Iran Says It Can Double Oil Exports If Market Needs More Barrels
Iran has the capacity to double oil exports if there’s sufficient demand, a top official said, even as a deal on the country’s nuclear program that could pave the way Continue Reading
Nigeria: Scandalous Oil Theft – Nigeria Loses N3.038 Trillion in One Year
THERE are indications that despite the rise in crude oil prices in the international market, Nigeria’s economy may not reap the benefits due to the continued increase in theft and Continue Reading
What It’s Like to Live Through India’s Nonstop Heat Wave
A diary from New Delhi on a recent day when the city of 19 million struggled to cope with killer temperatures Large parts of northern and central India are bracing Continue Reading
Airfares soar as Americans shrug off Covid and inflation to get away
US airlines are poised to raise ticket prices further as Americans shrug off the fastest rise in domestic airfares for decades in their determination to travel. Airfares rose by 18.6 Continue Reading
Shanghai aims to reopen more COVID-shut businesses, Beijing battles on
Shanghai will gradually begin reopening businesses such as shopping malls and hair salons in China’s financial and manufacturing hub from Monday after weeks in strict COVID-19 lockdown, while Beijing battles Continue Reading
North Korea reports more deaths, says taking ‘swift measures’ against COVID outbreak
North Korea said on Sunday a total of 42 people had died as the country began its fourth day under a nationwide lockdown aimed at stopping the impoverished country’s first Continue Reading
Dollar’s Strength Pushes World Economy Deeper Into Slowdown
The soaring dollar is propelling the global economy deeper into a synchronized slowdown by driving up borrowing costs and stoking financial-market volatility — and there’s little respite on the horizon. Continue Reading
Menaced by flames, nuclear lab peers into future of wildfire
Public schools were closed and evacuation bags packed this week as a stubborn wildfire crept within a few miles of the city of Los Alamos and its companion U.S. national Continue Reading
Hurricane-Force Gusts Strike Central US in Wild Weather Event
Some of the wildest weather of this year ripped across the US Midwest and Great Plains on Thursday, unleashing tree-toppling, hurricane-force wind gusts and crashing hail. The highest wind report Continue Reading
Ford Unloads Further 7 Million Shares of Electric-Vehicle Startup Rivian
The sale leaves Ford with about 86.9 million shares of Rivian, or a 9.7% stake, according to FactSet data. Rivian’s stock price sank earlier in the week following news of Continue Reading
We Can’t Drill Our Way to Energy Security
Thanks to a remarkable oil and gas boom, the United States has achieved the long-sought goal of energy self-sufficiency: We now produce more oil and refined products, natural gas and Continue Reading
The Semiconductor Shortage Could Persist Through 2024
A number of factors are continuing to depress the already-battered automotive industry. According to Intel CEO, Pat Gelsinger, the ongoing semiconductor chip shortage will likely persist until at least 2024. Continue Reading
Euro Is Sliding Toward Dollar Parity for First Time in 20 Years
Want the lowdown on European markets? In your inbox before the open, every day. Sign up here . The euro is on the verge of U.S. dollar parity for the Continue Reading
Missing Billions Threaten to Break Britain’s Energy Market
The war in Ukraine has exposed the vulnerability of the energy industry across Europe, but the UK market is looking increasingly perilous for suppliers and consumers for reasons closer to Continue Reading
Europe Looks To African Gas To Reduce Dependence On Russian Imports
Rystad Energy is an independent oil and gas consulting services and business intelligence data firm offering global databases, strategy consulting and research products. Rystad Energy’s… Africa has significant gas production Continue Reading
Russia Cuts Gas Supply To Seized German Gazprom Unit
Germany says Russia is using energy as a weapon after Moscow cut gas supply to a seized Gazprom unit. Moscow responded by stating that its actions are a natural and Continue Reading
France’s Power Sector Further Strained By Extended Outages And Repairs
