USA Oil and Gas Employment Set to Rebound
The total number of jobs in 2027 is expected to hit 1.09 million. Employment in the U.S. oil and gas industry is set to rebound in the coming years and Continue Reading
Russia’s Economy Slowed Down More Than Expected in First Quarter
Putin: Western Sanctions Will Provoke Global Crisis Bloomberg News Russia’s economic growth slowed in the first quarter, as the initial impact of sanctions imposed following President Vladimir Putin’s invasion of Continue Reading
G-7 to unveil aid plan for Ukraine to offset costs of Russia’s invasion
The financial leaders of the Group of Seven nations are expected to unveil a major new economic aid package as soon as Wednesday to help the Ukrainian government offset losses Continue Reading
Omens of Decline for Russia’s Once World-Leading Energy Industry
It was to be a hugely ambitious project on the frigid Gulf of Ob, in Russia’s Far North, a steppingstone in Moscow’s rising ambitions to be a power in liquefied Continue Reading
EU reveals its plans to stop using Russian gas
The European Commission has given more details on how it plans to end Europe’s dependence on Russian fossil fuels. Russia supplies 40% of the EU’s natural gas and 27% of Continue Reading
Russia Increasingly Using Own Oil Tankers To Boost Shipments To Asia
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
Russian hydrocarbons output, exports to drop significantly following Ukraine invasion
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
EU lays out Russian gas reduction plan, focus on new supply and renewables
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 to send oil rejected by Europe to Asia, other regions, says Novak
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 Gazprom’s 54 clients opened Gazprombank accounts, says Russia’s Novak
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
LNG Demand Is Soaring As Europe Races To Replace Russian Gas
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
Russian oil output up 200,000-300,000 b/d in May, recovery to continue in June
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 Rises as Traders Focus on US Gasoline Market, China Demand
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 edge up on China demand recovery expectations, tight stocks
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 rises on EU’s Russian oil ban effort, demand hopes
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
Dire Climate Report Prompts UN Official to Ask Rich Countries to Share Energy Tech
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
Climate Change Has Made Deadly Heat Waves Normal
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 Oil Deadlocked As Clashes Force PM-Designate Out of Tripoli
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
Tensions rise over alleged intrusion at Kirkuk oil wells
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
Nigeria: Divestment – TotalEnergies Puts Up 16 Oil Assets in Nigeria for Sale
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
Surging prices hold back India’s oil demand growth momentum, albeit temporarily
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 Can’t Find Cash to Pay Even One Ship for Petrol
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
Pollution Kills 9 Million People a Year as Fixes Are Neglected
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
Climate change swells odds of record India, Pakistan heatwaves
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
India’s heatwave to lift AC sales to record, but supplies from China delayed
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
U.S. Allows Chevron to Maintain Venezuela Operations but Won’t Permit Drilling
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
Oil Falls as US to Allow Talks With Venezuela’s State Producer
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 nuclear regulator grants initial nod to Fukushima water release plan
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 Cuts China’s Growth Forecast to 4% on Covid Policy
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 Receives Aid From China as Covid Outbreak Spreads
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 diverts anti-poverty funds to Covid testing as crisis deepens
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
How China Is Attempting To Control Middle East Oil Chokepoints
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
U.S. considering move to block Russian debt payments -Treasury
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
API Reports Inventory Draws In Crude, Gasoline Despite SPR Release
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
USA Lease Sale Cancellation Leaves Industry in Limbo
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
Texas grid operator calls for power conservation as temperatures, prices soar
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
Gas prices top $4 a gallon in every U.S. state for the first time
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
High Gasoline And Diesel Prices Are Here To Stay
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
Biden administration begins easing Venezuelan oil restrictions with Chevron
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
Permian growth outlook brightens as brownfield gas pipeline expansions advance
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
How Germany Is Racing to Sever Dependence on Russian Energy
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
The Swiss Connection: How Russia Is Weathering Tough Sanctions
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
Cold War Relic Threatens Europe’s Plans to Ditch Russian Oil
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
EU to map out escape route from Russian fossil fuels
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
Four EU countries to increase offshore wind power capacity tenfold
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 EU cash to diversify energy supply, Poland says
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
European Gas Rises With Buyers Still Unsure About Ruble Payments
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
Britain’s Inflation Rate Surges to a 40-Year High of 9%
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
Europe’s push to cut Russian gas faces a race against winter
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 rises on EU’s Russian oil ban effort, demand hopes
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