Saudi Arabia’s Oil Exports Hit The Highest Level Since 2016
Saudi Arabia’s crude production rose to 10.3 million barrels a day in March. Sign up for our Middle East newsletter and follow us @middleeast for news on the region. Saudi Continue Reading
Could Iraq Dethrone Saudi Arabia As Largest Oil Producer?
Iraq remains one of the most underdeveloped oil producers in the Middle East. EIA: Iraq holds a very conservatively estimated 145 billion barrels of proved crude oil reserves. At $2-3 Continue Reading
U.S. Sees Chances Of Iran Nuclear Deal As Slim
The chances of the world powers reaching a deal with Iran on its nuclear activities that would pave the way toward the removal of the U.S. sanctions on Iranian oil Continue Reading
India to continue buying ‘cheap’ Russian oil, discount to be finalised – source
India will continue to buy “cheap oil” from Russia but has not finalised terms of the discount, a senior government official familiar with the matter said on Wednesday. “We will Continue Reading
India heat wave: Axing coal imports proving to be a costly affair
The Indian government’s latest decision to penalize power plants for not importing coal is a stark contrast to the stance it took a couple of years ago, when it was Continue Reading
China Economy Worse Off in Some Ways Than 2020, Premier Says
China’s economy is in some respects faring worse than in 2020 when the pandemic first emerged, Premier Li Keqiang said, urging efforts to reduce a soaring unemployment rate. “Economic indicators Continue Reading
China’s Economic Recovery Faces New Hurdle in Rising Power Costs
China’s Central Bank, Regulator Urge Banks to Boost Lending Bloomberg News Two of China’s biggest provinces are raising power rates for factories amid increased environmental scrutiny and higher fuel costs, Continue Reading
China Coal Expansions Threaten Higher Methane Levels Worldwide
China’s plans for 169 new and expanded coal projects could boost global methane emissions from mines that produce the dirtiest fossil fuel by 10% and jeopardize its own short-term climate Continue Reading
US Drivers Begin to Balk at Record Gas Prices
Gasoline Likely to Rise Further, Rapidan Energy Says US gasoline demand — earlier expected to hold strong this summer despite soaring prices — is starting to show signs of cracks. Continue Reading
California, Long Leery of Nuclear Power, Joins Bid to Save It
The push to make nuclear power a key tool to fight climate change is getting a boost from one of the most unlikely places on Earth: California. The state, birthplace of Continue Reading
Gas prices are a ‘major factor’ in summer vacation plans, poll finds
A majority of Americans say they are likely to travel for summer vacation this year, but high prices for gas, hotels and flights are weighing on those plans, a Washington Post-Schar Continue Reading
Northeast heat, early-season demand adds to region’s gas inventory burden
Highlights 90s F forecast from mid-Atlantic to Massachusetts Northeast power burns to top 9 Bcf/d in early June Northeast inventory deficit grows in May to 85 Bcf An early-season heat Continue Reading
Up To 6 Major Atlantic Hurricanes Forecasted For 2022
Atlantic weather systems have severely affected oil and gas operations in the past. Forecasters at NOAA’s Climate Prediction Center, a division of the National Weather Service, are predicting above average Continue Reading
Summer Heat Could Wreak Havoc On Texas’ Grid
Experts warn that Texans should be prepared for another massive grid failure. While Texas has made some progress in increasing surplus energy flow to the grid, high demand may overwhelm Continue Reading
The Trouble With Lithium
Brine pools at the Albemarle Corp. Lithium mine in Calama, Chile The electric car market is driving insatiable demand for lithium. But a supply crisis of the wonder metal could Continue Reading
Ukraine’s embattled farmers running on empty as world faces food crisis
After making it through the spring planting season, sometimes with the help of bulletproof vests and helmets, Ukraine’s farmers are facing another challenge – finding enough diesel for the harvest Continue Reading
EU cracks widen over Ukraine as Italy, Hungary urge truce
taly and Hungary have urged the EU to call explicitly for a ceasefire in Ukraine and peace talks with Russia, putting themselves at odds with other member states determined to Continue Reading
