This Is Where the Oil Price Would Be Without the War
The price of crude oil would be very different, a new report has outlined. If Russia had not invaded Ukraine, crude oil prices would be well below $100 per barrel Continue Reading
Global agriculture markets jittery on worsening food inflation outlook
Civilization is only nine meals away from anarchy. This famous line hits home in the current play as Russia’s invasion of Ukraine set open a can of worms for agriculture Continue Reading
OPEC Cuts Global Oil Demand Growth Forecast, Again
OPEC cuts world economic growth estimate to 3.5% from 3.9% last month. OPEC now sees growth of 3.36 million bpd in 2022 compared to 2021. OPEC: Demand in 2022 is Continue Reading
Iraq feels pull of European demand for Russian crude alternatives
Med, NW Europe refineries replacing Urals with Basrah Medium, Basrah Heavy Asia taking more Russian crude as Europe turns away Medium sour Urals competes with many Middle Eastern crudes Iraq Continue Reading
Nigeria’s Oil Output Drops 13.3 Percent to 1.3 Mbpd
The Organisation of Petroleum Exporting Countries, OPEC, has put Nigeria’s oil output at 1.3 million barrels per day, bpd, in April 2022. This showed a decrease of 13.3 percent compared Continue Reading
India’s refiners need to diversify to de-risk in changing energy landscape – FIPI chief
Refiners need to boost competency in petrochemicals, renewables, hydrogen Expanding products portfolio key to diluting risk from volatile global markets Diesel, jet fuel exports gain speed as economies open up Continue Reading
From the Maldives to Venezuela: how Iran gets oil to an ally
A Venezuela-owned tanker in March sailed to a remote spot in the Indian Ocean and met an Iran-flagged vessel, took on a cargo of Iranian condensate and sailed home, according Continue Reading
Medical scans are latest casualty of China supply chain breakdowns – The Washington Post
Doctors in the United States are prioritizing only the most critical patients and hospitals are rationing supplies of a crucial drug after a covid lockdown in China temporarily closed a GE Healthcare Continue Reading
April runs in China decline on lockdowns
China’s crude throughput is set to reach a two-year low in April as state and independent refiners have slashed runs because of the latest COVID-19 resurgence that has hurt the Continue Reading
N.Korea reports first COVID-19 death as fever spreads ‘explosively’
At least one person confirmed to have COVID-19 has died in North Korea and hundreds of thousands have shown fever symptoms, state media said on Friday, offering hints at the Continue Reading
N. Korea reports 6 deaths after admitting COVID-19 outbreak
Six people have died and 350,000 have been treated for a fever that has spread “explosively” across North Korea, state media said Friday, a day after the country acknowledged a Continue Reading
S&P drops on fears of prolonged inflation
U.S. stocks ended a whipsaw session lower on Thursday, as investors fretted inflation could remain elevated for longer than expected, which could prompt the Federal Reserve to hike interest rates Continue Reading
Rising Diesel Costs are Straining U.S. Truckers, Shipping Operations
Diesel costs are reaching new highs across the U.S., straining the operations of trucking companies and wrecking the transportation budgets of businesses that need to ship goods. The price of Continue Reading
With Airfare Prices Up Over 18%, You’ll Need More Than Luck to Find Cheap Flights
As summer approaches, the usual cost-saving tricks are no match for the current demand Travelers who haven’t yet booked summer vacations are left with tough choices: Pay steeper prices, find Continue Reading
Record heat fueling severe storms, tornadoes in central U.S.
