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News

Blackouts Hit Asia As LNG Prices Soar In Tight Global Market

Blackouts Hit Asia As LNG Prices Soar In Tight Global Market

Aug 01, 2022 at 09:14 | Tsvetana Paraskova

Emerging economies in Asia face prolonged electricity crises and continued rolling blackouts as spot LNG prices surge and high demand from Europe is pricing Southeast Asia out of the tight…

Russia Is Vital For OPEC+, Says New OPEC Secretary-General

Russia Is Vital For OPEC+, Says New OPEC Secretary-General

Aug 01, 2022 at 08:43 | Irina Slav

Russia is "a big, main and highly influential player in the world energy map," according to the new secretary-general of OPEC, Kuwaiti former oil executive, and OPEC governor Haitham al-Ghais. Speaking…

Gas Demand Declines As Prices Soar, Utility Giant Engie Says

Gas Demand Declines As Prices Soar, Utility Giant Engie Says

Jul 29, 2022 at 12:59 | Tsvetana Paraskova

Gas demand from all customers of French utility giant Engie has dropped in recent weeks amid surging natural gas prices in Europe as Russia slashed deliveries, the French company said…

Energy Aspects: Crude Oil Demand Not Declining In Recession Pattern

Energy Aspects: Crude Oil Demand Not Declining In Recession Pattern

Jul 29, 2022 at 11:28 | Tsvetana Paraskova

Global oil demand is not declining in a pattern that would be consistent with a recession, and demand will still grow next year from this year despite expected slowdowns in…

Oil Prices Soar As Market Shrugs Off Recession Fears

Oil Prices Soar As Market Shrugs Off Recession Fears

Jul 29, 2022 at 11:07 | Julianne Geiger

The price of crude oil skyrocketed on Friday as the market generally ignored the crude oil demand implications from worries about the technical recession. At 11:40 p.m., ET,

Russia Asks For LNG Payments Via Moscow Bank

Russia Asks For LNG Payments Via Moscow Bank

Jul 29, 2022 at 10:09 | Irina Slav

Russian Sakhalin Energy Investments Co is asking the buyers of its liquefied natural gas to pay for it via the Moscow branch of an international bank, Reuters has reported,…

Eni Steps Up Buybacks After Quadrupling Q2 Earnings

Eni Steps Up Buybacks After Quadrupling Q2 Earnings

Jul 29, 2022 at 09:35 | Tsvetana Paraskova

Italy’s Eni followed other European majors in increasing share buyback programs after posting quadrupled second-quarter earnings beating expectations. High commodity prices, strong refining margins, and cost management helped Eni (

German Cities Begin Turning Off Lights To Save Energy

German Cities Begin Turning Off Lights To Save Energy

Jul 29, 2022 at 09:32 | Charles Kennedy

Berlin, Germany's capital, and other cities have started turning off the spotlights on historic monuments and municipal buildings in an effort to conserve energy ahead of winter. "In view of…

Saudi Arabia, Russia Meet To Discuss Cooperation Ahead Of OPEC+ Meeting

Saudi Arabia, Russia Meet To Discuss Cooperation Ahead Of OPEC+ Meeting

Jul 29, 2022 at 08:22 | Irina Slav

Saudi Arabia’s Energy Minister Abdulaziz bin Salman met today in Riyadh with Russia’s Deputy Prime Minister and top OPEC+ negotiator Alexander Novak to discuss further cooperation between the two countries…

China Claims First Offshore Shale Oil And Gas Discovery

China Claims First Offshore Shale Oil And Gas Discovery

Jul 28, 2022 at 16:27 | Charles Kennedy

In a first for Chinese offshore shale, state-run oil giant CNOOC has announced what it claims to be a commercial discovery in the Beibu Gulf in the South…

Gas Levy Could Triple Household Heating Bills In Germany

Gas Levy Could Triple Household Heating Bills In Germany

Jul 28, 2022 at 14:30 | Charles Kennedy

Germany plans to introduce a levy for all its gas consumers beginning in October as the government looks to avoid a wave of collapsing gas-importing and gas-trading companies amid record-high…

Flash Floods Disrupt Operations At Middle East’s Largest Oil Bunkering Hub

Flash Floods Disrupt Operations At Middle East’s Largest Oil Bunkering Hub

Jul 28, 2022 at 13:21 | Charles Kennedy

Unusually heavy rains and flash floods in the UAE forced the closure overnight of one of the biggest oil bunkering ports in the world, with operations slowly resuming…

OPEC+ May Keep Production Quota Unchanged At Next Week’s Meeting

OPEC+ May Keep Production Quota Unchanged At Next Week’s Meeting

Jul 28, 2022 at 12:06 | Julianne Geiger

The OPEC+ group will decide at the meeting next week whether they should keep production targets steady, or a small output hike, eight anonymous OPEC+ sources told Reuters on Thursday.…

Grid Constraints Could Lead To Ban On New Housing In West London

Grid Constraints Could Lead To Ban On New Housing In West London

Jul 28, 2022 at 11:51 | Charles Kennedy

London could stall for years new housing developments in three of its West boroughs because the electricity network of the UK’s capital has hit capacity and cannot support new homes…

IEA: Global Coal Demand On Track To Match Record

IEA: Global Coal Demand On Track To Match Record

Jul 28, 2022 at 11:19 | Tsvetana Paraskova

Soaring natural gas prices are giving rise to coal demand around the world, with consumption set to match this year the record-high from 2013, and further jump to a new…

U.S. Agency Back Kosovo's Ailing Energy Sector With $237 Million Commitment

U.S. Agency Back Kosovo's Ailing Energy Sector With $237 Million Commitment

Jul 28, 2022 at 10:12 | RFE/RL staff

Kosovo has signed a $237 million agreement with a United States government agency to boost its energy sector, promote women's participation, and boost development.

Argument Over Gas Turbine Continues To Disrupt Russian Gas Flows

Argument Over Gas Turbine Continues To Disrupt Russian Gas Flows

Jul 28, 2022 at 10:00 | Irina Slav

The notorious gas turbine that is traveling from Canada to Russia and should lead to increased gas flows via the Nord Stream 1 pipeline has still not reached its destination.…

Repsol’s Earnings Jump Fourfold Amid Soaring Oil And Gas Prices

Repsol’s Earnings Jump Fourfold Amid Soaring Oil And Gas Prices

Jul 28, 2022 at 08:09 | Tsvetana Paraskova

Repsol’s net profit for the second quarter surged four times compared to the same period of 2021, thanks to much higher oil and gas prices following the Russian invasion of…

TotalEnergies Profit More Than Doubles On High Oil And Gas Prices

TotalEnergies Profit More Than Doubles On High Oil And Gas Prices

Jul 28, 2022 at 08:05 | Tsvetana Paraskova

TotalEnergies (NYSE: TTE) raised interim dividend and expanded share buybacks after reporting on Thursday more than doubled net income for the second quarter, on the back of rallying oil…

Shell Books Record Profit As Commodity Prices Rally

Shell Books Record Profit As Commodity Prices Rally

Jul 28, 2022 at 07:46 | Tsvetana Paraskova

Shell (NYSE: SHEL) reported on Thursday another record in quarterly earnings—its second record-setting quarter in a row–as oil and gas prices surged and refining margins spiked. Shell booked…

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