Russia’s state-owned oil producers Rosneft and Gazprom Neft have started to use tankers of local state tanker operator Sovcomflot to ship their crude to Asia, Bloomberg reported on Wednesday, quoting Continue Reading
Oil production to fall nearly 10% to around 9.55 million b/d Oil exports to fall 1.2%; oil products to drop by 20% The Russian Economy Ministry forecasts Russian hydrocarbons output Continue Reading
The European Commission unveiled a more detailed plan May 18 to diversify its energy supplies away from Russia and to accelerate the expansion of clean energy with key focus on Continue Reading
Russia will send any oil rejected by European countries to Asia and other regions, Deputy Prime Minister Alexander Novak said on Thursday, adding that Europe would have to find substitute Continue Reading
Half of Russian gas giant Gazprom’s (GAZP.MM) 54 clients have opened accounts at Gazprombank, Deputy Prime Minister Alexander Novak said on Thursday, as Moscow seeks to compel its clients to Continue Reading
Europe is driving global LNG demand as it rushes to replace Russian gas before winter. Europe has displaced Asia as the growth driver of LNG demand and is no longer Continue Reading
Highlights Ukraine invasion affecting Russian oil output Russia redirecting crude supplies from Europe to Asia Russian deputy prime minister Alexander Novak said May 19 that after a fall of 1 Continue Reading
Oil rose as tight US product markets and the prospect of higher demand in China, the world’s top importer, add urgency to the hunt for barrels. West Texas Intermediate surpassed Continue Reading
Oil prices edged up on Wednesday on expectations that easing COVID-19 restrictions in China will push up demand and as industry data showed drawdowns in U.S crude inventories. Brent crude Continue Reading
Oil hit its highest in seven weeks on Tuesday, supported by the European Union’songoing push for a ban on Russian oil imports that would tighten supplyand as investors focused on Continue Reading
The World Meteorological Organization’s new report catalogs new records for sea-level rise, ocean temperature, greenhouse gas concentrations and ocean acidification. Last year brought new records for sea-level rise , ocean Continue Reading
It doesn’t take the end of the world to upend the way billions live in it. The punishing weather we are uneasily learning to call “normal” is doing that already. Continue Reading
Libyan prime minister-designate Fathi Bashagha was forced out of the capital Tripoli on Tuesday by armed militias backed by current interim Prime Minister Adbdul Hamid Dbeibah, who refuses to step Continue Reading
Iraq’s state-run North Oil Company (NOC) has accused the semi-autonomous Kurdistan Regional Government (KRG) of deploying armed forces to control a handful of oil wells along its disputed boundary with Continue Reading
French multinational oil and gas giant, TotalEnergies has launched the sale of its10 per cent stake in Nigerian joint venture with the Nigerian National Petroleum Company (NNPC) Limited and Shell Continue Reading
India’s oil products consumption falls 4% on month in April Initial May consumption trend showing healthy recovery signs India’s oil demand to grow 245,000 b/d in 2022: Platts Analytics India’s Continue Reading
Sri Lanka asked citizens not to queue for gasoline as the nation on the verge of default has no dollars to pay for a fuel shipment. “There is a petrol Continue Reading
Traffic travels along a highway shrouded in smog in Lahore, Pakistan in December 2021. The city of more than 11 million people in Punjab province near the border with India Continue Reading
Taking shelter from the scorching heat in Delhi Climate change makes record-breaking heatwaves in northwest India and Pakistan 100 times more likely, a Met Office study finds. The region should Continue Reading
Indian air conditioner manufacturers are expecting record sales this year as a heatwave scorches most of the country, an industry body told Reuters, but delayed arrivals of components from COVID-hit Continue Reading
Chevron has a joint venture with state-owned oil company Petróleos de Venezuela. The U.S. extended a limited license held by Chevron Corp. on Tuesday that allows the oil company to Continue Reading
Crude fell after the US government announced it plans to allow Chevron Corp. to negotiate its oil license with Venezuela’s national producer. West Texas Intermediate settled below $113 on Tuesday. Continue Reading
Japan’s Nuclear Regulation Authority (NRA) granted an initial approval on Wednesday for a Tokyo Electric Power’s (Tepco) (9501.T) plan for releasing water from the destroyed Fukushima nuclear power plant into Continue Reading
Goldman Sachs Group Inc. cut its economic growth forecast for China for this year to 4% as the government doubles down on a Covid Zero policy that’s forced major cities Continue Reading
North Korea, battling its first major Covid-19 outbreak, has reached out for help to its closest ally, China, while ignoring offers of vaccines from South Korea. Three North Korean cargo Continue Reading
