Saud Arabia’s Foreign Reserves Plunged In July On Oil Production Cuts
Saudi Arabia’s net foreign assets plunged by as much as $16 billion in July, the biggest drop since the onset of the pandemic in 2020, as the Kingdom is slashing its crude oil production.The reserves in net foreign assets fell to the lowest level sin…
The Market Thinks There Will Be A Sanctions-Easing Deal With Iran
Prospects of reviving the Iran nuclear deal have swung dramatically, from near certain in March 2022 to almost nil by the end of the year and somewhere in the middle currently. Although prospects of a deal being signed any time soon appear dim, relati…
UK Oil And Gas Giant Cuts Investments And Defers Projects Over Windfall Tax
Ithaca Energy, one of the largest oil and gas producers in the UK, has reduced investments and is deferring some projects this year and next, due to the burden of the windfall tax Britain has levied on the industry.The windfall tax, the so-called Ener…
UK Oil And Gas Giant Cuts Investments And Defers Projects Over Windfall Tax
Ithaca Energy, one of the largest oil and gas producers in the UK, has reduced investments and is deferring some projects this year and next, due to the burden of the windfall tax Britain has levied on the industry.The windfall tax, the so-called Ener…
Cheniere Energy Strikes LNG Supply Deal With BASF
The United States’ largest producer of liquefied natural gas (LNG), Cheniere Energy (NYSE:LNG), has struck a deal with Germany’s BASF SE (OTCQX:BASFY) to supply the chemical giant with 0.8 million tonnes per annum (mtpa) of LNG to the chemicals gian…
Saudi Aramco Looks To Expand Downstream Business In China
Saudi Aramco looks to further bolster its downstream presence in the world’s top crude oil importer, China, the oil giant’s Downstream President, Mohammed Al Qahtani, has said.“China is strategically important to our business growth in Asia and wor…
LNG Tanker Prices Soar Earlier Than Usual Ahead Of Winter
The pre-winter seasonal rally of LNG tanker charter prices has started earlier than in previous years amid expectations of high demand for the winter and uncertainties over a potential strike in Australia that could curtail 10% of global LNG supply.Sp…
Saudi Aramco Tops Profit Chart, Leaving Tech Titans In Its Wake
According to the Forbes Global 2000, Saudi state oil enterprise Saudi Aramco is once again the worlds most profitable company - this time with a big lead over second-placed Apple as oil and gas prices skyrocketed as part of the global energy crisis in…
Investors Boost Bullish Bets On European Natural Gas Prices
Over the past week, portfolio managers have boosted their bullish bets on the benchmark European natural gas futures as supply concerns mounted with a potential strike at Australian LNG export facilities, adding to flow disruptions from Norway where s…
Libya’s Oil Output Threatened As Intense Fighting Breaks Out In Tripoli
Libya saw overnight its worst clashes in the capital Tripoli so far this year, sparking concerns about battles spilling over to the OPEC member’s oil-producing and exporting infrastructure. The most powerful and heavily armed factions in Tripoli fou…
Americans Struggling To Pay Skyrocketing Energy Bills
A summer of record-breaking heat has dramatically increased electricity consumption for Americans with many now struggling to keep up with their skyrocketing electric bills. According to the U.S. Energy Information Administration (EIA), the average ho…
Argentina’s Oil And Gas Industry Will Survive Elections
Argentina’s shale oil and gas industry won’t be rocked by the upcoming elections, according to executives from some of the country’s top oil and gas companies.Argentina is due to hold an election this October, but no matter who wins, the country’s…
Saudi Arabia Will Supply Full Oil Volumes To Asian Buyers In September
Saudi Arabia will supply full crude oil volumes in September under contracts with Asian buyers, Reuters has reported, citing multiple unnamed sources.The news comes days after the Kingdom raised its official selling prices for crude yet again and said…
European Gas Prices Surge 30% On Australian Supply Fears
European natural gas prices have rocketed more than 30% on Wednesday, as traders panicked over the possibility of reduced LNG supply from Australia, a world leading supplier of the commodity. The European benchmark,TFF, jumped to as high as ?2 per m…
Iran Plans To Boost Oil Output To 3.5 Million Bpd Before October
Iran expects to increase its oil production by 250,000 barrels per day (bpd) to reach 3.5 million bpd output by the end of next month, the head of the National Iranian Oil Company (NIOC) said on Wednesday. At the time when the current Iranian administ…
Aramco Raises Arab Light Prices In Big Bet On Asian Refining Boom
Saudi Aramco raised the official selling price (OSP) for its Arab Light crude oil grade to Asia by $0.30 per barrel for the month of September, to $3.50 above the Oman/Dubai average, Aramco said on Saturday. The state-run oil giant also raised the pri…