The CEO of the National Iranian Oil Company (NIOC) announced the prospect of a daily production capacity of 4 million barrels of crude oil in the calendar year of 1401 which began on March 21.

U.S. Rig Count is up 7 from last week to 670, Canada Rig Count is down 36 from last week to 140.

Brent fell 46 cents, or 0.4%, to $118.57 a barrel, WTI ell 47 cents, or 0.4%, to $111.87 a barrel.

OPEC has told the EU that global energy markets would be destabilized if European countries follow through with a threat to ban imports of Russian oil,

In a circular carried by state-run Saudi Press Agency, the cabinet stressed "the importance of the essential role of the OPEC+ agreement in the balance and stability of oil markets."

Berlin said it will bring down gas usage in power generation by "possibly keeping coal-fired power plants as a security standby for longer."

In his statement to the Emirates News Agency (WAM), Al Mazrouei said the UAE has made significant progress towards confirming its international leadership in the field of environmentally-friendly energy, with the operation of the plant’s second reactor while commending the efforts of relevant teams.

U.S. commercial crude oil inventories decreased by 2.5 million barrels from the previous week to 413.4 million barrels.

Brent were down 15 cents, or 0.12%, at $121.45 a barrel, WTI fell 75 cents, or 0.65%, to $114.18 a barrel.

The price of OPEC basket of thirteen crudes stood at $116.94 a barrel on Wednesday,

"The only commodity that can help solve the energy crisis in Europe in the short term is coal," said Sveinung Stohle, deputy CEO of Greek-based shipping company Angelicoussis Group. "Like it or not, coal will play a very important role."

Gas prices surged 10%, with ICE Brent futures rising to $1,359/1,000 cu m, up from $1,240/1,000 cu m following Putin's remarks

Speaking to the Bundestag parliament, Scholz said German will continue to look to reduce its dependency on Russian oil and gas but warned "hasty" action could trigger a recession.

For the past few weeks, the International Atomic Energy Agency (IAEA) has been actively working to ensure the safety and security of all nuclear installations in Ukraine during these dramatic and unique circumstances where major nuclear facilities are operating in an armed conflict zone.

By 2025, carbon-free energy sources should account for 20% of the energy mix and 39% of the power mix.