• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 31 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 4 hours Even Shell Agrees with Climate Change!
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 12 days Does Toyota Know Something That We Don’t?
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

This Might Be The Fastest Way to Double U.S. Grid Capacity

This Might Be The Fastest Way to Double U.S. Grid Capacity

Upgrading existing lines using advanced…

Oman Increases Its Appeal To China And Iran With Game-Changing Duqm Project

Oman Increases Its Appeal To China And Iran With Game-Changing Duqm Project

The long-awaited US$8.5 billion 230,000-barrels…

Japanese Buyers Of Russian LNG Face Insurance Uncertainty

Japan’s buyers of Russian LNG are currently assessing how changes to shipping insurance triggered by the ongoing war in Ukraine will affect supplies from the key Sakhalin-2 project in Russia’s Far East, Bloomberg has reported. Japanese insurance companies Tokio Marine Holdings Inc., Sompo Holdings Inc., and MS&AD Insurance Group Holdings Inc. will cease providing cover for marine hull war risks in Russian, Ukrainian, and Belarusian territorial waters from Jan. 1, 2023.

Japan has warned that global competition for liquefied natural gas is set to intensify over the next three years due to an underinvestment in supply.  

A survey of Japanese companies conducted by the trade ministry and released on Monday found that long-term LNG contracts that start before 2026 are already sold out, which is worrying for LNG buyers because these types of contracts offer stable pricing and reliable supply for many years. The report notes that there is little new supply coming online before 2026, even from major exporters like the U.S. and Qatar. Meanwhile, Europe is desperately trying to replace Russian pipeline gas with LNG, further exacerbating the global shortage of fuel

This is not the first time insurance-related problems have occurred as a result of Russia’s invasion of Ukraine. Turkey sparked an oil tanker traffic jam in early December when it started requiring ships hauling oil through the Bosphorus and the nearby Dardanelles strait to provide a letter from their insurer saying that cover will be provided for that specific vessel voyage and cargo. At one point, the change caused a traffic jam of 28 tankers.

While Turkey and the insurance company eventually came to an agreement that solved the issue, prices were initially impacted due to uncertainty.

By Alex Kimani for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News