A sprawling dome of summerlike heat has swelled from Texas to Wisconsin and is poised to shatter records in more than a dozen states. Madison, Wis., Chicago, Des Moines, St. Continue Reading
US oil, gas rig count gains three, totaling 806 on week; Bakken highest since April 2020: Enverus
Highlights Permian adds most rigs on week, up 4 to 329 Most basins gain rigs; only DJ loses a rig Total rig count is approaching pre-pandemic levels The US oil Continue Reading
European Gas Surges as Germany Clashes With Russia Over Supply
European natural gas prices jumped as some shipments from Russia were disrupted, and Germany said Moscow was using energy as a weapon in an escalating clash over supply. The benchmark Continue Reading
German lawmakers approve possible expropriation of energy companies
Germany’s lower house of parliament on Thursday approved a new version of a bill to secure energy supply, including possible expropriation of critical energy infrastructure and assets in the event Continue Reading
EU readies 195 billion euro plan to quit Russian fossil fuels
The European Commission plans to unveil a 195 billion euro plan to stop importing Russian fossil fuels by 2027, combining a faster rollout of renewable energy and energy savings with Continue Reading
Poland says further oil help for Germany depends on ending Russian ownership
Poland will only help Germany to seek further alternatives to Russian oil if it ends the Russian ownership of the PCK Schwedt refinery, Poland’s climate minister said on Thursday. The Continue Reading
Russia could cut gas supply to Finland on Friday -newspaper
Key Finnish politicians have been warned that Russia could halt its gas supplies to neighbouring Finland on Friday, local newspaper Iltalehti reported on Thursday, citing unnamed sources. The paper did Continue Reading
Europe’s gas supply crisis grows after Russia imposes sanctions
Pressure on Europe to secure alternative gas supplies increased on Thursday as Moscow imposed sanctions on European subsidiaries of state-owned Gazprom a day after Ukraine stopped a major gas transit Continue Reading
European gas prices soar after Moscow imposes sanctions on EU energy companies
Russia’s state-owned gas supplier has said it will cut shipments to Europe through a major pipeline, sending prices surging and reinforcing President Vladimir Putin’s willingness to use energy as a Continue Reading
Russia seizes more than 500,000 mt of grain from Ukraine: ministry
Grain consumed in occupied Ukraine, exported from Crimea: sources Agricultural equipment also said taken by Russians Russia has taken more than 500,000 mt of grain, worth more than $100 million, Continue Reading
Historic price spikes lead to record LNG imports into Europe
Diversification in action amid pivot away from Russian pipelines Collapse in UK, French, Spanish front-month prices for May Highest-ever receipts for France, Spain, Netherlands Record-breaking price spikes in Europe’s wholesale Continue Reading
Russian Tanker Giant in Deals to Sell Ships Amid Western Sanctions
Sovcomflot has sold about a dozen ships to buyers in Asia and the Middle East, according to people familiar with the matter, as the Russian state-controlled company works to repay Continue Reading
European Oil Majors Report ‘Exceptional’ Trading Profits
All three of Europe’s largest oil majors have reported their highest quarterly earnings in years, with their trading arms playing a key role. While none of Europe’s oil majors report Continue Reading
Oil slips more than 2% on fears recession may hit demand
Oil prices dropped more than 2% on Thursday in a volatile week as recession fears dogged global financial markets, outweighing supply concerns and geopolitical tensions in Europe. Brent crude was Continue Reading
Oil Resumes Decline as Market Grapples With Tumultuous Trading
Oil resumed its decline as financial markets were pressured by stubbornly high US inflation, bolstering the case for Federal Reserve interest rate hikes. West Texas Intermediate futures have whipsawed wildly Continue Reading
The NOPEC Bill Could Send Oil Prices To $300
For decades, different forms of ‘NOPEC’ legislation designed to pave the way for lawsuits against OPEC have been considered by Congress. Last week, the U.S. Senate Judiciary Committee approved the Continue Reading
Oil Prices Slip As Crude Inventories Jump
Crude oil prices fell slightly today after the Energy Information Administration reported inventories had risen by 8.5 million barrels in the week to May 6. This compared with an inventory Continue Reading
Study finds cleaner air leads to more Atlantic hurricanes
Cleaner air in United States and Europe is brewing more Atlantic hurricanes , a new U.S. government study found . The National Oceanic and Atmospheric Administration study links changes in Continue Reading
