UAE, Saudi have spare oil capacity that is now in demand U.S. waited till crisis before seeking help, says source Longtime U.S. allies have been building Russia ties Yemen war, Continue Reading
Crude prices tanked yesterday after the UAE Ambassador to Washington said that the UAE favors further production increases. Today, the Emirati energy minister, Suhail al Mazrouei has reaffirmed that the Continue Reading
India is working out a mechanism to facilitate trade with Russia using local currencies, with a decision expected as early as next week, according to people familiar with the matter. Continue Reading
Residents line up for nucleic acid testing at a residential compound following new cases of the coronavirus disease (COVID-19) in Wuhan, Hubei province, China February 22, 2022. China Daily via Continue Reading
Healthcare workers transfer the body of a deceased patient into a mortuary at the Queen Elizabeth Hospital in Hong Kong on March 8. Bloomberg News Shanghai suspended in-person classes for Continue Reading
Spot coal prices in China surged this week amid fears of a tightening global market, nearly doubling a government-set cap for long-term supply to power plants. The price of physical Continue Reading
A healthcare worker at a Covid-19 testing facility in Shanghai, China, on March 10. Bloomberg News China has discussed diverting international flights away from Shanghai to other cities, as the Continue Reading
China on Friday ordered a lockdown of the 9 million residents of the northeastern city of Changchun amid a new spike in COVID-19 cases in the area attributed to the Continue Reading
Mainland China is struggling to contain its biggest coronavirus outbreak since the pandemic erupted in Wuhan two years ago, as the Omicron variant tests President Xi Jinping’s zero-tolerance strategy and Continue Reading
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry. The exodus of Western companies from Russia in the wake of Continue Reading
Highlights China’s LNG imports no longer forecast to rise on year in 2022: Analyst Fewer takers for PipeChina’s spare LNG terminal slots High prices cause demand destruction in domestic market Continue Reading
Lucrative offers for Russian spot crude cargoes may look attractive at first glance, but Asian oil importers appear reluctant to close deals as they cautiously weigh shipping risks, bandwidth to Continue Reading
White House efforts to boost U.S. liquefied natural gas exports and cut Europe’s reliance on Russian gas after the invasion of Ukraine are proceeding slowly, because of concerns about the Continue Reading
Retail gasoline prices reach record highs Demand destruction yet to emerge Declining coronavirus cases, warm weather support demand US Atlantic Coast gasoline prices continue to rise following the US ban Continue Reading
Eagle Ford at 67 rigs, up 4 on week SCOOP-STACK rises by 2 to 45 US production likely won’t grow quickly The US oil and gas rig count jumped by Continue Reading
The U.S. Senate on Thursday approved legislation providing $1.5 trillion to fund the federal government through Sept. 30 and to allocate $13.6 billion to aid Ukraine. The 2,700-page bill passed Continue Reading
America’s geothermal energy potential remains largely untapped due to a lack of investor interest, but that may be beginning to change. Baker Hughes and MIT have both announced recent investments Continue Reading
Henry Hub summer strip climbs 11 cents US production rebounds before summer injections US natural gas inventories tumbled well above average levels once again as the heating season enters its Continue Reading
New survey data from AAA finds that two-thirds of Americans felt gas prices were too expensive just a few weeks ago at $3.53 per gallon. Now with the national average Continue Reading
European Union leaders gathered on Thursday to agree on a joint response to the war in Ukraine, with differing views on how far to go with economic sanctions, how quickly Continue Reading
European Union leaders are set to agree on Thursday to cut their reliance on Russian fossil fuels, although are divided over whether to cap gas prices and to sanction oil Continue Reading
The International Monetary Fund joined a growing chorus that’s warning of a risk that Russia will default on debt obligations following its invasion of Ukraine. A Russian default is no Continue Reading
Western sanctions are dealing a severe blow to Russia’s economy. The ruble is plunging, foreign businesses are fleeing and sharply higher prices are in the offing. Familiar products may disappear Continue Reading
The Russian invasion of Ukraine threatens millions of tiny spring-time sprouts that should emerge from stalks of dormant winter wheat in the coming weeks. If the farmers can’t feed those Continue Reading
Goldman Sachs Group Inc (GS.N) and JPMorgan Chase & Co (JPM.N) on Thursday announced they were unwinding their Russian businesses, becoming the first major U.S. banks to exit following Russia’s Continue Reading