France’s nuclear power plants are undergoing repairs and extended outages, leading to a 25% decrease in nuclear power plant output this winter, an analysis from Baringa Partners LLP said, according Continue Reading
The UK’s Nuclear Ambitions Could Cause More Pain For Consumers
The UK is racing to reduce its reliance on Russian oil and gas. Part of its strategy is to ramp up nuclear power production. The government’s ambitious plans may be Continue Reading
Oil Climbs as Global Refining Crunch Drives Record Fuel Costs
Oil climbed as a global squeeze on refined products continued to pull fuel prices higher with Russian diesel exports falling sharply. West Texas Intermediate rose 4.1% on Friday and eked Continue Reading
Oil Prices Climb Despite Demand Destruction Claims
Despite reports from the IEA and OPEC that emphasized a decline in oil demand, oil prices jumped on Friday due to fears of Europe implementing a Russian oil ban. Oilprice Continue Reading
Global wheat crop likely to fall for first time in four years, US forecasts
Global wheat production is likely to fall for the first time in four years, according to a closely watched US government forecast of the upcoming crop season, confirming fears of Continue Reading
G7 backs more aid, weapons to Ukraine in show of unity against Russia
Foreign ministers from the G7 group of rich nations backed giving more aid and weapons to Ukraine as they met on Friday in what Germany called a “powerful sign of Continue Reading
Global stocks record longest weekly losing streak since 2008 crisis
Global stocks sank for a sixth consecutive week as the threat of a US recession added to the fears of investors who were grappling with rampant inflation, coronavirus lockdowns in Continue Reading
Rising Food Prices Roil Developing World
Soaring food prices are triggering shortages and protests across the developing world as disruption from the Ukraine war adds to existing strains on global supplies of grains, meat and other Continue Reading
Record Wildfires Threaten to Wreak $200 Billion in Global Damage
Across huge swaths of the planet, this year has started off hot, dry and on fire. Record blazes have raged out of control in both the Northern and Southern Hemispheres, Continue Reading
New Emissions Analytics study suggests pollution from tire wear now 1,850 times worse than exhaust emissions
In early 2020, UK-based independent testing firm Emissions Analytics published a study claiming that tire particulate wear emissions were 1,000 times worse than exhaust emissions ( earlier post ). Since Continue Reading
Stalled Iran Talks May Restart After EU Visit To Tehran
Nuclear deal talks between the West and Iran may soon be restarted after a visit by EU envoy Enrique Mora to Tehran. “The negotiations had stalled and now they have Continue Reading
India Bans Wheat Exports in Growing Wave of Food Protectionism
India prohibited wheat exports that the world was counting on to alleviate supply constraints sparked by the war in Ukraine, saying that the nation’s food security is under threat. Exports Continue Reading
India bans wheat exports, adding to global supply crunch
Ban effective May 13 Surprise move puts 2-3 mil mt of wheat supply at stake Traders expect India’s prices to drop India placed a ban on exports as of May Continue Reading
Latin American diesel markets ease as sources other than US Gulf Coast emerge
Latin America pulling more refined product cargoes from Europe, Asia USGC ULSD waterborne premium drops on race to supply Latin America Latin American diesel prices have backed away from record Continue Reading
North Korea’s Kim says COVID ‘great turmoil’, 21 new deaths reported
North Korean leader Kim Jong Un said on Saturday that the spread of COVID-19 had thrust his country into “great turmoil” and called for an all-out battle to overcome the Continue Reading
Texas heatwave will test power grid early next week
The Texas power grid will be tested again early next week as another early spring heatwave blankets the state this weekend, prompting homes and businesses to crank up their air Continue Reading
Only Three US States Have Pump Prices Below $4 a Gallon
The average retail price of unleaded gasoline in the US has climbed for 19 straight days, extending a record rally to $4.432 a gallon, according to the latest data from Continue Reading
Electric-Vehicle Startups Run Low on Cash After SPAC Deals