Europe’s Russian-Oil Snub Appears to Be Gathering Momentum
Producers of Russian crude are finding it increasingly difficult to sell barrels in their traditional European market since President Vladimir Putin launched an assault on Ukraine. While the European Union has Continue Reading
Hungary Imposes Windfall Tax On Energy Companies
A day after declaring a state of emergency, Hungarian leader Viktor Orban said on Wednesday that big companies operating in the country, including energy companies, would be forced to turn Continue Reading
French nuclear on course for record-low May output, strike planned June 1
French nuclear generation remained on course for a record-low May output despite the return of the Tricastin 2 reactor after a five-week refueling outage, system data showed May 25. Receive Continue Reading
Rare Ship-to-Ship Transfers Keep Oil Moving From Russia to China
A logistically risky and costly transfer of crude between tankers at sea highlights the steps at least one Chinese buyer is willing to take to ensure the smooth flow of Continue Reading
Analysis: Schroeder throws in towel as German industry clings on to Russian gas
Gerhard Schroeder has backed off from taking a top role at Russian energy giant Gazprom (GAZP.MM) , dealing a setback to Germany’s gas lobby as it seeks to keep the Continue Reading
EU can agree Russia oil embargo, or seek alternative, Germany says
The European Union can still strike a deal on a Russian oil embargo in the coming days or look to “other instruments” if no agreement is reached, Germany’s economy minister Continue Reading
EU Working on Gas Deal With Egypt, Israel to Shore Up Supplies
The European Union is working on a deal to import Israeli gas through Egypt as the bloc rushes to reduce its reliance on Russian supplies. The fuel would be converted Continue Reading
Ukraine Latest: Russia Pledges to Open Sea Corridors, Kyiv Wary
Russia said it’s opening corridors for shipping from seven Ukrainian ports amid growing international criticism of an unfolding global food crisis triggered by its blockade. Kyiv warned that security issues Continue Reading
Ukraine Live Updates: Russia Cuts Interest Rates to Ease Pain of Sanctions
As the economic pain of the war weighs on Russia, the country’s central bank slashed interest rates on Thursday, the latest in a raft of measures by Moscow aimed at Continue Reading
Russia’s Oil Production Has Plunged Even As Its Revenue Climbs
A combination of sanctions and an oil major exodus in the wake of its invasion of Ukraine has caused Russian oil production to plunge. While higher oil and natural gas Continue Reading
The EU Needs More Than $1 Trillion For Plan To Ditch Russian Oil And Gas
The EU’s ambitious plan to reduce its dependency on Russian fossil fuels is going to require at least €1 trillion in investment. In order to achieve the goals they have Continue Reading
EU Studies Spain-Italy Gas Pipeline To Cut Russian Dependence
The European Union is considering the idea of a construction of an offshore gas pipeline between Spain and the Italian coast in Tuscany to reduce the EU’s reliance on Russian Continue Reading
Oil prices edge higher on tight supply, firmer demand expectations
Oil prices rose on Wednesday, buoyed by tight supplies and the prospect of rising demand from the upcoming start of the summer driving season in the United States, the world’s Continue Reading
Crude oil futures climb amid supply fears; recessionary concerns weigh
Crude resumes climb amid ongoing supply concerns Recessionary fears, lack of Russian oil ban from EU cap upside Oil prices to trade rangebound in the near term: analysts Crude oil Continue Reading
OIL FUTURES: Crude lacks direction as market eyes budding demand woes, tight global supply
US manufacturing, services PMIs fall in May Beijing COVID-19 flare-up prompts lockdown concerns Tight global supply holds floor under prices Crude futures settled mixed May 24 as the market weighed Continue Reading
Food crisis fuels fears of protectionism compounding shortages
A growing world food crisis is precipitating protectionist moves by countries which are likely to compound the problem and could lead to a wider trade war, business leaders and policymakers Continue Reading
Africa: Fuel Shortage Crisis – Who is Responsible?
