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News

U.S. Oil Refiners Brace For Hurricane Season

U.S. Oil Refiners Brace For Hurricane Season

May 24, 2022 at 12:58 | Julianne Geiger

U.S. oil markets are preparing for hurricane season amid already low oil product stockpiles, as forecasts predict a more active season this year. Between six and ten hurricanes could form…

Oil Production Halves At Kazakhstan’s Giant Kashagan Field

Oil Production Halves At Kazakhstan’s Giant Kashagan Field

May 24, 2022 at 11:20 | Julianne Geiger

Kazakhstan’s offshore oilfield, Kashagan, has cut its production by nearly half since early May due to maintenance, sources told Reuters on Tuesday. The maintenance began on May 19 and will…

UK Energy Bills Could Surge By Another 42% In October

UK Energy Bills Could Surge By Another 42% In October

May 24, 2022 at 10:50 | Tsvetana Paraskova

The UK hasn’t seen the worst of its cost-of-living crisis as energy bills could soar by another 42% in less than six months’ time when the energy regulator will raise…

UK Business Secretary: Windfall Tax On Utilities Could Hamper Net-Zero Push

UK Business Secretary: Windfall Tax On Utilities Could Hamper Net-Zero Push

May 24, 2022 at 10:48 | City A.M

Slapping a windfall tax on electricity generators would be a “challenging proposition” and could hamper the UK’s net-zero ambitions, according to business secretary Kwasi Kwarteng. The…

Uzbekistan Restarts Gas Exports To China

Uzbekistan Restarts Gas Exports To China

May 24, 2022 at 10:40 | Eurasianet

Uzbekistan has restarted gas exports to China after halting them at the beginning of this year to meet domestic demand. The…

Germany Prepares Coal-fired Backup If Russian Gas Stops

Germany Prepares Coal-fired Backup If Russian Gas Stops

May 24, 2022 at 10:30 | Tsvetana Paraskova

Germany is drafting plans to have around two dozen mostly coal-fired power plants, which were scheduled to be idled in 2022 and 2023, on standby as network reserve capacity. Berlin…

Biden Considers Waiving Summer Gasoline Smog Rules To Help Ease Prices

Biden Considers Waiving Summer Gasoline Smog Rules To Help Ease Prices

May 24, 2022 at 10:14 | Tsvetana Paraskova

The U.S. Administration is weighing the possibility of waiving the rules that limit components in gasoline that contribute to smog in the summer in another attempt to help lower prices…

CEO Of Europe’s Top Utility: Power Generation From Gas Is “Stupid”

CEO Of Europe’s Top Utility: Power Generation From Gas Is “Stupid”

May 24, 2022 at 09:54 | Tsvetana Paraskova

It is “stupid” to use natural gas for heating homes or generating electricity when there are better alternatives, the CEO of Europe’s largest utility told CNBC on Tuesday, noting…

High Commodity Prices Hit Middle East’s Oil Importers

High Commodity Prices Hit Middle East’s Oil Importers

May 24, 2022 at 09:27 | Tsvetana Paraskova

While oil exporters in the Middle East enjoy a windfall of revenues from high oil and gas prices, oil importers in the region will struggle with high food, crude, and…

Petrobras Warns Diesel Shortage Is Looming Over Brazil

Petrobras Warns Diesel Shortage Is Looming Over Brazil

May 24, 2022 at 08:55 | Irina Slav

Brazil's state oil major Petrobras has warned the government that the country could slip into a diesel shortage this year unless the company is allowed to sell the fuel at…

American Drivers Set To Pay Record-High Gasoline Prices At Memorial Day

American Drivers Set To Pay Record-High Gasoline Prices At Memorial Day

May 23, 2022 at 16:01 | Charles Kennedy

The national average for a gallon of gasoline in the United States hit $4.60 on Monday, just over a week ahead of Memorial Day weekend, when record numbers…

Tensions Rise As Iraq Prepares To Usurp Kurdish Oil Contracts

Tensions Rise As Iraq Prepares To Usurp Kurdish Oil Contracts

May 23, 2022 at 14:28 | Charles Kennedy

Tensions are rising between Baghdad and Kurdish officials in the semi autonomous Kurdistan Regional Government in Northern Iraq as Iraq’s Oil Ministry prepares to take control of the…

Eni, TotalEnergies Start Drilling Offshore Cyprus

Eni, TotalEnergies Start Drilling Offshore Cyprus

May 23, 2022 at 13:24 | Charles Kennedy

Italian Eni and French TotalEnergies on Monday began the exploratory drilling of a natural gas well off the coast of Cyprus in the same block where a discovery…

EV Sales Are Booming, But Battery Metals Remain A Problem

EV Sales Are Booming, But Battery Metals Remain A Problem

May 23, 2022 at 11:29 | Charles Kennedy

Global sales of electric vehicles (EVs) surged last year and have continued to grow strongly this year, but soaring prices of critical minerals and supply chain bottlenecks are the greatest…

U.S. Natural Gas Prices Rise As LNG Exports Reach 7-Week High

U.S. Natural Gas Prices Rise As LNG Exports Reach 7-Week High

May 23, 2022 at 11:06 | Julianne Geiger

U.S. natural gas futures (NGM22) rose more than 4% on Monday morning to $8.456 per MMBtu, as U.S. LNG exports reached a seven-week high to service LNG-thirsty…

IEA: Energy Crisis Shouldn't Lead To Higher Reliance On Fossil Fuels

IEA: Energy Crisis Shouldn't Lead To Higher Reliance On Fossil Fuels

May 23, 2022 at 09:39 | Tsvetana Paraskova

The current energy crisis and record fuel prices should not be an excuse for the world to increase further its dependence on fossil fuels, the Executive Director of the International…

Poland Terminates Deal To Receive Russian Gas

Poland Terminates Deal To Receive Russian Gas

May 23, 2022 at 09:12 | Tsvetana Paraskova

Poland has terminated an agreement to receive Russian gas via the Yamal-Europe pipeline, Polish Minister of Climate and Environment, Anna Moskwa, said on Monday, nearly a month after Russia…

China Boosts Solar Investments

China Boosts Solar Investments

May 23, 2022 at 08:27 | Irina Slav

China has increased its investments in solar energy since the start of the year, with the amount growing threefold from a year ago, Bloomberg reported, citing official data. Investments…

U.S. Natural Gas Prices Fall As Colder Weather Approaches

U.S. Natural Gas Prices Fall As Colder Weather Approaches

May 20, 2022 at 16:10 | Julianne Geiger

U.S. natural gas prices fell on Friday afternoon on the expectation that temperatures in the United States are set to cool off soon. Natural gas futures fell…

EU Gives OK To Pay For Russian Gas In Rubles

EU Gives OK To Pay For Russian Gas In Rubles

May 20, 2022 at 16:08 | Julianne Geiger

The EU has put an end to the lingering ambiguity surrounding how EU members can pay for Russian gas without violating sanctions. Russia has demanded that countries pay for its…

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