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Global Energy Prices Jump as Middle East Crisis Interrupts Shipping, Oil Production
Global oil and gas prices jumped on Tuesday as the U.S.-Israeli war on Iran halted energy exports from the Middle East, with Tehran attacking ships and energy facilities, closing navigation in the Gulf and forcing production stoppages from Qatar to Iraq.The benchmark Brent crude oil contract gained nearly 8% on Tuesday to above $83 per barrel…
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China's five-year plan targets stable oil production, increased gas and stockpiling
China announced on Thursday that it would set a target for its annual oil production of 200 million metric tonnes (4 million barrels per day) as part of its next five-year plans. This is a goal?it had already exceeded last year. The country also promised to 'expand' the size of its strategic oil reserves, which are not publicly disclosed.
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Dutch far-right legislators argue that Groningen's gas field should not be permanently closed
The far-right party in the Netherlands announced on Thursday that it will propose a proposal to keep the Groningen Gas?field available as a reserve, despite its closure due to seismic risk in 2024. The JA21 plan would allow for the possibility of re-taping some wells. This is in contrast…
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Source: India wants US marine coverage for Middle East energy cargoes
India and the United States are in discussions to secure marine coverage for vessels that ship oil from the Middle East. New Delhi is seeking to protect buyers from possible supply disruptions due to the Gulf crisis. The official who didn't want to be named said that "so far, we are?comfortable."…
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Sources: Uniper talks LNG with Canada to reduce US dependence
Three 'people who are familiar with the matter' said that Uniper, a state-owned German energy company, is in 'talks' with Canada about expanding liquefied gas purchases. This is part of Berlin’s plans to establish a broad economic relationship and reduce reliance on U.S. suppliers.
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FT reports that Glencore will back Kazakh entrepreneur in his purchase of 40% stake Eurasian Resources Group
The Financial Times reported Thursday that Glencore has proposed to support Kazakh entrepreneur Shakhmurat Mutalip in his…
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Ecopetrol, Colombia's oil company, invests in higher oil prices and Venezuela deals
It said that if oil prices continue to rise due to the 'U.S./Israeli war against Iran,' it will review its investment plans in April.
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Bangladesh closes its fertiliser factories due to Middle East gas shortage
Officials said that Bangladesh closed four of its five fertilizer factories on Thursday, amid a worsening shortage of gas…
Latest news
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Equinor, a Norwegian company, wants to keep gas and oil exports high despite the rising prices
The Norwegian energy company Equinor is focusing on maintaining high levels of regularity when it comes to its exports of…
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Seven countries warn EU against changing the energy market design
Seven EU member states, including the Netherlands, Sweden and Belgium, warned the executive of the bloc 'on Thursday' against…
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Argentina restarts construction of the Santa Cruz Dam complex in south
The Economy Ministry reported that the government of Argentina and the state energy corporation?ENARSA had agreed to'restart…
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As the US-Iran war spreads, more tankers are attacked.
As the U.S. - Iran war escalated on Thursday, Iranian drones invaded Azerbaijan and threatened to spread the crisis?to other…
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Sources say that BP's international staff was evacuated from the Iraqi oilfield when drones landed on the field.
Three Iraqi oil industry insiders said that foreign staff were evacuated from the 'giant Rumaila' oilfield in Iraq after…
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Thailand increases fuel reserves and tries to secure LNG amid Iran Crisis
Thailand's Prime Minster Anutin Charnvirakul called a meeting on Thursday of the energy agencies as concerns grew about supply…
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Canadian Natural Resources exceeds profit expectations on higher production
Canadian Natural Resources, an oil and gas producer, posted a profit that was higher than expected for the fourth quarter.
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Palm oil reaches a one-month record as crude prices surge
Malaysian palm futures rose on Thursday. They closed at their highest levels in a month, supported by an increase in crude oil price.
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Russian budget revenues from oil and gas were down by 44% in February, y/y
According to data from the Finance Ministry, Russian state oil and gas revenues in February fell by 44% to 432.3 billion…
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Statkraft CEO: Iran crisis could cause European power prices to rise and industry woes
The prolonged Iran crisis, which has hampered shipments of key energy and halted the production of?Qatari gas in Qatar, is…
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The price of gas in Europe is rising as Putin suggests a reduction in supply
LONDON, 5th March - Benchmark Dutch & British wholesale gas prices recovered on Thursday morning following a decline in the previous session.
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Palm bounces back with strong crude oil
Malaysian palm futures rose?on Thursday, and reached the highest levels in a month. This was aided by an increase in crude oil prices.
Shale Oil & Gas
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Canadian Natural Resources exceeds profit expectations on higher production
Canadian Natural Resources, an oil and gas producer, posted a profit that was higher than expected for the fourth quarter.
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Russian budget revenues from oil and gas were down by 44% in February, y/y
According to data from the Finance Ministry, Russian state oil and gas revenues in February fell by 44% to 432.3 billion…
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Statkraft CEO: Iran crisis could cause European power prices to rise and industry woes
The prolonged Iran crisis, which has hampered shipments of key energy and halted the production of?Qatari gas in Qatar, is…
LNG
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Venture Global Able to Support LNG Shortfall as Qatar Pauses Output
Venture Global has the biggest amount of LNG cargoes in the world that are not contracted and is ready to help stabilize…
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Cheniere Raises Share Repurchase Target After Q4 Profit Doubles
Cheniere Energy said its fourth-quarter profit more than doubled on strong liquefied natural gas (LNG) demand and the company…
Renewables
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The price of gas in Europe is rising as Putin suggests a reduction in supply
LONDON, 5th March - Benchmark Dutch & British wholesale gas prices recovered on Thursday morning following a decline in the previous session.
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Palm bounces back with strong crude oil
Malaysian palm futures rose?on Thursday, and reached the highest levels in a month. This was aided by an increase in crude oil prices.
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The new advisory board of Inpasa, an ethanol firm, will focus on growth and development according to a member
Inpasa, a corn ethanol producer, has a new advisory board that will help the company pursue growth strategies. This could…