The Biden administration on Tuesday said it will sell an additional 20 million barrels of oil from the Strategic Petroleum Reserve as part of a previous plan to tap the Continue Reading
European Union countries bracing for further cuts in Russian gas supply on Tuesday approved a weakened emergency plan to curb demand, after striking compromise deals to limit reductions for some Continue Reading
A view shows pipes at the landfall facilities of the ‘Nord Stream 1’ gas pipeline in Lubmin, Germany, July 21, 2022. REUTERS/Annegret Hilse/File Photo Germany’s export industries brace for further Continue Reading
Global LNG Competition Intensifies on Russia Supply Cut Bloomberg News The Kremlin is likely to keep vital gas flows to Europe at minimal levels as long as the standoff over Continue Reading
Germany’s economic prospects are worsening by the day as record inflation haunts households and threats swirl over supplies of everything from Russian natural gas to manufacturing components. Growth in Europe’s Continue Reading
European gas prices have surged 30 percent in two days after Russia deepened supply cuts to the continent in Moscow’s latest attempt to weaponize energy supplies. Futures contracts for delivery Continue Reading
Russia’s oil giant Rosneft on Tuesday said it had launched construction works on an oil terminal for its Vostok Oil project in the Arctic, expecting the port to become the Continue Reading
Highlights Political agreement to be specified in coming days Geographical, some sector derogation possible TTF prices rise with focus on demand destruction EU energy ministers have agreed to voluntary gas Continue Reading
Russia delivered less gas to Europe on Wednesday in a further escalation of an energy stand-off between Moscow and the European Union that will make it harder, and costlier, for Continue Reading
Russia delivered less gas to Europe on Wednesday in a further escalation of an energy stand-off between Moscow and the European Union that will make it harder, and costlier, for Continue Reading
. The euro area is probably already contracting, according to Goldman Sachs Group Inc. The recession will last until the end of the year, economists led by Jari Stehn said, Continue Reading
Shipping companies are not rushing to export millions of tons of trapped grain out of Ukraine, despite a breakthrough deal to provide safe corridors through the Black Sea. That is Continue Reading
Highlights Tight physical supply supports prices despite recession fears ICE Brent prompt backwardation widens further Southeast Asian crudes trade at record premiums Crude oil futures were higher in mid-morning Asian Continue Reading
Oil prices rose on Tuesday for a second day on increasing concerns about tightening European supply after Russia, a key oil and natural gas supplier to the region, cut gas Continue Reading
Oil rose as tight near-term supplies outweighed expectations of another rate hike this week and an eventual economic slowdown. West Texas Intermediate rose 2.1% to settle above $96 a barrel. Continue Reading
Money managers have started to close out short positions on oil. The oil price slump that started mid-June could be about to reverse. The disconnect between the physical crude market Continue Reading
What do you think is going to happen when we get to a point where the world simply cannot produce any more oil than it is already producing? It is Continue Reading
NTT Anode Energy Corporation announced a joint research and development project to study safety measures for the mass transportation of hydrogen through existing pipeline infrastructure. The study, being performed in Continue Reading
Several rockets landed at the Khor Mor gas field in the Sulaimaniya region of northern Iraq on Monday, Iraqi Kurdish officials said, but they did not immediately report any damage Continue Reading
Libya boosted oil production to more than 1 million barrels a day, a milestone for the North African country where output had more than halved since mid-April. The OPEC member, Continue Reading
Gazprom’s MoU with the Iranian NIOC marks the next major step in oil and gas cooperation between the two countries. Gazprom has pledged its full assistance to the NIOC in Continue Reading
August 2022 will see many grades reach their highest-ever market differential. Gulf producers balance tight supply and signals of demand destruction as they set prices for August. The arrival of Continue Reading
The government presents two scenarios, one involving the continuation of subsidy payment and another assuming partial payment until subsidy is phased out in 2023. Retaining petrol subsidy will cost Nigeria Continue Reading
China’s economic slowdown is spilling over to major exporting nations in Europe and East Asia through falling demand for manufactured goods, causing Germany and South Korea to post rare deficits Continue Reading
Asian nations are letting up on discounted Russian oil exports, with Bloomberg data showing a 13% decline over the past four weeks as Chinese and Indian demand ease, chipping away Continue Reading
