Bullish OPEC+ Rhetoric Sends Oil Prices Soaring
Crude prices soared on Tuesday morning after OPEC+ leaked that it may decide to cut output once again if, and when Iran makes a full comeback to oil markets. Reader Continue Reading
Israel Eyes Gas Exports to Europe as Production Surges by 22%
Israel’s natural gas production surged 22% in the first half of the year, as the government plans to ramp up exports that will make their way to Europe, where the Continue Reading
Iran And Russia Move To Create A Global Natural Gas Cartel
Russia and Iran are building the foundation for a potential natural gas cartel. The Russia-Iran alliance aims to control as much of the two key elements in the global supply Continue Reading
India Ramps Up Saudi Crude Purchases, But It’s Not A Gesture To Washington
India’s major shift in its oil purchasing pattern last month from Russia to Saudi Arabia is unlikely to be sustained. The scale and scope of the pivot towards Russia and Continue Reading
India’s Oil Production Fell 4% In July
Private firms and state-held Oil and Natural Gas Corporation (ONGC) pumped less oil from some of their fields in India in July, driving total domestic Indian crude oil production down Continue Reading
EXCLUSIVE Major traders, banks cut business ties with Russia-backed Indian refiner -sources
Many global oil traders and banks have stopped dealing with Indian refiner Nayara Energy, a Rosneft (ROSN.MM) affiliate, as they are worried about Western sanctions over Russia’s invasion of Ukraine, Continue Reading
China Vows to Relieve Power Shortages in Drought-Hit Southwest
China’s energy administration has pledged to alleviate electricity shortages in Sichuan and Chongqing, which have ordered power cuts for industrial plants and even households, disrupting the operations of global heavyweights Continue Reading
Japan set for new nuclear plants in post-Fukushima shift
Japan is preparing a big shift on nuclear power, with Prime Minister Fumio Kishida announcing plans to look at the construction of new plants, in what would be a break Continue Reading
U.S. natgas falls 5% on delay of Freeport LNG plant restart
U.S. natural gas futures fell more than 5% on news of a further delay in the resumption of initial operations at the Freeport LNG export plant in Texas. Freeport LNG Continue Reading
Canada Studies Direct LNG Exports To Europe
Canada studies the feasibility of direct LNG exports to Germany. Trudeau: “we will do what we can to contribute to the global supply of energy.” In the short term, Canada Continue Reading
Freeport LNG Pushes Back Restart
Freeport LNG has pushed back the date of its expected restart that it provided earlier in the month. Freeport LNG has been shut since June, and shared earlier this month Continue Reading
USA Pump Prices Post Longest Falling Streak Since 2015
Gasoline prices in the U.S. have fallen for 70 days straight. Gasoline prices in the US have fallen for 70 days straight, the longest down streak since January 2015. Pump Continue Reading
A ‘Tsunami of Shutoffs’: 20 Million US Homes Are Behind on Energy Bills
About 1 in 6 American households are behind on their utility bills, the highest number on record, according to the National Energy Assistance Directors Association. Photographer: Michael Nagle/Bloomberg Adrienne Nice Continue Reading
Oil Climbs as Easing US Stockpiles Adds to Tightening Outlook
Oil storage tanks in Cushing, Oklahoma. Photographer: Daniel Acker/Bloomberg Oil rallied for a second day as an industry report signaled another drawdown in US crude inventories, adding to a tightening Continue Reading
USA Henry Hub Gas Prices Climb to Record High
The commodity almost hit the $10 per MMbtu mark for the first time. U.S. Henry Hub prices have climbed to a record high, Rystad Energy analyst Lu Ming Pang highlighted Continue Reading
U.S. to announce $3 billion in new military aid for Ukraine -official
The United States will announce a new security assistance package for Ukraine of about $3 billion as early as Wednesday, a U.S. official said on Tuesday, in what would be Continue Reading
Meltdown averted but six months on, Russians face economic pain
Russia’s economy has avoided the meltdown many predicted after Moscow sent its forces into Ukraine six months ago, with higher prices for its oil exports cushioning the impact of Western Continue Reading
