Iraq’s February oil exports rise
Iraq exported 3.719 million barrels per day (bpd) in February,* up from January exports of 3.619 million bpd, with revenues reaching a new 10-year high as global oil prices rose to their Continue Reading
Weather-related port closures, Sharara pipeline shutdown impair Libyan oil supply
Armed group closes pipeline valve connecting Sharara field Brega, Es Sider, Ras Lanuf, Zawiya, Zueitina ports closed Lack of storage could force NOC to cut oil output Libya’s crude production Continue Reading
Saudi crown prince plays the oil card in quest for U.S. recognition
Saudi Crown Prince Mohammed bin Salman is seen during the Emirates Formula One Grand Prix at the Yas Marina racetrack in Abu Dhabi, United Arab Emirates November 25, 2018. Bandar Continue Reading
Iran, U.S. Close to Reviving Iranian Nuclear Deal
The U.S. and Iran on Thursday were closing in on an agreement to restore the 2015 nuclear deal, although officials from both countries warned final issues still needed to be nailed down Continue Reading
Kazakhstan Braces For Russian Sanction Fallout
Russia’s continued war in Ukraine is having some unintended consequences in neighboring countries. Kazakhstan is rushing to minimize the fallout of Russian sanctions. The economies of Eurasia are so closely Continue Reading
Australia’s Victoria state sets out fast growth plan for offshore wind power
Australia’s Victoria state on Friday set targets of at least 2 gigawatts (GW) of offshore wind power by 2032, and 9 GW by 2040, setting up ambitious goals to help Continue Reading
China Declared Its Russia Friendship Had ‘No Limits.’ It’s Having Second Thoughts.
In the months leading up to Xi Jinping making common cause with Russian President Vladimir Putin, the Chinese leader was focused on one country, and it wasn’t Ukraine. His ambitions for Continue Reading
Pressure grows on Biden to ban U.S. imports of Russian oil
A bipartisan group of U.S. senators introduced a bill on Thursday to ban U.S. imports of Russian oil, saying the shipments could be replaced by boosting output in North America Continue Reading
Lawmakers Push to Ban Russian Oil Imports, Amid White House Resistance
Republicans and Democrats in Congress are pushing President Biden to ban Russian energy imports as they search for new ways to punish Moscow for its bloody invasion of Ukraine, even as the White Continue Reading
Lukoil, a Russian Oil Company, Calls for an End to the Ukraine War
Lukoil, Russia’s second-largest oil company, appeared to distance itself from President Vladimir V. Putin on Thursday by calling for a “fast resolution” to Russia’s invasion of Ukraine. The statement most likely reflects the Continue Reading
U.S. Refiners Cut Russian Oil Imports
Some of the biggest U.S. importers of Russian crude oil have started suspending their purchases of the commodity, including Monroe Energy, which is the third-biggest U.S. buyer of Russian oil. Continue Reading
US coal export prices hit all-time highs
Coal prices rise across continents Russia/Ukraine conflict bolsters prices: broker Global energy prices rose sharply this week amid the Russia-Ukraine conflict, a trend that hit US thermal coal export prices Continue Reading
US oil, gas rig count up 4 on week, Permian totals continue to inch higher: Enverus
Permian now numbers 320 rigs, up 4 Basin is still 100-plus off pre-pandemic highs Inflation bites into drilling, completion budgets The US oil and gas rig count grew four in Continue Reading
US natural gas inventories decline 139 Bcf as withdrawal season enters final month
The latest weekly draw from US natural gas storage inventories once again outpaced the average rate as only one below-average pull has been seen year to date, widening the deficit Continue Reading
Solid U.S. job gains forecast in February; unemployment rate seen dipping to 3.9%
Nonfarm payrolls forecast increasing 400,000 in February Unemployment rate seen falling to 3.9% from 4.0% Average hourly earnings forecast rising 0.5% Average workweek seen climbing to 34.6 hours WASHINGTON, March Continue Reading
Russian Forces Occupy Site of Nuclear Plant as Fire Contained
Ukraine Energy Minister Herman Halushchenko says a fire at the Zaporizhzhia nuclear power plant has been extinguished. Russian forces occupied the site of Europe’s largest nuclear power plant Friday after Continue Reading
Exxon’s Bank in Russia Among Those Hit by Sanctions Over Ukraine
