The price of OPEC basket of thirteen crudes stood at $109.02 a barrel on Wednesday

World oil demand growth in 2022 is expected to increase by 3.4 mb/d y-o-y, representing a downward revision of 0.3 mb/d from last month’s report, with 1.8 mb/d in the OECD and 1.6 mb/d in the non-OECD.

European gas prices were trading higher early May 12, with the TTF month-ahead price up at Eur105/MWh ($109.72/MWh) as of 0815 GMT, according to ICE data.

Germany, Russia's top client in Europe, said some subsidiaries of Gazprom Germania were receiving no gas because of the sanctions.

The monthly import profile for April, which following European wholesale front-month trade in March, saw sourcing from all parts of the world intensify, with Europe comfortably receiving its highest-ever volume for a single month. This was, however, paid for at a high price.

Global LNG import volumes reached 372.3 million tons, a rise of 16.2 million tons from 2020,

The world added a record 295 gigawatts of new renewable power capacity in 2021, overcoming supply chain challenges, construction delays and high raw material prices, according to the IEA’s latest Renewable Energy Market Update.

Both the companies will work together in areas of blue and green hydrogen and various clean energy initiatives, according to a statement.

U.S. commercial crude oil inventories increased by 8.5 million barrels to 424.2 million barrels.

Brent down $2.26, or 2.1%, to $105.25 a barrel, WTI fell $2.45, or 2.3%, to $103.26 a barrel.