Japan plans to maintain its stakes in the Sakhalin-2 natural gas project in Russia’s far east, the Nikkei Asia reported, after President Vladimir Putin signed a decree transferring rights to a new Russian company just over two weeks ago.
Saudi ministers insisted that oil policy decisions would be taken according to market logic and within the OPEC+ coalition, just as US President Joe Biden wrapped up a landmark trip to the kingdom.
“We've got to learn from what others have gone through, but at the same time pass on our own learnings to other industries,” says Offshore Energies UK’s (OEUK) new safety boss Mark Wilson.
Russia will establish a company that will take over all rights and obligations of the Sakhalin Energy Investment Co. amid Western sanctions imposed on Moscow, a decree signed by President Vladimir Putin said on Thursday, reported Reuters.
Watch out Iraq and Saudi Arabia, Russia is making huge inroads into the Indian oil market and has quite possibly become the largest supplier to the giant Asian buyer.
The Group of Seven is moving toward reversing a commitment to halt the financing of overseas fossil-fuel projects by year’s end, a proposal now viewed favourably by most members, according to people familiar with the matter.
Oil traded near $107 a barrel in New York as investors monitored developments from the gathering of Group of Seven leaders, and two supplier countries flagged potential output cuts due to political unrest.
The European Union reached an agreement with Norway to source more natural gas from the Nordic nation as the bloc tries to lower surging prices and boost security of supplies after Russia, its biggest provider, cut flows to almost half of member states.
A drone strike caused a fire at a refinery in south-west Russia near the border with Ukraine - but no one was hurt and the blaze was contained quickly, officials said.
Ukraine has launched missiles against three gas rigs in the Black Sea, according to Russian officials, south of Odessa.
Almost four months after Russia’s invasion of Ukraine, Russian crude oil, Urals, has seen a switch in flow from its traditional market of Europe to Asia. Since the start of the war, based on the average of March to May 2022, Indian imports of Urals crude have picked up by 658% compared to 2021 levels, while for China the increase is 205% and for Asia as a whole 347%, Rystad Energy research shows.
Russia’s invasion of Ukraine means climate security and energy security are “now synonymous”, according to the UK’s COP26 President.
China continued to snap up Russian energy products last month, including a record quantity of crude oil, lifting purchases to $7.47 billion -- about $1 billion more than April and double the amount of a year ago.
The boss of Aberdeen-headquartered Plexus Holdings (LON: POS) is forecasting a “significant resurgence” in North Sea activity.
Gazprom and CNPC have signed a technical agreement on the Far East route for supplying Russian gas to China, Gazprom said in a statement. The pair signed a long-term gas supply deal in February underpinning the construction of a pipeline from Russia’s Far East into China, underscoring Moscow’s strategic pivot to Asia.
Russia stepped up the use of energy as a weapon by further cutting natural gas shipments via its biggest pipeline to Europe, prompting Germany to accuse the Kremlin of trying to drive up prices.
Fitch Ratings has increased its oil and gas price forecast, indicating increased pressure on the European market driven by strong demand.
Trafigura has warned of further challenges for the energy, and metal, markets, with higher prices for some time, although also reporting record profits.
Liquefied natural gas (LNG) buyers in Asia are already busy securing cargoes for winter, indicating that competition in a tight market may lead to a further jump in prices.
Russia is earning less from its oil exports, even as seaborne crude shipments surge to a six-week high. That’s because of the big discounts that Moscow is having to offer Asian buyers to snap up barrels shunned by Europe, which translate into a drop in export duties.
OPEC+ agreed to increase the size of its oil-supply hikes by about 50%, in a deal that kept Russia at the heart of the cartel while also heeding pressure from major consumers including the US.
India's state-run gas utility GAIL is seeking a one million tonne per year (t/y) liquefied natural gas (LNG) import deal for ten years starting 2023 to help meet the country's expanding demand for cleaner fuels amid increasing energy consumption, said the company’s chairman Manoj Jain earlier this week.
The European Union’s top trade official said China will exploit Russia’s need to diversify where it sells its energy, with the bloc set to ban as much as 90% of Moscow’s crude oil imports by year’s end.
The US has no immediate way to slash the price Americans are paying for gasoline, and is considering other proposals such as trying to set a lower price for sale of Russian crude, President Joe Biden said.
European Union leaders agreed to pursue a partial ban on Russian oil, paving the way for a sixth package of sanctions to punish Russia and its president, Vladimir Putin, for the invasion of Ukraine.