China’s cash-strapped local governments have been forced to divert funds from poverty alleviation and infrastructure to finance mass coronavirus testing as President Xi Jinping’s zero-Covid policy causes growing financial strains. Continue Reading
The geographical location of Oman makes it one of the most strategically important countries in the world when it comes to energy and trade. China, notably through its relationship with Continue Reading
The United States is considering blocking Russia’s ability to pay its U.S. bondholders by allowing a key waiver to expire next week, a U.S. administration official said on Tuesday, which Continue Reading
The American Petroleum Institute (API) reported a draw this week for crude oil of 2.445 million barrels, compared to analyst predictions of a 1.533 million barrel build. The draw comes Continue Reading
The move leaves the industry in limbo, according to Fitch Solutions. The cancellation of lease sales 258 (Cook Inlet) and 259, 261 (Gulf of Mexico) that were planned under the Continue Reading
The state of Texas’ power-grid operator on Friday called on residents to cut their electricity use this weekend after six generating plants fell offline in a heatwave. Record temperatures have Continue Reading
Not too long ago in some parts of the United States, paying more than $4 for a gallon of gas was seen as a coastal problem faced by Americans in Continue Reading
U.S. gasoline and diesel prices are at record highs and show no sign of falling or of denting demand. Refining capacity has shrunk dramatically since 2020 due to the covid Continue Reading
Chevron waiver was due to expire June 1 Opposition leader Guaido denies involvement Republican lawmakers May 17 were quick to condemn steps the Biden administration reportedly took to ease oil Continue Reading
Highlights Open season or FID declared for 1.7 Bcf/d capacity Projects delays gas pipeline constraints to late 2025 Crude constraints unlikely before late 2025 or later Permian Basin producers are Continue Reading
Days after taking office as Germany’s vice-chancellor and economy minister in December, Robert Habeck asked his most senior officials for a detailed assessment of his country’s dependence on Russian energy. Continue Reading
Continued oil and gas exports as well as a propped-up ruble, have allowed Moscow to weather Western sanctions. JPM has backtracked on its earlier forecasts of a 35% contraction in Continue Reading
Berlin risks running out of fuel unless German officials can find a way to keep a Cold War relic from falling victim to geopolitics. A refinery on the Polish border, Continue Reading
The European Commission will on Wednesday unveil a 210 billion euro plan for how Europe can end its reliance on Russian fossil fuels by 2027, and use the pivot away Continue Reading
Germany, Belgium, the Netherlands and Denmark will on Wednesday announce a joint pledge to build at least 150 gigawatts (GW) of offshore wind in the North Sea by 2050, Danish Continue Reading
Hungary needs European Union funds to be unlocked to diversify its energy supplies, Poland’s president said on Tuesday, offering some support to a country that has blocked a proposed EU Continue Reading
Natural gas prices in Europe rose as buyers try to unravel mixed signals from Brussels about how they can keep paying for Russian supplies just days before bills come due. Continue Reading
Is the UK’s Leveling Up Plan Just a Slogan? Sign up for the New Economy Daily newsletter, follow us @economics and subscribe to our podcast . UK inflation rose to Continue Reading
While Europeans bask in the warmth of spring, governments are in a race against winter. Europe is trying to cut use of Russian natural gas because of the war in Continue Reading
Oil hit its highest in seven weeks on Tuesday, supported by the European Union’songoing push for a ban on Russian oil imports that would tighten supplyand as investors focused on Continue Reading
Oil edged higher in its longest run of daily gains since February as traders weighed strength in key petroleum products markets and as China continued to grapple with its virus Continue Reading
Simon Watkins is a former senior FX trader and salesman, financial journalist, and best-selling author. He was Head of Forex Institutional Sales and Trading for… Several E.U. member states made Continue Reading
Iraq’s oil ministry thwarted three prospective deals last year that would have handed Chinese firms more control over its oilfields and led to an exodus of international oil majors that Continue Reading
Oil Tumbles as Virus Lockdowns in China Pummel Economy Saudi Arabia’s energy minister said a dearth of refining capacity meant that gasoline and other oil products would remain expensive even Continue Reading
Russia became the fourth-largest oil supplier to India in April, with volumes set to rise further in coming months as low prices spur demand from the world’s No. 3 oil Continue Reading
