Africa Looks To Help Europe Ease Its Dependence On Russian Gas
As the EU works to rebalance its natural gas supply away from Russia, African countries are expected to gain a larger share of the bloc’s liquefied natural gas (LNG) market in the coming years.Last month the EU announced that it would launch the firs…
Oil Prices Continue Their Climb On OPEC Shock
Crude oil prices rose further into the afternoon on Monday, trading at $85 for Brent crude oil around 4:30 p.m. ET, on the back of Sunday’s OPEC+ move that shocked the market.Most analysts had assumed OPEC+ would stay the course and keep production p…
Brazil’s Oil Exports Surge To Record-High Despite New Tax
Despite a new export tax, Brazilian oil exports have jumped to a monthly record-high this month, Reuters reported on Friday, quoting government data and industry experts.Brazil’s oil exports soared by 75.4% year over year between March 1 and 24, per …
OPEC+ To Stick To Its Current Oil Production Plans
OPEC+ is set to meet on Monday, but delegates from the organization said that it would likely stick to its current production cut plan.Oil prices have sagged over the last couple of weeks, dragged down by the collapse of two US banks. Despite the low …
China completes first yuan-settled LNG trade
By Andrew Hayley for ReutersBEIJING, March 28 (Reuters) - Chinese national oil company CNOOC 0883.HK, 600938.SS and Frances TotalEnergies TTEF.PA have completed Chinas first yuan-settled LNG trade through the Shanghai Petroleum and Natural Gas Exchang…
Oil’s Low Prices Draw Rash Of Hedging
Last week’s crashing oil prices were awfully tempting last week for big oil consumers, who took advantage of the low prices to hedge against the inevitable price rise.Major oil consumers such as airlines boosted their hedging at a rapid pace, accordi…
Oil Prices Jump 5% On Easing Banking Fears
Amid extreme volatility, crude oil prices rallied sharply on Monday recording their biggest gains in months after a banking crisis seemed to lose steam. At 4:42 p.m. EST, Brent crude was trading up 4.21%, for a $3.16 increase on the day, at $78.15 per…
Natural Gas Prices See Yet Another Weekly Decline
Natural gas prices are up on the day, but they are once again down on the week—the third week running—as unseasonably warm weather dampened prospects for one more demand push in the United States.Natural gas prices were trading up on the day to $2.1…
Power Of Siberia Pipeline Deal Could Be Reached This Year
A deal between China and Russia over the Power of Siberia natural gas pipeline could be reached yet this year, according to new statements from Russian Deputy Prime Minister Alexander Novak.The planned Power of Siberia pipeline will carry 50 billion c…
Oil Prices Rise As Fed Announces Small Rate Hike
Oil prices were trading up close to 2% on Wednesday afternoon after the Federal Reserve raised the key short-term interest rate by 25 basis points, emphasizing that the “U.S. banking system is sound and resilient”. The rapid rise in interest rates u…
U.S. Gasoline Demand Soars To Highest In Months
Even before the arrival of summer driving season, gasoline demand climbed on Sunday and Monday compared to the four week average, Gas Buddy’s head of petroleum analysis Patrick DeHaan said on Tuesday.U.S. gasoline demand on Sunday and Monday was up 7…
Iran Says It Would Welcome Any Investments In Its Oil And Gas Sector
Iran would welcome any new investment in its oil industry, especially from OPEC+ producers, the Iranian Ministry of Petroleum said this weekend, days after Saudi Arabia signaled that the Kingdom could start investing “very quickly” in Iran. Earlie…
Russian Oil Company Lukoil Snaps Up Offshore Blocks In Congo
Russian oil company Lukoil has said it now has rights to two offshore energy blocks in the Republic of Congo in partnership with Italian oil giant Eni.The rights to the offshore blocks, known as Marine 24 and Marine 31, are now held by Lukoil with a 4…
Are Oil Prices Set For A Quick Comeback?
The energy markets are going through one of their worst selloffs in recent times as fears of a new global crisis continue to roil financial markets. Oil prices have crashed spectacularly, with WTI crude falling from $80.46 per barrel just 10 days ago …
Algeria: Western Price Caps On Russian Crude Could Lead To Supply Disruption
Algerian Energy Minister Mohamed Arkab also warned that Western price caps on Russian crude oil could lead to uncertainty and supply disruption. While Arkab suggested that the OPEC+ decision to cut output by 2 million barrels per day from November 202…
Chinese Refinery Throughput Climbs As Fuel Demand Rebounds
A rebound in crude oil demand as the Chinese economy returns to normal operation pushed crude oil throughputs at refineries higher by 3.3% over the first two months of the year.At an average of 14.36 million barrels daily, per Reuters, Chinese refiner…