Oil prices plunged on Thursday on news that the United States was considering the release of up to 180 million barrels from its strategic petroleum reserve, the largest in the Continue Reading
Crude oil futures plunged more than $5/b in Asian morning trade March 31 following news that US President Joe Biden was considering releasing 1 million b/d of oil amid high Continue Reading
The Biden administration is mulling a plan to release roughly a million barrels of oil a day from U.S. reserves for several months to combat inflation. Oil tumbled on signs Continue Reading
Top oil consuming nations may find that one of their main tools to fight high global oil prices – the release of strategic stockpiles – will prove inadequate to soothe Continue Reading
The world’s top banks provided $742 billion in finance to the fossil fuel industry in 2021, little changed on the prior year, a report on Wednesday showed, despite growing calls Continue Reading
The International Energy Agency has called an emergency ministerial meeting on Friday at 1200 GMT to discuss the state of the oil market, a spokesperson for Australian energy minister Angus Continue Reading
The Organization of Petroleum Exporting Countries and its allies will no longer use oil data from the International Energy Agency to assess compliance with production quotas amid a deepening rift Continue Reading
Addressing the Iran nuclear deal, EU Foreign Policy Chief Josep Borrell noted “sometimes they think they’re almost there. And other days not.” That seems to be a succinct summary of Continue Reading
OPEC’s Joint Technical Committee has revised its estimates for Q1 supply and demand. In the Committee’s estimation, the supply surplus has shrunk to 600,000 bpd, versus its previous estimate of Continue Reading
Gulf oil producers slam hypocritical attitude towards fossil fuels. The UAE and Saudi Arabia look to boost production capacity this decade. OPEC has its priorities, and it is sticking to Continue Reading
Some of the largest Gulf oil producers, including Saudi Arabia and the United Arab Emirates, are seeking to sign a written treaty with the United States under which the U.S. Continue Reading
Iraq’s Oil Ministry is proposing the creation of a Kurdistan National Oil Company under federal ownership as a means of implementing a landmark court ruling that invalidated the legal foundations of Continue Reading
This tiny Persian Gulf kingdom is emerging as one of Europe’s best hopes for weaning itself off Russian natural gas, in another sign of how the war in Ukraine is Continue Reading
Highlights Latin America among the biggest beneficiaries of Russian crude shortfall Observers concerned proceeds being used to subsidize energy prices Additional investments in the sector could delay energy transition The Continue Reading
India’s electricity shortage from March 1 to March 30 was its worst since October 2021, a Reuters analysis of government data showed, driven by a surge in demand. As generators Continue Reading
Highlights State-backed refiner says it will step up deliveries Logistics problems are behind the shortfall Farmers fear diesel shortage will stall crop harvest YPF, the biggest oil producer and refiner Continue Reading
Sri Lanka has bought coal from the Singapore unit of Russian coal trader SUEK AG and will pay in U.S. dollars, two senior officials said, as it looks to address Continue Reading
China’s economy was losing momentum in the first quarter, even before the full impact of Russia’s invasion of Ukraine on commodity prices and global supply chains was felt. The country’s Continue Reading
No difficulty in pushing forward with Arctic LNG 2 CNOOC’s 2021 oil, gas output exceeds target Targets 1.64 mil-1.67 mil boe/d output in 2022 China’s state-run offshore giant CNOOC said Continue Reading
Qantas Airways Ltd. said sustainable aviation fuel is the only immediate way to decarbonize flying, placing much of the burden of cleaning up aviation on a kerosene alternative that remains expensive Continue Reading
Activity in China’s manufacturing and services sectors contracted in March, according to official surveys that offer the first broad glimpse of the economic cost of efforts to contain the highly Continue Reading
China’s manufacturing and services activity contracted in March for the first time in almost two years, highlighting the economic strains of the government’s strict coronavirus measures. The official manufacturing PMI, Continue Reading
Highlights Considering ways to cut LNG, coal, oil dependency on Russia Building system for surveillance of coal supply for contingency To boost support via Jogmec for upstream oil, gas buys Continue Reading
U.S. commercial crude stocks and the country’s strategic reserves both fell in the most recent week as refiners ramped up output amid global supply tightness, the Energy Information Administration said Continue Reading
Crude oil imports into Canada in 2021 dropped to their lowest in more than three decades as domestic supply from pipelines increased while a major refinery in Newfoundland remained idle, Continue Reading