In U-turn, IEA sees world weathering lost Russian oil supply
The world will not be left short of oil even with lower output from sanctions-hit Russia, the International Energy Agency (IEA) said on Thursday, in a U-turn after it predicted Continue Reading
Global Covid-19 Summit upstaged by Ukraine war, inflation
When the United States brought world leaders together last year to discuss how to end the pandemic, President Biden emphasized the historic scale of the problem. “This is an all-hands-on-deck crisis,” Continue Reading
Libya Eyes Offshore Oil Expansion Amid Onshore Force Majeure
Libya is planning to push a key offshore oil and gas project led by Italian Eni and Libya’s National Oil Company (NOC) in a move that could shift some oil Continue Reading
Production, logistical concerns cast shadow over India’s wheat export potential
Traders see output falling to 105 million-106 million mt in MY 2022-23 MY 2022-23 exports seen declining to 7 million-8 million mt Export prices rise on concerns over supply tightness, Continue Reading
Panama Canal Authority suspends Neopanamax locks 49.5-foot draft restriction
The suspended draft allows fully-laden Suezmax transits 50-foot maximum permits Neopanamax container ship transits Southbound transit waiting times for Supers at eight days The 49.5-foot draft restriction for the Neopanamax Continue Reading
North Korea confirms 1st COVID outbreak, Kim orders lockdown
North Korea imposed a nationwide lockdown Thursday to control its first acknowledged COVID-19 outbreak after holding for more than two years to a widely doubted claim of a perfect record-keeping Continue Reading
China’s Economic Slowdown Is Rippling All Around the World
China’s lockdowns could cost the company between $4 billion and $8 billion in lost sales. For decades, the world has depended on China as a massive factory floor and market. Continue Reading
Unvaccinated North Korea Locks Down After Reporting First Local Covid Infection
North Korea, which hasn’t vaccinated its population, imposed a lockdown in all its major cities after it reported its first local case of Covid-19 more than two years after the Continue Reading
Japan, EU to cooperate to ensure LNG supply, reduce reliance on Russian energy
Japan and the EU agreed on May 12 to cooperate and help each other’s security of LNG supply, and work together to reduce Europe’s dependency on Russian energy supply by Continue Reading
CHINA DATA: Shandong independent refiners’ throughputs hit 26-month low
Low throughputs generate high feedstock inventory ZPC, Hengli cut throughputs by 21.8% on month Feedstock consumption at Shandong’s independent refineries continued to fall and hit a 26-month low in April Continue Reading
US natural gas production growth to exceed demand increases this summer: NGSA
Summer-on-summer daily production growth forecast at 3.6 Bcf/d Production growth to come in 1 Bcf/d above demand growth US natural gas production will grow materially this summer comparedi with summer Continue Reading
Biden Scraps Offshore Oil Auctions
The Biden administration is scrapping planned auctions of drilling rights in the Gulf of Mexico and Alaska’s Cook Inlet. The Biden administration is scrapping planned auctions of drilling rights in Continue Reading
Requests for Russian gas via key Ukraine transit point fall to zero, data shows
Nominations for Russian gas transit via Ukraine at the Sokhranovka entry point for May 11 fell to zero, data from Ukraine’s gas pipeline operator showed on Wednesday, following Kyiv’s warning Continue Reading
Russian occupying forces have siphoned EU-bound gas via Ukraine, Kyiv says
The flow of Russian gas in a key pipeline to Europe through Ukraine has been disrupted due to illegal siphoning by Russian occupying forces, according to Ukraine’s gas grid operator. Continue Reading
Where is Russia’s oil going?
Despite the European Union’s drastic measures to wind down imports of Russian oil, Moscow still has plenty of buyers — and at prices steep enough to keep government revenue high Continue Reading
Russian gas flows to Europe via Ukraine drop
Daily requests for Russian gas deliveries to Slovakia via Ukraine have fallen in line with lower deliveries through Ukraine, where one route remains suspended, pipeline operator data showed on Thursday. Continue Reading
Ukraine keeps up counterattack to north of Kharkiv, Britain says
Ukrainian forces are keeping up a counterattack to the north of the second largest city of Kharkiv and recapturing several towns and villages toward the Russian border, Britain said on Continue Reading
Russia Oil Revenue Up 50% This Year Despite Boycott, IEA Says
Russian oil shipments have continued even as the EU edges towards an import ban. Source: Bloomberg Russia’s oil revenues are up 50% this year even as trade restrictions following the Continue Reading