IAEA says it could visit Russian-held Zaporizhzhia nuclear plant in days
The U.N. nuclear watchdog will visit the Russian-occupied Zaporizhzhia nuclear power plant in Ukraine within days if talks to gain access succeed, it said in a statement on Tuesday. Russia Continue Reading
Germany touts possible ‘major role’ for Canadian LNG in shift away from Russia
Germany hopes Canadian liquefied natural gas (LNG) will help ease its shift away from Russian gas imports, Chancellor Olaf Scholz said on Tuesday, a day after Canada played down the Continue Reading
How Much Is Power in Europe? It’s Now Equal to Oil at $1,000 a Barrel
European power prices have soared so much that they’re now equal to more than $1,000 per barrel of oil. A gas crunch is the main driver — with Russian supply Continue Reading
EU Energy Crisis Forces Major Fertilizer Producer To Halt Production
Polish Grupa Azoty, a large fertilizer producer, has stopped the production of some key fertilizers, including nitrogen fertilizers and caprolactam, because of soaring energy costs, becoming the latest casualty of Continue Reading
Analysis: ‘New shock’ for European markets as gas price spike fuels inflation fears
Another dramatic spike in natural gas prices appears to have ended any hopes that Europe’s inflation battle is set to ease, with financial markets now bracing for higher prices, a Continue Reading
Analysis: Putin bets winter gas chokehold will yield Ukraine peace – on his terms
Russia and Ukraine have been at war for 6 months Armies have been locked in grinding war of attrition No immediate prospect of meaningful peace deal Europe is facing a Continue Reading
Scotland’s Budget Deficit Shrinks After Surge in Oil Revenue
Offshore supply ships at the Port of Aberdeen sea port in Aberdeen, Scotland, UK. Scotland’s public spending deficit shrank after revenue from the North Sea oil industry jumped to the Continue Reading
Oil Gains After Saudis Flag OPEC+ Action to Arrest Price Slide
Oil rose near $92 a barrel in New York after Saudi Arabia said OPEC+ may be forced to cut production to stabilize a volatile market. “Extreme” volatility and a lack Continue Reading
Oil climbs as tight supply moves back into focus
Oil rose $1 a barrel on Tuesday as tight supply moved back into focus as a result of Saudi Arabia floating the idea of OPEC+ output cuts to support prices Continue Reading
Fuel for Thought: Diesel market may need prices to stay high to offset new global crisis
The diesel crisis lies dormant. While prices have dropped from a March spike, record-low stocks, demand expected from the onset of winter, and the threat of a drop off in Continue Reading
OPEC+ Is Now Almost 3 Million Bpd Behind Its Production Target
OPEC+ sources: members produced 2.9 million bpd below output targets in July. The gap between overall quota and actual oil production from the OPEC+ members has been growing for more Continue Reading
Kurdistan appeals Baghdad ruling against IOCs
The Kurdistan region’s Ministry of Natural Resources (MNR) has initiated an appeal of a Baghdad court’s July decision to invalidate four contracts with international oil companies — a move that could delay Continue Reading
Majors Make Significant Discovery Offshore Cyprus
Eni has announced a ‘significant’ gas discovery in the Cronos-1 well. Eni has announced a “significant” gas discovery in the Cronos-1 well, which was drilled in Block 6, around 100 Continue Reading
Saudi Prince Says Oil’s Disconnect May Force OPEC+ Action
OPEC Chief Sees Risk of Oil Squeeze on Scarce Spare Capacity Sign up for our Middle East newsletter and follow us @middleeast for news on the region. Saudi Arabian Energy Continue Reading
Saudi Arabia Is Planning To Build The World’s Largest Wind Farm In Uzbekistan
Saudi Arabia has promised as much as $14 billion in investments in Uzbekistan, with $12 billion earmarked to address ongoing energy shortages. Saudi firm ACWA Power is set to build Continue Reading
Kazakh Oil Flows Interrupted Again
Damaged equipment at the Black Sea terminus of the CPC pipeline caused another supply outage. According to CPC, two of the three mooring points at Novorossiysk have been shut down. Continue Reading
Iran Starts Drilling At Oil Field Shared With Saudi Arabia
Iran will soon begin the development of the Esfandiar oil field. Production from Esfandiar is expected to begin within the next three years. Iran is developing its oil and gas Continue Reading
