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News

U.S. Refiners Set To Add Just 350,000 Bpd Capacity By End-2023

U.S. Refiners Set To Add Just 350,000 Bpd Capacity By End-2023

May 26, 2022 at 14:14 | Charles Kennedy

U.S. refiners are operating at the highest operating rate since before the pandemic, but they are not expected to bring relief to the tight fuel market through major capacity expansions…

BP Reviews North Sea Investments In Wake Of UK’s Windfall Tax

BP Reviews North Sea Investments In Wake Of UK’s Windfall Tax

May 26, 2022 at 14:12 | Julianne Geiger

BP will review its oil and gas investments in the UK, the company said on Thursday, after UK Chancellor Rishi Sunak presented a plan earlier in the day that would…

Spain Initiates Energy Austerity With Air Conditioning Limits

Spain Initiates Energy Austerity With Air Conditioning Limits

May 26, 2022 at 12:56 | Charles Kennedy

Spain passed a decree this week limiting the use of air conditioning in public buildings as part of a strategy to conserve energy and reduce Europe’s dependence on Russian gas.…

OPEC+ Unlikely To Boost Oil Production More Than Planned

OPEC+ Unlikely To Boost Oil Production More Than Planned

May 26, 2022 at 11:31 | Tsvetana Paraskova

The OPEC+ group is expected to rubberstamp next week its moderate monthly increases in oil production when it decides output levels for July, six sources at OPEC+ told Reuters…

Here's How Russian Crude Is Finding Its Way To Customers

Here's How Russian Crude Is Finding Its Way To Customers

May 26, 2022 at 09:38 | Charles Kennedy

Small tankers and ship-to-ship transfers are being used to keep the flow of Russian oil to China steady, Bloomberg reported this week, citing sources from the brokering industry. Typically,…

EU Discussing Israeli LNG Imports

EU Discussing Israeli LNG Imports

May 26, 2022 at 08:37 | Irina Slav

The European Union is in talks with Israel to start importing Israeli natural gas that would be liquefied at an Egyptian facility, Bloomberg has reported, citing documents. Israel has…

Iranian-Russian ‘Oil Smuggling’ Network Hit With U.S. Sanctions

Iranian-Russian ‘Oil Smuggling’ Network Hit With U.S. Sanctions

May 25, 2022 at 15:15 | Charles Kennedy

Washington has imposed sanctions on an oil smuggling network led by figures connected to Iran’s Revolutionary Guards and allegedly backed by the Russian government. “Today, the…

White House Advisors Had Secret Meeting With Saudi Arabia To Discuss Energy

White House Advisors Had Secret Meeting With Saudi Arabia To Discuss Energy

May 25, 2022 at 14:44 | Julianne Geiger

Two senior White House advisors on Tuesday met in secret with senior Saudi officials to discuss a deal to increase oil production, three current and former U.S. officials told Axios.…

Hungary Imposes Windfall Tax On Energy Companies

Hungary Imposes Windfall Tax On Energy Companies

May 25, 2022 at 13:19 | Charles Kennedy

A day after declaring a state of emergency, Hungarian leader Viktor Orban said on Wednesday that big companies operating in the country, including energy companies, would be forced…

U.S. Sees Chances Of Iran Nuclear Deal As Slim

U.S. Sees Chances Of Iran Nuclear Deal As Slim

May 25, 2022 at 12:47 | Charles Kennedy

The chances of the world powers reaching a deal with Iran on its nuclear activities that would pave the way toward the removal of the U.S. sanctions on Iranian oil…

Russia’s Yamal LNG Declares Force Majeure On Some Europe Cargoes

Russia’s Yamal LNG Declares Force Majeure On Some Europe Cargoes

May 25, 2022 at 12:29 | Charles Kennedy

Russia’s Arctic Yamal Trade Pet has declared force majeure on some liquefied natural gas cargoes contracted to a former Gazprom trading unit in Europe in accordance with the…

EU Studies Spain-Italy Gas Pipeline To Cut Russian Dependence

EU Studies Spain-Italy Gas Pipeline To Cut Russian Dependence

May 25, 2022 at 11:26 | Tsvetana Paraskova

The European Union is considering the idea of a construction of an offshore gas pipeline between Spain and the Italian coast in Tuscany to reduce the EU’s reliance on Russian…

Hungary Won't Discuss Russia Oil Ban At Next Week's EU Summit

Hungary Won't Discuss Russia Oil Ban At Next Week's EU Summit

May 25, 2022 at 10:44 | Tsvetana Paraskova

Hungary, the main holdout to the EU reaching an agreement on an embargo of Russian oil imports, is unwilling to discuss the potential ban at the EU summit on May…

Value Of Saudi Oil Exports Surged 123% In March As Prices Spiked

Value Of Saudi Oil Exports Surged 123% In March As Prices Spiked

May 25, 2022 at 10:28 | Tsvetana Paraskova

The value of Saudi Arabia’s oil exports soared by 123%, or by $16.7 billion, in March 2022 compared to the same month last year, the General Authority for Statistics of…

G7 To Consider Phasing Out Coal By 2030: Draft

G7 To Consider Phasing Out Coal By 2030: Draft

May 25, 2022 at 09:16 | Tsvetana Paraskova

The G7 group of the world’s leading industrial nations will discuss the idea of phasing out coal by 2030 and decarbonizing their power generation by 2035 when energy and environment…

U.S. Official Travels To India To Talk About Russian Oil Purchases

U.S. Official Travels To India To Talk About Russian Oil Purchases

May 25, 2022 at 08:18 | Irina Slav

A U.S. federal government official is going to India to discuss U.S. sanctions on Russia and try to convince the Indian side to reduce its purchases of Russian oil, Reuters…

WTI Spikes On Large Draw In Gasoline Inventories

WTI Spikes On Large Draw In Gasoline Inventories

May 24, 2022 at 15:40 | Julianne Geiger

The American Petroleum Institute (API) reported a small build this week for crude oil of 567,000 barrels. The draw comes even as the Department of Energy released 6 million barrels…

Aramco Can't Add Oil Production Capacity Faster Than Promised

Aramco Can't Add Oil Production Capacity Faster Than Promised

May 24, 2022 at 14:53 | Julianne Geiger

The world's largest oil company, Saudi Aramco, cannot increase its oil production capacity any faster than it has already promised, the head of Saudi Aramco told Reuters on Tuesday on…

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…

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