China’s economic activity has started to recover from the late-May COVID-19 resurgence, while the government has also been stepping up fiscal and monetary stimuli to support the recovery. However, recovery Continue Reading
China’s crude throughput is likely to edge lower in July, weighed down by maintenance at state-owned refineries amid uneven oil product demand recovery and limited exports , S&P Global Commodity Continue Reading
The United States became the top liquefied natural gas (LNG) exporter in the first half of 2022, the Energy Information Administration (EIA) said, citing data from CEDIGAZ, as the country Continue Reading
Americans are driving less, combining errands and shopping or dining out less since gasoline prices rallied in March, according to a survey by auto club AAA. A survey of 1,002 Continue Reading
The U.S. Energy Department said it would loan to a General Motors Co. GM -0.43%▼ joint venture $2.5 billion to fund the construction of three battery-cell factories , part of Continue Reading
The spread between Brent crude oil prices and West Texas Intermediate (WTI) hit its widest level in over three years on Monday, with WTI down more than $8 compared to Continue Reading
Lackluster demand for gas and lower oil prices led to pump prices falling again, down 17 cents since last week to $4.35. The steady decline is due to low domestic Continue Reading
Natural gas exports from the United States have soared since Russia invaded Ukraine and Europe began to look for natural gas elsewhere. While the U.S. has now become the largest Continue Reading
Summer demand for gasoline in the United States has declined over the past two weeks. After nearing $60 per barrel in June, the U.S. 321 gasoline crack spread fell last Continue Reading
The U.S. Energy Information Administration lowered its Brent crude oil price forecasts. The U.S. Energy Information Administration (EIA) lowered its Brent crude oil price forecasts for 2022 and 2023 in Continue Reading
Russia tightened its gas squeeze on Europe on Monday as Gazprom (GAZP.MM) said supplies through the Nord Stream 1 pipeline to Germany would drop to just 20% of capacity. Gazprom Continue Reading
Russia’s cut in supplies through its main gas pipeline to Germany will leave countries unable to meet goals to refill storage and Europe’s biggest economy faced with rationing industry to Continue Reading
European Union countries are seeking to soften the bloc’s plan to require them to use less gas as Europe prepares for a winter of uncertain supplies from its main gas Continue Reading
One of every six German industrial companies feels forced to reduce production due to high energy prices, a survey by the Association of German Chambers of Industry and Commerce, DIHK, Continue Reading
Highlights State subsidies, renewed export flows boost processing economics Legislation changes, sanctions could pose new challenges Russian refineries are reaping the benefits of state subsidies for domestic production coupled with Continue Reading
European Union countries agreed on Tuesday to an emergency regulation to curb their gas use this winter, as Europe prepares for a winter of uncertain supplies from Russia. “This was Continue Reading
When U.S. President Joe Biden promised European leaders in March that he would help secure new supplies of liquefied natural gas to offset shortages from Russia’s invasion of Ukraine, his Continue Reading
Russian energy giant Rosneft (ROSN.MM) said on Tuesday it has started construction of an Arctic oil terminal at the Bukhta Sever port, part of its huge Vostok Oil project, aimed Continue Reading
European gas prices hit a five-month high after Russia deepened supply cuts to the continent in Moscow’s latest attempt to weaponize energy supplies. Futures contracts for delivery next month tied Continue Reading
Libya’s crude oil production has reached 860,000 b/d with a target of 1.2 million b/d in two weeks, National Oil Corp. said on Twitter and Facebook on July 23. Under Continue Reading
Oil prices were relatively steady on Monday as the market balanced supply fears with expectations that rise in U.S. interest rates would weaken fuel demand. Brent crude futures for September Continue Reading
Oil fluctuated as concerns about weakness in the global economy jostled with signs of tight physical crude supply. West Texas Intermediate reversed declines as the dollar wiped out an earlier Continue Reading
A sudden crash in global gasoline prices in the past two weeks has dented refiners’ profits, pushing up inventories in key trading hubs around the world while looming exports from Continue Reading
Clashes broke out in the Libyan capital, Tripoli, overnight, between militia forces just days after a deal that saw the country relaunch oil production and exports after a months-long force Continue Reading
The bombardment of a tourist resort in Iraqi Kurdistan has further frayed Turkey-Iraq relations against a backdrop of a major legal dispute over oil exports, tensions over cross-border water rights, Continue Reading
