Russia Steps Up Energy Wars With Gas Cuts to Europe’s Top Buyers
Flows of gas into Nord Stream will drop to as much as 67 million cubic meters per day. Source: Bloomberg Bloomberg News Russia stepped up the use of energy as Continue Reading
Russia’s economy in for a bumpy ride as sanctions bite
This “anti-sanctions” Lada Granta comes without airbags or GPS “It’s the most affordable new vehicle in Russia. They’re calling it… the anti-sanctions car!” That was Russian state TV putting a Continue Reading
Russian seaborne oil exports could find ways round EU insurance ban: sources
Highlights Freight for clean tankers ex-Black Sea at record highs UK likely to follow EU in insurance ban on vessels carrying Russian oil Russian crude exports largely resilient, product exports Continue Reading
Russian gas flows to Europe fall further amid diplomatic tussle
Supply via Nord Stream 1 to Germany cut to 40% capacity Europe’s benchmark gas price jumps 25% in morning trade Gazprom blames cuts on delayed return of equipment from Canada Continue Reading
Russian army steps up recruitment as Ukraine war losses thin ranks
Russia is scrambling to recruit men to fight in Ukraine after major losses in the early months of the war left the army stretched thin and some soldiers disenchanted. The Continue Reading
Russia seaborne oil exports at 3-year highs despite sanctions shake-up
China, India importing 1 mil b/d more Russian crude Urals trading at almost $40/b discount to Dated Brent EU looks to US, Norway, Egypt to fill crude supply gap Russian Continue Reading
Crude oil futures recover on tight supply, bullish OPEC report
Highlights Global oil demand to rise 3.36 million b/d in 2022: OPEC Russian oil supply to decline 170,000 b/d from 2021: OPEC US gasoline inventories fall 2.2 million barrels: API Continue Reading
Oil prices rise as tight supply counters China COVID, recession worries
Oil prices rose on Tuesday as tight global supply outweighed worries that fuel demand would be hit by a possible recession and fresh COVID-19 curbs in China. Brent crude futures Continue Reading
Global oil demand set to rise 2% to new high in 2023, says IEA
World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high Continue Reading
Oil-Supply Growth Expected to Lag Behind Demand Next Year
Global demand for oil will rise above prepandemic levels next year following three years of Covid-19 lockdowns and the economic shock of the Ukraine war, the International Energy Agency said. Continue Reading
IEA warns global oil supply could struggle to match demand in 2023 on Russia, OPEC constraints
IEA sees global oil demand above pre-pandemic levels in 2023 at 101.6 mil b/d IEA predicts China-led oil demand growth of 2.2 mil b/d in 2023 versus 1.8 mil b/d Continue Reading
Oil and Gas Prices To Rise Across The Board, Fitch Ratings Says
Fitch Ratings has increased its short- and medium-term oil price assumptions, reflecting the increasing number of buyers boycotting imports from Russia. American credit rating agency Fitch Ratings has increased its Continue Reading
Oil Prices Unmoved After API Reports Small Crude Build
The American Petroleum Institute (API) reported a build this week for crude oil of 736,000 barrels, while analysts predicted a draw of 1.2 million barrels. The small build comes as Continue Reading
Oil Supply Fears Mount As OPEC Underperforms
As national average gasoline prices have surpassed the $5 per US gallon mark for the first time in history, the market is set for further tightness after ten consecutive weeks Continue Reading
OPEC finally forecasts Russian crude output fall; faces pressure to ease market squeeze
OPEC on June 14 said it expects rising demand for its crude oil, forecasting robust global economic growth in the months ahead and projecting for the first time that Russia’s Continue Reading
Oil Companies Face Huge Risk As Legal Dispute In Kurdistan Escalates
Legal dispute beween the KRG and Baghdad could put all oil projects involving International Oil Companies at risk. A lack of legal clarity has been at the centre of this Continue Reading