Several electric-vehicle startups that went public by merging with special purpose acquisition companies, or SPACs, in the last two years made some nervy disclosures this week. Canoo, the buzzy electric-van Continue Reading
The Temperature Is the Least Surprising Part of the Texas Heat Wave
Temperature in Continental US on May 9. Source: National Weather Service/NOAA Texas suffered extremely high temperatures in the last week, reaching 112° Fahrenheit (44.4° Celsius) in Rio Grande Village, near Continue Reading
U.S. Rig Count Continues To Rise As WTI Hits $110
The number of total active drilling rigs in the United States rose by 9 this week, on top of the 7 rig increase in the week prior, according to new Continue Reading
Soaring Costs Set To Hurt U.S. Shale Production
Soaring Production Costs Stoke Fears of US Shale Slowdown – Just as US shale producers were poised to capitalize on high crude prices and bring new production to the markets, Continue Reading
Americans Support More Natural Gas Production For Export To Europe
Most Americans support increasing U.S. natural gas production in order to export more of the fossil fuel to gas-starved Europe, a new poll from the Pew Research Center showed on Continue Reading
The Biggest Problem With Flying Cars Is on the Ground
The companies developing electric vertical takeoff-and-landing vehicles all promise that their aircraft will drastically slash travel times by flying above traffic. But to fulfill that promise, their take-off and landing Continue Reading
Port of Long Beach sees busiest April on record as US import strength persists
Highlights Import volumes grow 9.2% on year ‘Summertime surge’ likely as China reopens Empty exports continue monthly increases The Port of Long Beach, California said May 13 it had its Continue Reading
Analysis: Europe in high-cost race to replenish gas stocks
Europe has begun refilling depleted gas stores to shore up supply for the winter and guard against possible disruptions inflows from Russia, but a sky-high market means the move could Continue Reading
EU hopeful for Russian oil embargo deal in May, diplomats say
The European Union still aims to agree a phased embargo on Russia oil this month despite concerns about supply in eastern Europe, four diplomats and officials said on Friday, rejecting Continue Reading
Kremlin says report of possible gas cuts for Finland most likely a ‘hoax’
A report in a Finnish newspaper that Russia may cut gas supplies to Finland as soon as Friday seems to be fake, Kremlin spokesman Dmitry Peskov said. “Most likely, this Continue Reading
Russian Shipping Traffic Remains Strong as Sanctions Take Time to Bite
Shipping traffic in and out of Russia has remained relatively strong in the past few months as companies have raced to fulfill contracts for purchases of energy and other goods Continue Reading
European Drivers Face Further Gasoline Squeeze
Very tight Naphta market could increase pain at the pump in Europe. Exports of naphtha from Russia to Europe have shrunk considerably since the start of the year. Rising demand Continue Reading
Russia To Halt Electricity Exports To Finland On Saturday
Following Thursday’s report that Russia threatened to cut the flow of gas to Finland, Russia—through its entity RAO, will suspend imports of electricity to Finland as of 1:00 a.m. on Continue Reading
Russia Diesel Exports Drop Sharply In April
Russian diesel fuel exports last month fell by 14 percent, or 500,000 tons, last month as buyers shunned the product amid Western sanctions on Moscow for its invasion of Ukraine. Continue Reading
Russia talks of record wheat crop while world mulls output fall
Putin says Russia’s wheat crop could exceed 2020’s record Russian yield boosted by lower winterkill USDA sees Ukraine’s wheat output down 35% Russia could be on course for a record Continue Reading
Cheap Food in Britain Is About to Become a Thing of the Past
The decades-long era of cheap food in Britain may be coming to an abrupt end. With the U.K. wilting under the fastest inflation in three decades, supermarkets are raising prices Continue Reading
Oil rises but set for weekly drop as fears of weaker demand limit gains
Oil prices rose on Friday but were headed for their first weekly loss in three weeks as worries about inflation and China’s COVID lockdowns slowing global growth offset concerns about Continue Reading