Biden urges oil companies to cut prices after Shell’s profit doubled
President Joe Biden criticised record energy company profits after Shell announced its second-highest earnings ever while raising its dividend and expanding buybacks.
US
Biden says more oil releases possible to cut gasoline prices
President Joe Biden announced the drawdown of an additional 15 million barrels of oil from US emergency reserves, as well as what he called a “ready and release plan” aimed at driving down gasoline prices.
Saudi defends OPEC cut as business, not politics
Saudi Arabia has defended the OPEC+ decision to cut production, saying a US request to push back the move would have had a negative economic impact.
Energean begins Karish test as border talks reach peak
Israel has approved “certain testing procedures” for Energean, allowing the company to begin tests as its Karish gas field.
OPEC slashes production, Biden talks tough
OPEC has taken the decision to cut production by 2 million barrels per day from its August target, amid growing concerns over weak pricing.
Aberdeen-headquartered TEMS International lands trio of deals worth $1m
TEMS International, of Aberdeen, has bagged a clutch of contracts as part of a Gulf of Mexico growth drive.
‘Bazooka’ of oil preventing Brent Crude price from hitting $200
A “bazooka” of oil from the US reserve, lockdowns in China and a “surprising durability” of production in Russia are preventing Brent Crude oil from hitting $200 a barrel.
Oil gets mauled again with demand concerns spurring weekly drop
Oil headed for a back-to-back weekly loss, burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves.
Woodside signs up for Commonwealth’s US LNG
Australia’s Woodside Energy (ASX:WDS) will take up to 2.5 million tonnes per year of liquefied natural gas (LNG) exports from Commonwealth’s LNG export facility under development in Cameron Parish, Louisiana, after confirming a 20-year deal.
Iran may drain offshore crude oil cache if nuclear deal reached
Progress toward an Iranian nuclear deal has thrown the spotlight onto a sizeable cache of crude held by Tehran that could be swiftly dispatched to buyers in the event an agreement gets hammered out.
US sanctions Liberian officials over high-ranking corruption
The US has imposed sanctions on three high ranking Liberian officials, including the managing director of the National Ports Authority (NPA).
Offshore wind player Orsted eyes Taiwan Straits crisis after China fires missiles
Danish offshore wind developer Orsted (CPH:ORSTED) is at risk of getting caught up in a potential Taiwan Straits crisis as tensions in the region rose steeply following the visit of US House of Representatives Speaker, Nancy Pelosi, to Taipei, on 2-3 August.
Oil outages in Gulf of Mexico are straining an already tight market
Six oil and gas fields in the Gulf of Mexico have been shut after a leak at a Louisiana booster station halted two pipelines in the region.
Centrica signs £7bn deal for US LNG supplies
Centrica has signed up to purchase LNG from a new US supplier, working on an ambitious offshore project, in a move backed by Secretary of State for Business and Energy Secretary Kwasi Kwarteng.
Singapore’s Keppel wins FPU and FPSO deals worth $54m
Keppel O&M will start floating production contracts worth around S$75 million (US$54 million) for MODEC, as it prepares a floater for Woodside Energy’s Senegal project, and a separate unit for LLOG Exploration Offshore in the US.
Refining drives doubling of TotalEnergies’ second quarter income
TotalEnergies has reported net income of $5.69 billion, up more than two and a half times from the first quarter, driven largely by its downstream and chemicals operations.
Thailand signs first long-term US LNG deal as Cheniere strikes again
Cheniere will supply 1 million tonnes per year (t/y) of LNG to Thailand’s PTT from its Corpus Christi export terminal in the US after the pair signed a 20-year contract starting in 2026. Significantly, it marks the first US liquefied natural gas (LNG) deal agreed with PTT, Thailand’s largest state-owned, multinational energy company.
Oil set for longest run of declines this year in boost for Biden
Oil is headed for a third weekly drop, the longest run of declines this year, on concerns over weaker US gasoline demand and a global slowdown.
Oil drops below $100 as traders assess weak US gasoline demand
Oil slipped back below $100 a barrel as investors assessed signs of lacklustre US gasoline demand and expanding stockpiles.
Cheniere mulls bigger boost to Texas LNG exports with China deal
Cheniere Energy, the largest US exporter of liquefied natural gas (LNG), signed a deal with PetroChina that lays that the groundwork for another expansion of Cheniere’s Texas export terminal as global demand for the fuel surges.
Oil holds above $100 as traders weigh tight market, OPEC+ limits
Oil held above $100 a barrel after posting the biggest one-day advance since May as fears of a fast-tightening market gripped traders.
Saudis say oil decisions are for OPEC+ as Biden leaves kingdom
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.
Biden faces oil market challenge in Saudi trip
US President Joe Biden is due to visit the Middle East this week, with the oil market watching his trip to Saudi Arabia particularly closely.
Freeport LNG offline until “late 2022”
Freeport LNG has provided an update on the circumstances of the June 8 fire at its facility on Quintana Island, Texas, warning that a return to full operations will not come until late 2022.
Trafigura warns high prices to continue on under-investment
Trafigura has warned of further challenges for the energy, and metal, markets, with higher prices for some time, although also reporting record profits.