A bank used by Exxon Mobil Corp. to pay the salaries and pensions of its workforce in Russia was among those sanctioned by the White House, according to two people Continue Reading
Russia’s Yamal-Europe westbound gas pipeline flows stopped on Friday
Westbound natural gas flows through the Yamal-Europe pipeline stopped on Friday while Gazprom’s bids for additional transit capacity via Ukraine stand at high levels, data from pipeline operators shows. Flows Continue Reading
Russia to introduce jail terms for spreading ‘fake’ information about army
Russia’s parliament on Friday passed a law imposing a jail term of up to 15 years for spreading intentionally ‘fake’ information about the armed forces as Moscow fights back in Continue Reading
Gazprom says Russian gas flows to Europe via Ukraine continue as normal
Russian state gas company Gazprom said on Friday it was shipping gas to Europe via Ukraine in line with customers’ requests. The requests stood at 109.5 million cubic metres as Continue Reading
What We Know About Ukraine’s Shelled Nuclear Plant
News of what Ukrainian officials said was an unprecedented attack on a nuclear power plant, the largest in Europe, sent shudders around the world. But the damage at the Zaporizhzhia Continue Reading
Ukraine War Plunges Auto Makers Into New Supply-Chain Crisis
After a pandemic and a global chip crunch, Russia’s war in Ukraine has unleashed auto makers’ third supply-chain crisis in as many years. The fighting in Ukraine has shut down small but Continue Reading
Russia’s Oil Exports Are Plunging Even Without Sanctions
While Western leaders are yet to put any sanctions on Russia’s energy exports, the country’s oil industry is already struggling as international refiners are reluctant to do business with Russia. Continue Reading
Big Oil’s Sudden Decision To Exit Russia Comes At A High Price
The sale of its stake in Rosneft could cost British oil major BP up to $25 billion in impairment charges. Impairment charges for Shell PLC could come in at $3 Continue Reading
Gas Prices In Europe Hit Record High Amid Supply Concerns
The gas price at the Dutch TTF hub, the benchmark gas price for Europe, jumped early on Thursday in Amsterdam to trade at $221. Javier Blas: The new record from Continue Reading
IEA: EU Can Cut Russian Gas Dependence By One-Third Within A Year
The European Union could reduce its reliance on Russian natural gas by more than one-third within a year by turning to other suppliers and using other energy sources, the International Continue Reading
Global food supply at risk from Russian invasion of Ukraine
Russia’s invasion of Ukraine threatens global food supplies, Norwegian fertiliser maker Yara International said on Tuesday, adding that the international community needed to reduce its dependence on Russian raw materials Continue Reading
Crude oil higher as traders avoid Russian Urals
Crude oil futures continue on an uptrend in mid-morning Asian trade March 3 as the market shunned Russia’s Urals crude amid expectations of international sanctions on the country’s energy market. Continue Reading
Oil Prices Top $115, Stock Futures Wobble Amid Ukraine Crisis
U.S. stock futures crept down while oil prices continued to surge, as investors monitored Russia’s invasion of Ukraine and how a jump in commodities prices is likely to impact inflation Continue Reading
Oil Tops $114 as Shunned Russian Barrels Leave Hole in Market
The decision by the U.S. and other major economies to coordinate a release of oil stockpiles will have little impact, says Energy Aspects founder and Director of Research Amrita Sen. Continue Reading
Oil prices hit multi-year highs as U.S. sanctions target Russian refiners
U.S. sanctions Russian oil refining sector U.S. exempts Russian oil and gas exports for now OPEC+ maintains 400,000 bpd output increase in March U.S. SPR stocks near 20-year low – Continue Reading
Market Panic Is Here
Investors, traders, and politicians alike are scrambling. Market panic is here, according to Rystad Energy’s senior oil market analyst Louise Dickson, who made the comment in a statement sent to Continue Reading
COMMODITIES Aluminium hits record top; oil, wheat at multi-year highs on supply woes
Commodity markets extended their bull runs on Thursday, with aluminum, coal, and palm oil all hitting new records while crude oil and wheat scaled multi-year highs as Russia’s invasion of Continue Reading
