Gazprom says that high interest rates are a concern for oil service firms
Alexander Dyukov said that the high interest rates in the oil industry could have a negative impact on firms providing support services. This raised "serious concern".According to a recent poll, the Russian central bank will likely increase its key rate this week by 200 basis points, to 23%, due to the high inflation caused by a weaker ruble.Dyukov told reporters that his company is strong enough to withstand high borrowing costs…
Sources say that Russia's Novatek employs lobbyists in order to improve relations with the US.
Two sources familiar with the situation said that Novatek, Russia's largest producer of liquefied gas, is working with lobbyists to try and rebuild U.S. relationships after Washington imposed sanctions against its mammoth Arctic LNG 2 Project. After the 2022 invasion of Ukraine by Russia, the relationship between the United States and Russia reached a post Cold War low. President Joe…
Oil rises by 1% in a 3-week period as sanctions on Russia and Iran increase
The price of oil rose by about 1% on Friday to a record high for three weeks, as a result of expectations that additional sanctions against Russia and Iran would tighten up supplies. Lower interest rates in Europe or the U.S. may also boost the demand for fuel. . U.S. West Texas Intermediate crude (WTI), which is a blend of oil from Texas and Louisiana, rose by 79 cents or 1.1% at $70.81. Both crudes were heading for their highest closings since November 22.
Hungary declares that the issue of Russian gas payments has been resolved
Hungary's foreign minister announced on Friday that it had found a way to pay for Russian gas via the Turkstream pipe from Bulgaria, while avoiding the U.S. sanction. He did not provide any details about the agreement. The U.S. On Nov. 21, creating a barrier for European gas buyers. Gazprombank has been used by buyers to pay for their purchases, including a currency conversion scheme to roubles.
Daniel Winter named President of Danfoss Power Solutions
Danfoss today announced that Daniel Winter has been named president of Danfoss Power Solutions. He succeeds Eric Alström who, after 12 years with Danfoss, has decided to seek new challenges outside the company.Daniel Winter will join the Danfoss Group Executive Team and take over as President of Danfoss Power Solutions on January 1, 2025. He is well-prepared for the new role and has extensive experience within the company.
Moldova declares a state of emergency when the risk of Russian gas being cut off looms
The Moldovan parliament voted on Friday morning to declare a state of national emergency lasting 60 days, starting Dec. 16, due to the expected interruption of Russian gas supply on Jan. After Prime Minister Dorin Recean's request for approval, 56 members of the 101-seat chamber approved the measure just after midnight. He said that the vote was to stop "gas blackmail" by Moscow. Declaring an emergency allows the government respond quickly and reduce energy exports.
In 2025, the global diesel price will be supported by refinery closures
Analysts and traders said that the global diesel market would likely see a price boost in 2025 due to the closing of around 1% of the refining capacity. This will offset the current weakness of the market and the structural downward pressure caused by the shift towards cleaner fuels. Markets end 2024 in a shaky state, despite the peak season demand. Margins in key energy hubs around the world…
Freeport's copper concentrat exports will only temporary ease global shortages
Sources in the industry said that Freeport-McMoRan’s unit, located in Indonesia, will help ease global shortages of copper concentrate, but only for a short time and if Indonesian authorities allow it. Since last year, the competition for copper concentrate has intensified due to shortages caused by stoppages at First Quantum's operations and China's massive expansion in smelters. In October…
Russia's oil production in 2024 is expected to decline from 518-521 million T
Interfax news agency reported that Deputy Prime minister Alexander Novak said on Thursday that Russia will produce between 518-521 millions metric tons of oil (10.36-10.42million barrels per day). This amount is also expected in 2025. In September, he had predicted a production of 515-521 millions tons. In 2023, Russia produced 529,6 million tons of gas condensate, despite a reduction in supply due to an agreement with other OPEC+ members.
Hungary asks for an exemption from US sanctions on gas payments to Gazprombank
Hungary's Foreign Minister said that the United States should exempt Russia's Gazprombank when it comes payments for natural gases, as these sanctions could adversely affect some U.S. Allies. On Nov. 21, President Joe Biden stepped up measures to punish Moscow before he leaves his office in January. The sanctions prohibit the state-controlled bank from handling new transactions involving energy that are part of the U.S. Financial System.
Rystad reports that Argentina's Vaca muerta region has achieved record oil production during the third quarter.
