned following a combination of drone attacks and technical outages at its refineries that could undermine its pledge to curb sales under a pact from OPEC and its allies, known as OPEC+ Under the deal, Russia committed to capping crude output at 9.5 million barrels per day. It is also voluntarily cutting crude exports by 300,000 bpd and fuel exports by 200,000 bpd from the average May-June level.

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European gas prices climb after a postponement of the opening of Nord Stream 2

European gas prices climb after a postponement of the opening of Nord Stream 2

Gas prices increased on Tuesday (16 November) to the highest level in three weeks in the European Union. This is due to Germany's temporary shutdown of the certification process for the new gas pipeline Nord Stream 2. In addition, there is an outage at a major gas field in Norway, which is expected to last until Friday.
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Borrell: Gas cannot be used as a geopolitical weapon

Borrell: Gas cannot be used as a geopolitical weapon

EU High Representative Josep Borrell said in Brussels on Thursday (28 October) that in Moldova, the EU sees attempts by Gazprom to put political pressure in return to lower the gas prices. He said he had agreed with the Moldovan Prime Minister on the importance of strengthening resilience against any potential efforts by third parties to use energy as a geopolitical weapon. "Gas is a commodity. It has been bought and sold, sold and bought but it cannot be used as a geopolitical weapon", Borrell stated.
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A new nuclear deal can bring some benefits to Iran's energy sector

A new nuclear deal can bring some benefits to Iran's energy sector

The entrance of Iran in the 2015 nuclear deal and the lifting of US sanctions led to a boom in Iran's energy sector. A similar boom is expected after a new deal is successfully agreed upon. Experts suggest that the Iranian return to a deal could entail both negative and positive scenarios for its energy economy. 
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 Libya and Turkey sign MoUs on various issues

Libya and Turkey sign MoUs on various issues

A high-level delegation led by the Libyan prime minister, Abdul Hamid Dbeibah, visited Turkey on Monday (12 April) to participate in the joint high-level Strategic Cooperation Council. The two sides signed several new Memoranda of Understanding and renewed a commitment to the 2019 maritime boundaries agreement between the two countries. 
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Russia's Gazprom may build two new LNG plants by 2025

Russia's Gazprom may build two new LNG plants by 2025

Gazprom intends to build an LNG plant with an annual capacity of 1.5 mln tonnes near the Far Eastern city of Vladivostok, and another facility on the Black Sea coast, which will have a production capacity ranging between 500,000 and 1.5 mln tonnes. Eastern Siberia and the Russian Far East are top priority regions for Gazprom in the long term.