Libya’s Oil Production Rebounds To Top 1.2 Million Bpd
Libya’s oil production is now at 1.211 million barrels per day (bpd), according to the country’s National Oil Corporation (NOC)—a level last seen before the port blockades that began this Continue Reading
Nigeria: There’s No Way Illegal Refineries Can Be Converted to Regular Facilities – Kyari
The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari, yesterday poured cold water on calls for the legalisation of artisanal illegal refineries in Continue Reading
Sichuan drought jeopardizes hydropower in China’s decarbonization roadmap
Highlights Changing climate negatively impacts hydropower output Crucial to further expand power transmission, generation, storage capacities Energy security as top priority now, at the cost of climate policy China’s Sichuan Continue Reading
Its largest lake is so dry, China digs deep to water crops
BEIJING (AP) — With China’s biggest freshwater lake reduced to just 25% of its usual size by a severe drought, work crews are digging trenches to keep water flowing to Continue Reading
Shanghai’s Skyline Goes Dark as Sichuan Power Woes Spill Over
Decorative lights are turned off at the Bund in Shanghai on Aug. 22. Shanghai’s iconic skyscrapers dimmed their exteriors Monday as part of a two-day suspension, as the financial hub Continue Reading
Ad Campaign Promotes New Law’s Climate Provisions to Voters
President Biden shakes hands with Senator Manchin after signing the Inflation Reduction Act of 2022 on Aug. 16. Photographer: Sarah Silbiger/Bloomberg “The storms are stronger. The fires are bigger. We Continue Reading
U.S. Strategic Petroleum Reserve Falls To 35-Year Low
The United States’ Strategic Petroleum Reserve (SPR) now has only 453.1 million barrels in its inventory, following another significant drop in the past week that puts the emergency reserve at Continue Reading
Endless Demand Spurs U.S. Natural-Gas Prices to Shale-Era Highs
Western leaders are preparing for the possibility that Russian natural-gas flows through the key Nord Stream pipeline may never return to full levels. WSJ’s Shelby Holliday explains what an energy Continue Reading
Democrats Designed the Climate Law to Be a Game Changer. Here’s How. –
When the Supreme Court restricted the ability of the Environmental Protection Agency to fight climate change this year, the reason it gave was that Congress had never granted the agency Continue Reading
The World’s Biggest LNG Exporter Has A Pipeline Problem
The energy crisis in Europe has helped the United States position itself as the world’s largest LNG exporter. The United States, as the world’s biggest LNG exporter, also has the Continue Reading
German Power Prices Smash Record as Energy Panic Engulfs Europe
Nord Stream pipe set for three-day maintenance from Aug. 31 Gas settles at record high, while French power, coal surge WATCH: Germany may consider delaying shutdowns of its remaining nuclear Continue Reading
UK economy shrank record 11% in 2020, worst since 1709
Britain recorded its biggest fall in output in more than 300 years in 2020 when it faced the brunt of the COVID-19 pandemic, as well as a larger decline than Continue Reading
French minister calls for restrictions on flights by private jet
French transport minister Clément Beaune has called for flights by private jets to be restricted because of their outsize contribution to climate change, joining an increasingly heated debate in France Continue Reading
European gas prices surge on renewed Russian gas supply uncertainty
TTF month-ahead price soars to close to Eur300/MWh Nord Stream to close for three-day maintenance Aug 31 No let-up in European gas price strength European gas prices surged on Aug. Continue Reading
U.S. urges citizens to leave Ukraine as fears grow of Russian attacks on capital
U.S. urges citizens to leave Ukraine ‘now’ Heightened fears of attack on Kyiv around independence day Wednesday marks six months since Russian invasion Concern over dangers to nuclear plant KYIV, Continue Reading
Analysis: As Ukraine war drags on, Europe’s economy succumbs to crisis
It was meant to be Europe’s stellar year. A post-pandemic spending euphoria, supported by copious government spending was set to drive the economy and help fatigued households regain a sense Continue Reading