Explainer: Why $100 oil could hurt the energy transition more than it helps
The surge in crude oil prices past $100 a barrel has raised a big question: Will this latest spike in the notoriously volatile oil market help to speed the global Continue Reading
Climate Responses That Backfire Are a Growing Problem, IPCC Says
Not only are humans not adapting fast enough to hazards created by climate change, many of the relatively limited dollars they are putting toward preparing for a warmer future are being misspent, Continue Reading
The Gulf’s Largest Economy Is Taking Advantage Of Triple Digit Oil Prices
As oil prices reach seven-a-half-year highs, a number of countries in the Middle East have unveiled fiscal measures designed to balance their budgets after two years of pandemic-related spending. Saudi Continue Reading
Iraq’s February oil exports rise
Iraq exported 3.719 million barrels per day (bpd) in February, * up from January exports of 3.619 million bpd , with revenues reaching a new 10-year high as global oil Continue Reading
Africa: Rising Fuel Costs Are Crippling Africa’s Economies
Oil production in Usinsk, Russia (file photo). Sub-Saharan Africa is experiencing a record surge in fuel prices as the Russian invasion of Ukraine drives up already steep energy costs. Chaos Continue Reading
Nigeria: Fuel – Scarcity Chokes Enugu, Abuja, Lagos, Others
The ongoing shortage of Petroleum Motor Spirit, PMS, worsened in Lagos, Abuja, Ibadan, Enugu and other major cities across the country, yesterday, with motorists spending hours on queues at filling Continue Reading
Can Guyana Unlock Its True Energy Potential?
The discovery of huge oil reserves in Guyana has the potential to transform the country, although it will have to work hard to avoid the resource curse that has hit Continue Reading
Latin America slows oil product tendering as prices hit 9- to 13-year highs
Highlights Latin America’s jet, gasoline, diesel prices jump $7/b to $16/b Tender awards canceled, delayed as companies reassess prices at 9- to 13-year highs Latin American refined product prices spiked Continue Reading
Philippines approves revival of nuclear power to help replace coal
The Philippines previously froze nuclear program over safety fears New order says nuclear can help as coal power phased out Duterte orders study on Bataan nuclear plant reopening Greenpeace warns Continue Reading
Australia aids allies seeking to replace Russian coal
The Australian government is helping coal importing nations find alternatives to Russia for supplies by connecting them with local producers, a government spokesperson said on Thursday, as Russia’s invasion of Continue Reading
China Looking to Reduce Social Cost of Covid Zero, Official Says
China is looking for ways to reduce the “social costs” of its strict Covid Zero strategy, an official said on Thursday, in a sign that Beijing is looking to adjust Continue Reading
How Will China Relax Its Zero-Covid Grip? With Bubbles, Drugs and New Messaging
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Why China Should Want Russia’s Invasion To End
While a large coalition of countries has come together to condemn Russia’s invasion of Ukraine, China has refused to take sides in the conflict. China’s failure to condemn Russia and Continue Reading
China likely to lift March gasoline, gasoil outflows as export margins rise
Oil products price rise in Singapore outpaces China Current March gasoline outflows set at 520,000 mt March gasoil export target at 500,000 mt Chinese oil companies are likely to lift Continue Reading
Asian buyers grapple for wheat supply amid Russia-Ukraine conflict
CBH addresses logistical bottlenecks in view of demand surge Asian buyers hunting to secure wheat in fear of supply shortage Tight balance sheet to drive forward purchases Global wheat prices Continue Reading
Half a million Australians face flood evacuation orders
Authorities in Australia issued more orders for people to leave their homes on Thursday after heavy rain triggered flash floods in its largest city, with officials warning of worse to Continue Reading
China Moves to Secure Commodities Rocked by Ukraine War
Officials order agencies to ensure energy, commodity supplies State-owned buyers to scour markets for oil, gas, iron ore Bloomberg News China’s top government officials have issued orders to prioritize energy Continue Reading