Kenya’s recent fuel crisis has left petrol pumps dry. Politicians are blaming each other and giving varied reasons for the shortage, from the government being inept to government plans to Continue Reading
Saudi Arabia Says It Has Done All It Can for the Oil Market
Saudi Arabia’s foreign minister said there’s nothing more the kingdom can do to tame oil markets. Saudi Arabia’s foreign minister said there’s nothing more the kingdom can do to tame Continue Reading
Saudi Arabia sees no crude oil shortage, blames lack of refinery investment for fuel squeeze
Highlights Saudi FM says oil market ‘relatively in balance’ Global refining capacity shrank in 2020, 2021: S&P Global OPEC+ under fire for maintaining production cuts The oil market “is relatively Continue Reading
Deadly Heat in India Is a Warning of Global Catastrophes to Come
Even after three decades of growing wheat and rapeseed on his small plot in Punjab, India’s traditional breadbasket, Inderjit Singh was caught off guard by the heat wave that began Continue Reading
India aims to ease oil price pain through tax cuts, new term crude deals
Highlights India cuts excise duties on gasoline and diesel Inflation, based on CPI, hits an 8-year high in April Dated Brent to average $103/b in 2022: Platts Analytics From cutting Continue Reading
China Growth Target in Tatters as Covid Zero Hammers Economy
China’s commitment to Covid Zero means it’s all but certain to miss its economic growth target by a large margin for the first time ever. Economists’ median forecast for gross Continue Reading
TotalEnergies agrees to buy 50% of U.S. renewables company Clearway
TotalEnergies (TTEF.PA) said on Wednesday it has agreed to buy 50% of Clearway Energy Group, the fifth-largest renewables company in the United States, marking the French group’s largest U.S renewables Continue Reading
Oil Climbs as Report Shows Tightening US Gasoline Stockpiles
IEA’s Birol Says Oil Prices May Rise Further Oil rose after a two-day decline as an industry report showed US gasoline stockpiles shrunk further ahead of the summer driving season Continue Reading
Pfizer warns of ‘constant waves’ of Covid as complacency grows
Growing complacency about Covid-19 and politicisation of the pandemic response will cost lives as the world is hit by new waves of the virus in the coming months, Pfizer’s chief Continue Reading
EIA US natural gas storage report likely to post widest deficit yet for 2022
Survey predicts 87 Bcf build in the week ended May 20 Storage deficit would widen further to 320 Bcf NYMEX gas futures rally, trading near $9/MMBtu US natural gas in Continue Reading
US NOAA sees above-average Atlantic hurricane season with up to six major hurricanes
Risks to production, refining, exports, ports NOAA predicts up to 21 named storms 2021 season was the third-most active US energy and commodity markets are set for another busy Atlantic Continue Reading
Putin’s State Oil Champion Suffers Biggest Production Drop
The state-run oil champion led by a close ally of President Vladimir Putin has seen the largest drop in production since the invasion of Ukraine. Rosneft PJSC , whose Chief Continue Reading
Europe, Asia gas buyers switching to long-term supplies to beat volatile prices
Natural gas buyers in Asia and Europe are seeking to lock in supplies via long-term contracts as a buffer against volatile global prices, industry executives said, in moves that will Continue Reading
Ukraine’s embattled farmers running on empty as world faces food crisis
After making it through the spring planting season, sometimes with the help of bulletproof vests and helmets, Ukraine’s farmers are facing another challenge – finding enough diesel for the harvest Continue Reading
Russian oil’s Achilles’ heel: insurance
Russia has so far deflected much of the impact of sanctions on its oil trade but the insurance industry threatens to throw a spanner in the works unless Moscow and Continue Reading
Russia ready to set up corridor for ships leaving Ukraine with food, with conditions
A solution to food problem requires vast approach – Moscow This includes lifting of some sanctions from Russia – Moscow Moscow is in touch with the UN on the issue Continue Reading
Russian lawmakers give initial approval to bill allowing foreign asset takeover
Russian lawmakers on Tuesday gave the first stamp of approval to a bill that would allow Russian entities to take over foreign companies that have left the market in opposition Continue Reading