Russia’s giant fleet of ocean-going oil tankers is starting to come to a standstill. Nine Aframax vessels owned by Sovcomflot PJSC have been idling at sea for more than a Continue Reading
President Joe Biden will announce Friday that, along with the European Union and the Group of Seven countries, the U.S. will move to revoke “most favored nation” trade status for Continue Reading
The U.S.-led effort to expel Russia from international commerce marks another fracture in the free-trade vision that guided American policy for nearly 30 years, signaling a future where nations and Continue Reading
The European Union should consider emergency measures in the coming weeks that could include temporary limits on electricity prices, European Commission President Ursula von der Leyen told leaders at an Continue Reading
Besieged by an onslaught of sanctions that have largely undone 30 years of economic integration with the West in the space of two weeks, President Vladimir V. Putin on Thursday Continue Reading
Russia will have to shut in some of its oil production as it will not be able to sell all the volumes displaced from European markets to other regions, with Continue Reading
The EU plans to propose phasing out Russian fossil fuels by 2027, according to European Commission President Ursula von der Leyen, as part of measures to improve European energy security. Continue Reading
Pressure on global agriculture markets is growing as the Russia-Ukraine conflict enters its third week as prolonged hostilities could force grain and oilseed buyers that rely on the two major Continue Reading
Oil prices rose on Thursday in volatile trade following a sharp drop in the previous session as the market contemplated whether major producers would boost supply to help plug the Continue Reading
Crude oil futures were higher in mid-afternoon Asian trade March 10 after the UAE’s energy minister affirmed the Gulf state’s commitment to OPEC+ monthly production increases, contradicting a UAE top Continue Reading
Oil is now holding near its highest level since 2008, and analysts are not ruling out a continued run to all-time highs of $150 and even $200 per barrel if Continue Reading
Oil prices could hit $240 per barrel this summer in the worst-case scenario. Oil prices could hit $240 per barrel this summer in the worst-case scenario if Western countries roll Continue Reading
Daily spot prices for Brent closed at almost $124 per barrel in the first week of March. The U.S. Energy Information Administration (EIA) has raised its 2022 Brent spot average Continue Reading
Energy prices have skyrocketed since the beginning of Russia’s assault on Ukraine, and analysts expect them to continue rising. The United States has banned all imports of Russian energy, and Continue Reading
A child puckers her lips on a window of a bus heading to a temporary housing location, following Russian invasion of Ukraine, near the North Railway Station in Bucharest, Romania, Continue Reading
Stretching into the Persian Gulf from the beaches and skyscrapers of Dubai is a man-made archipelago in the shape of a vast palm tree, its branchlike rows of islands lined Continue Reading
Flares burn at an oil flow station in Idu, Rivers State, Nigeria. A governor in one of Nigeria’s crude producing states has declared “total war” against rampant oil theft and Continue Reading
China’s independent refiners are set to cut production in coming weeks as a Ukraine-driven surge in oil prices squeezes margins, with a jump over $130 a barrel unnerving producers, trading Continue Reading
Resource-poor Japan depends overwhelmingly on fossil-fuel imports to meet its energy needs, complicating calls for the nation to boycott Russia’s oil and liquefied natural gas (LNG) after Moscow’s invasion of Continue Reading
As the government in Hong Kong struggles to contain the city’s worst Covid outbreak ever, some residents have panicked. They have emptied supermarket shelves of vegetables and meat. They have Continue Reading
Highlights Allowing refiners, importers to lower stockpile by 4 days until April 8 Japan’s oil release equates to 12.5% of IEA’s total oil release Japan said it started March 10 Continue Reading
Australia’s thermal coal prices are expected to remain elevated in the near term as it finds new buyers in Europe amid the Russia-Ukraine conflict, while interest from Japan and South Continue Reading
The appetite for Russian crude among China’s independent refiners fell to a nine-month low in February due to lower runs amid festive holidays and the Winter Olympics, while shipping risks Continue Reading
Highlights Subsidy payment rises to Yen 17.7/liter on the week, from Yen 5.0/liter Subsidy payments could reach upper limit of Yen 25/liter after March 17: sources The Japanese government more Continue Reading
The U.S. House of Representatives on Wednesday voted to rush $13.6 billion in aid to Ukraine as it battles invading Russian forces, along with $1.5 trillion to keep U.S. government Continue Reading
