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Month: March 2022

Category:
  • Prices

Oil prices dive as U.S. considers record reserves release

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Prices

Crude slides more than $5/b as US considers 1 mil b/d SPR release

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Oil Supply
  • Prices

Oil Slumps as U.S. Mulls Bigger Reserve Release to Cool Prices

 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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Oil Supply

Analysis: U.S. and allies may find tapping stockpiles inadequate to plug Russian oil gap

 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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Oil Supply

World’s top banks pumped $742 bln into fossil fuels in 2021

 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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • IEA

IEA calls emergency ministerial meeting on Friday, says Australia

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • IEA
  • OPEC

OPEC+ Considers Snubbing IEA Oil Data as Political Rift Deepens

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Iran
  • Russia

Is Russia Obstructing The Iran Nuclear Deal?

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • OPEC

OPEC Sees Smaller Oil Supply Surplus For Q1 2022

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • OPEC

OPEC Looks Beyond Politics, Focuses On Long-Term Production Plans

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Saudi Arabia
  • Yemen

Gulf Oil Producers Seek U.S. Military Support Against Yemen Attacks

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Iraq

Baghdad outlines plan for takeover of Kurdistan oil sector

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Europe
  • LNG
  • Qatar

Europe Woos Qatar for an Alternative to Russian Gas

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Latin America

Russia-Ukraine war may benefit Latin America crude producers in short term: panel

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • India

India’s March electricity shortage is the worst since coal crisis in Oct

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Argentina

Argentina’s YPF taking steps to provide diesel to farmers amid shortage concerns

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Sri Lanka

Sri Lanka buys coal from Russia’s SUEK at a discount, sources say

 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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • China

China’s cooling economy takes some heat out of commodity prices: Kemp

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • China
  • Russia

CNOOC sticks to Russia’s Arctic LNG 2 project, will continue assessing risks

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Aviation

Qantas Places Burden of Cleaning Up Aviation on Sustainable Fuel – Bloomberg

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • China

Covid-19 Outbreaks Slow Factory Activity in China

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • China

China PMI contracts as Covid outbreaks spark lockdowns

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Japan

Japan weighs government’s involvement in LNG procurement amid Ukraine crisis

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Oil Supply
  • USA

U.S. crude stocks fall, but demand also drops as prices rise -EIA

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Canada

Canadian 2021 crude imports slid to lowest since 1988, says CER

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Energy Demand
  • USA

U.S. Gasoline Demand Drops for Third-Straight Week

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Gulf Of Mexico
  • USA

A Crisis Could be Brewing in the Gulf of Mexico

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Oil Supply
  • USA

United States weighs largest ever draw from emergency oil reserve

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • IMF
  • USA

Russia sanctions threaten to chip away at dominance of US dollar, says IMF

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Natural Gas Supply
  • USA

Permian Basin gas shippers look northbound as East Texas basis market falters

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Wind

Maersk Supply Building Wind Vessel For US Market Work

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Germany
  • Natural Gas Supply

Germany triggers emergency plan to manage gas supplies amid ruble standoff with Russia

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Europe
  • Russia

Exclusive: Russia to keep gas contract currency unchanged in rouble switch, sources say

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Russia

‘Find roubles’ if you want Russian oil, grain or metals, top lawmaker says

 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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Greece

Greece will review plans on additional LNG cargoes if Russian gas flows stop

 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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Moldova
  • Russia

Moldova will pay double for Russian gas in April -Moldovagaz chief

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Germany
  • Russia

Germany says to still pay for Russian gas in euros/dollars after Scholz-Putin call

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Germany

BASF says it would stop output if gas supplies fell to half its needs

 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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Russia
  • Ukraine

Ukraine Update: U.S. Says Putin Feels Misled by Military Leaders

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Poland
  • Russia

Poland to end Russian oil imports; Germany warns on gas

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Germany

Germany Gets Ready For Gas Rationing

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Netherlands

Netherlands Asks Citizens To Restrict Gas Consumption

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Germany
  • Russia

Russian, German experts to discuss issue of gas payments in rubles: Kremlin

 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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Refining
  • Russia

Smaller Russian plants likely to run at 50% in April

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Refining
  • Russia

Russian oil refiners signal deeper cuts to refinery runs amid overstocking

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Europe
  • Russia

Gazprom studies options for halting gas supplies to Europe, Kommersant reports

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Europe
  • Solar

EU will do ‘whatever it takes’ to rebuild solar energy manufacturing in Europe

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Russia

What impact would a Russian debt default have?

 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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Italy

Italian Inflation Surges to 7% on Energy Prices Stoked by War

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

Posted On : 31 Mar 2022 Published By : Tom Whipple
Category:
  • Europe
  • Russia

EU Is Considering New Russian Bank Sanctions, Diplomats Say

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

Posted On : 31 Mar 2022 Published By : Tom Whipple

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