What’s behind Libya’s oil blockade
A new blockade of Libyan oil facilities has greatly reduced production levels, hitting an already tight global market and adding to fears an internal political stalemate could spark new fighting. Continue Reading
EU looking to Israel to help it reduce energy reliance on Russia
The European Union is looking to Israel to help reduce its energy dependence on Russia following the Russian invasion of Ukraine, European Commission President Ursula von der Leyen said in Continue Reading
Libyan oil output collapses after wave of closures
Libya’s oil output is 100,000-150,000 barrels per day (bpd), a spokesman for the oil ministry said on Tuesday, a fraction of normal levels due to the shutdown of production and Continue Reading
Nigeria’s Oil Production Fell to Record 1.024m Bpd Low in May – OPEC
Still struggling with its oil production quota, the Organisation of Petroleum Exporting Countries (OPEC) yesterday revealed that Nigeria reported a paltry 1.024 million barrels per day production in May, a Continue Reading
Pakistan blackouts widen as energy crisis deepens, fuel prices soar
Highlights Govt imposes restrictions on power, energy consumption Hydroelectric shortages, record temperatures exacerbate crisis Gas-based power utilities cut operations on fuel shortage The Pakistan government is pushing to curb electricity Continue Reading
Europe’s Plan to Quit Russian Fuel Plunges Pakistan Into Darkness
Europe’s campaign to quit Russian fuel is designed to punish Moscow for its invasion of Ukraine . It’s also wreaking havoc thousands of miles away from the conflict, plunging Pakistan Continue Reading
Guyana Could Overtake Brazil As South America’s Top Oil Producer
Guyana’s oil industry is booming thanks to a number of massive discoveries. Exxon is leading the charge on this new oil frontier. The former British colony will materialize as a Continue Reading
U.S. to sell up to 45 mln bbls oil from reserve as part of historic release
The U.S. Department of Energy on Tuesday said it was selling up to 45 million barrels of oil from the Strategic Petroleum Reserve as part of the Biden administration’s previously Continue Reading
New York Metro Area Gasoline Pump Price Just Hit a Fresh Record
Pump prices in the New York metro area hit a fresh record as the driving season ramps up amid the lowest gasoline stockpiles the region has ever seen for this Continue Reading
Extreme weather is lashing virtually every region of the Lower 48
Nearly every corner of the Lower 48 is dealing with some sort of wild weather, with fires, floods, tornadoes and a punishing heat wave all wreaking havoc. A staggering 120 Continue Reading
Wyoming And Colorado Are Looking To Join The LNG Party
Wyoming produced over 1.37 trillion cu ft of natural gas last year. Colorado pumped 2.175 trillion cu ft in 2021. Opposition to more gas production remains strong in the two Continue Reading
Freeport LNG Not Expected To Resume Full Operations Until Late 2022
Freeport LNG will not resume full operations at its liquefication plant on Quintana Island until the end of this year, according to the company’s Tuesday press release. While China’s LNG Continue Reading
News of lengthy Freeport LNG terminal outage hits NYMEX gas futures
More gas to refill storage, rebalance market Some funds could be under pressure NYMEX front-month natural gas futures got walloped on June 14 following news from the operator that the Continue Reading
Texas LNG Blast Spells Trouble for Europe
The Freeport LNG blast spells trouble for Europe. The Freeport LNG blast spells trouble for Europe but opens a potentially lucrative opportunity for North and West African gas exporters to Continue Reading
Drivers shrug off soaring fuel prices, for now
Drivers around the world are tolerating record-high prices for road fuels, as mobility wins out for now over other spending in squeezed household budgets, data showed. The high prices have Continue Reading
What Is Holding The Hydrogen Boom Back?