High pump prices appear to be deterring U.S. drivers at a time when gasoline demand typically picks up with warmer weather. A third straight weekly decline in gasoline demand brought Continue Reading
The next five-year offshore leasing program must be in place by July 1 – but it’s well behind schedule. Jeopardized American energy security and a cost of thousands of U.S. Continue Reading
The Biden administration is considering releasing up to 180 million barrels of oil over several months from the Strategic Petroleum Reserve (SPR), four U.S. sources said on Wednesday, as the Continue Reading
The unprecedented financial sanctions imposed on Russia after its invasion of Ukraine threaten to gradually dilute the dominance of the US dollar and result in a more fragmented international monetary Continue Reading
Highlights Houston Ship, Katy basis weaker vs. March 2021 Permian implied eastbound transmissions rising Midcon hubs offer attractive spread from Waha Widening basis discounts in the East Texas gas market Continue Reading
Empire Offshore Wind has awarded a contract to Maersk Supply Service for the charter of its newbuild wind installation vessel. Empire Offshore Wind, a joint venture between Equinor and BP, Continue Reading
Germany triggered an emergency plan to manage gas supplies on Wednesday that could see Europe’s largest economy ration power if a standoff over a Russian demand to pay for fuel Continue Reading
Russia plans to keep the contract currency for gas exports to Europe unchanged but will seek final payment in roubles as one of the options to switch the currency of Continue Reading
Russia’s top lawmaker warned the European Union on Wednesday that if it wanted Russian natural gas then it would have to pay in roubles, and cautioned that oil, grain, metals, Continue Reading
The Greek gas grid operator will review its plans on additional cargoes of liquefied natural gas that Greece might need if Russia stops gas supplies to the country, the energy Continue Reading
Moldova will pay Russia’s Gazprom (GAZP.MM) a preliminary price of $1,160-1,170 per thousand cubic metres of gas from April 1, the head of the state energy company Moldovagaz Vadim Ceban Continue Reading
Germany will continue to pay for Russian gas in euros or dollars, a government spokesman said, adding that Russian President Vladimir Putin had told the German Chancellor that nothing would Continue Reading
Germany’s BASF said on Wednesday it would have to stop production if natural gas supplies fell to less than half its needs, as the world’s largest chemicals group warned of Continue Reading
Biden Pledges $500 Million in Aid for Ukraine Bloomberg News U.S. intelligence agencies have determined that Russian President Vladimir Putin feels misled by military officials over the preparation for and Continue Reading
Poland announced steps Wednesday to end all Russian oil imports by the end of 2022, as Germany issued a warning over natural gas supplies and called on consumers to conserve Continue Reading
Germany has triggered phase-1 of an emergency plan for natural gas. Germany’s move comes ahead of Putin’s March 31st deadline for Gazprom and Russia’s central bank to arrange for payments Continue Reading
The Dutch government will advise citizens and businesses to use less gas but has stopped short of activating emergency energy plans. Earlier today, Germany declared triggered the first phase of Continue Reading
Putin briefs Germany’s Scholz on ruble switch Russian proposals for the switch to rubles due by March 31 G7 countries reject Putin demand to change to ruble payments Russian President Continue Reading
Small and medium-sized Russian refineries, which predominantly rely on exporting their products, were expected to run at around 50% capacity in April with international buyers distancing themselves from the country’s Continue Reading
Major Russian oil refiners have told the Energy Ministry they expect to make deeper cuts to refinery runs in the coming weeks due to overstocking after a sharp drop in Continue Reading
Russian energy giant Gazprom (GAZP.MM) is looking at options for halting gas supplies to “unfriendly” countries and evaluating the possible consequences, Russian daily Kommersant reported on Thursday citing unnamed sources. Continue Reading
The European Commission will do “whatever it takes” to rebuild Europe’s industry manufacturing parts for solar installations, the EU’s energy commissioner said on Thursday, as the bloc draws up plans Continue Reading
Russia has managed to avoid defaulting on its international debt so far despite unprecedented Western sanctions. But the task is getting harder and Moscow’s threats to cut Europe’s gas supply Continue Reading
Residential housing in the village of Montieri, Italy. Italian inflation surged to the highest in three decades as energy prices continued to rise following Russia’s invasion of Ukraine. Prices increased Continue Reading
European countries are weighing new steps to raise pressure on Russia’s economy including targeting more banks and other family members of oligarchs, say diplomats and officials familiar with discussions. The Continue Reading