Rystad, a consultancy, said that Argentina's Vaca Muerta shale formed produced a record 400,000 barges of oil per day (bpd), in the third quarter. This figure represents a 35% increase in production year-over-year, thanks to improvements in productivity and evacuation capability. The formation is on track to reach its goal of 1,000,000 bpd, by 2030. YPF, the state-owned oil company of Argentina…
OPEC+ Postpones its output policy meeting until Dec 5
OPEC announced on Thursday that the OPEC+ group of oil producing countries had postponed their next meeting regarding output policy from December 1 to Dec. 5, to avoid a clash with another event. OPEC announced that several OPEC+ Ministers will attend a summit of Gulf Arab Countries to be held on December 1 in Kuwait City. Before the official announcement, a source said that "Sunday is not for everyone". Top OPEC+ Ministers held discussions ahead of the summit.
Adani allegations bring India's clean-energy conundrum to the forefront
The allegations of bribery against Adani Group's founder Gautam Adani highlight the increasing difficulty that India's renewable energy developers have in finding buyers for their power. Officials say that while India's central governments wants to move away from coal-fired power generation and towards renewable energy sources, state-owned companies in charge of supplying electricity have been slow to strike deals. U.S.
Moldova and Russia hold talks about Transdniestria Gas Supply amid Ukraine Transit Uncertainty
Moldova reported that the energy minister of Moldova met with the head Russian gas giant Gazprom to discuss alternative routes for supplying Russian gas to Transdniestria, Moldova's breakaway region. If transit through Ukraine is stopped, Moldova will look at other options. Ukraine has stated that it will not prolong the gas transit agreement. Transdniestria, a region backed by Russia, relies heavily on Russian gas delivered via Ukraine.
Sources: Austria's 50-year relationship with Gazprom is ended by the gas seizure
Five sources said that the Austrian group's seizure and payment of Russian gas to cover an arbitration award was what triggered the end of more than 50 years gas flow from Russian state energy company Gazprom to OMV this month. OMV is one of the last remaining gas buyers in Europe, after Gazprom lost most of its European customers in the aftermath of the Russian invasion of Ukraine. Russia was Europe’s largest natural gas supplier before the war. OMV announced on Nov.
ArcelorMittal delays planned green investments for EU
ArcelorMittal is the second largest steelmaker in the world. It announced on Friday that it was delaying green investments due to uncertainty over European Union regulations. ArcelorMittal received 850 million Euros ($885 million) from the French Government in January to support its 1.7 billion Euro decarbonisation programme in France through 2030 at its Dunkirk site and Fos-sur-Mer site.
Officials say that South Africa has a significant reworking of its long-term energy plan.
Officials said that a reworked long-term South Africa power plan would be soon presented to the cabinet. The plan is designed to put an end to the electricity blackouts which have plagued the country over the past decade. Only in January was the last plan released, which laid out scenarios for power supply up to 2050. The plan included a wide range of energy sources, including nuclear, renewables, and natural gas. Coal, the current dominant power source, was also covered.
Azerbaijan, summit host, warns that COP29 will not succeed without G20 support
Azerbaijan, the host of the COP29 Climate Summit, said that leaders from the world's largest economies should send a strong message about the urgency to combat global warming. The appeal came at a meeting of the Group of 20 leaders (G20) in Brazil, where climate was just one of many topics on their agenda. Others included war in Ukraine and Donald Trump's victory in the election. Nearly…
Sovcomflot's revenue drop blamed on Western sanctions
Sovcomflot, the largest Russian tanker company, said that Western sanctions against Russian oil tankers are affecting its financial performance. It reported a decline in revenues and earnings. In February, the United States imposed sanctions against Sovcomflot as part of Washington’s efforts to reduce Russia’s revenue from oil sales which it could use to fund its war in Ukraine. Sovcomflot's revenue for the nine months of 2012 fell by 22.2%, to $1.22 Billion.
Al Nowais, according to Italy's Maire, has bought 5% of Nextchem in order to target the Middle East
It was reported by Italy's Maire on Wednesday that Yousef Al Nowais bought a 5% share in Nextchem. This valued the subsidiary of the engineering company at $1.33 billion. Al Nowais is one of the company's shareholders and has owned a stake of 4.73% for more than 10 years. He paid 62.5 millions euros for 5% in Nextchem which provides technology solutions for companies working on energy transition. The move was made to boost Nextchem's service in the Middle East.