While the hype around the potential of hydrogen power has been with us for decades, it is only recently that it has begun to recognize that potential. One of the Continue Reading
Biden Tells USA Oil Refiners Record Profits Not Acceptable
President Joe Biden told U.S. oil refiners that unprecedented profit margins are unacceptable. President Joe Biden told US oil refiners that unprecedented profit margins are unacceptable and called for “immediate Continue Reading
Ukraine Grain Exporters Carve Out New Route Via Baltic Sea
Spain receives 18,000-ton corn cargo trucked through Poland Ukraine has searched for alternate export routes amid the war Russia’s Death Toll May Surpass 40,000 Soldiers in June Ukrainian grain shippers Continue Reading
Nord Stream gas capacity constrained as sanctions delay equipment
The capacity of Gazprom’s (GAZP.MM) Nord Stream 1 pipeline to supply gas to Europe is partly constrained as sanctions make it impossible for equipment supplier Siemens Energy (ENR1n.DE) to return Continue Reading
Germany’s refinery dilemma tests Russian oil ban resolve
The company logo hangs at the PCK refinery’s, which is majority-owned by Russia’s Rosneft, in Schwedt, Brandenburg, Germany, June 9, 2022. REUTERS/Michele Tantussi Germany struggles with Rosneft stake in Schwedt Continue Reading
Scotland’s Sturgeon says nearly ready to outline plan for independence vote
Scottish First Minister Nicola Sturgeon on Tuesday said she was nearly ready to give more details on how the nation’s devolved parliament could move ahead with a new independence referendum Continue Reading
Russia Hides Budget Spending But Shows How Ruble Hit Oil Revenue
Russia said it would no longer disclose monthly figures breaking down how much the government spent on various budget items including defense, even as it released data showing the ruble’s Continue Reading
Heat Wave Spreads Across Europe as Summer Highs Come Early
Even under the shade of large umbrellas at Terraza Colon cafe in the heart of Madrid, it was hot. The tables were empty. “June is one of the best months Continue Reading
Double blow to Europe’s gas supplies sparks price surge
Europe’s gas supplies suffered a double blow on Tuesday after a major US liquefied natural gas export terminal said it would be offline for at least three months and Russia Continue Reading
Europe Imports Record LNG Volumes
Europe is importing record levels of liquefied natural gas (LNG) this year as it looks to reduce dependence on Russian pipeline gas and fill gas storage ahead of next winter. Continue Reading
UK to end plug-in vehicle grant to focus on expanding EV charging network
Highlights Grant was always temporary: government Supporting purchase of other road vehicles EV running-cost savings often exceed grant: minister The UK government has decided to close the plug-in vehicles grant Continue Reading
New Development In Iran, Greece Tanker Seizure Story
‘The move significantly lowers tensions’. A Greek court has overturned an earlier court ruling that allowed the confiscation by the United States of part of a cargo of Iranian oil Continue Reading
The 19th-Century Technology Driving Russia’s Latest Gains in Ukraine: Railroads
Russian forces have advanced in eastern Ukraine over recent weeks behind overwhelming artillery barrages, a shift in fortunes made possible by better access to rail lines delivering tons of ammunition Continue Reading
Europe imports more South African coal as Russian ban looms
European countries, scrambling to secure alternatives to Russian coal, imported 40% more coal from South Africa’s main export hub in the first five months of this year than over the Continue Reading
European official raises alarm about Russia flying Western-made airplanes
The European Union’s top aviation safety regulator said on Tuesday that he is “very worried” about the safety of Western-made aircraft continuing to fly in Russia without access to spare Continue Reading
Gazprom Cuts Gas Flows to Italy by About 15%, Eni Says
Gazprom said Tuesday it’s reducing flows through Nord Stream. Gazprom PJSC has cut gas supplies to Italy, state-controlled oil giant Eni SpA said Wednesday, citing a communication from the Russian Continue Reading
Russia’s Oil Revenue Jumps to $20 Billion in May, IEA Says
Russia’s oil-export revenues surged to around $20 billion in May despite shipping lower volumes, as a rally in global energy prices buoyed its coffers, according to the International Energy Agency Continue Reading
Heat Wave Spreads Across Europe as Summer Highs Come Early
Even under the shade of large umbrellas at Terraza Colon cafe in the heart of Madrid, it was hot. The tables were empty. “June is one of the best months Continue Reading
Oil prices rise as tight supply counters China COVID, recession worries
Oil prices rose on Tuesday as tight global supply outweighed worries that fuel demand would be hit by a possible recession and fresh COVID-19 curbs in China. Brent crude futures Continue Reading