Brent Crude prices are not expected to reach $100 per barrel in 2023 unless a major geopolitical event rattles markets again, according to JPMorgan. The OPEC+ alliance could add 400,000 barrels per day (bpd) to supply this year, and Russian exports could recover by the middle of 2023, JPMorgan said …
Read More »Romania to Construct Europe’s Largest Solar Plant
The western Romanian city of Arad is set to rise and shine as the location where Europe’s largest solar plant will be constructed, with the first stage of work to kick off in July. The full project is scheduled to be completed by 2026. The first panels will be installed …
Read More »Oil Posts Weekly Loss amid Concerns over Further Interest Rate Increases
Oil prices posted weekly losses as strong US economic data sparked concerns of further interest rate increases, which in turn could further slow the economy and lead to a slump in crude demand. Brent, the benchmark for two thirds of the world’s oil, shed $2.14 to settle 2.51 per cent …
Read More »Number of Active U.S. Drilling Rigs down Slightly this Week
The number of active drilling rigs in the United States stands at 760 this week, down by one from the previous week but up by 115 from a year ago, according to the weekly data released Friday by Houston-based oilfield services company Baker Hughes, Trend reports citing Xinhua. These active …
Read More »Russia Urges U.S. to Prove Innocence over Nord Stream Incident
The United States should try to prove its innocence of blowing up the Nord Stream gas pipelines, the Russian Embassy in the United States said on Thursday. The Russian side will not allow to simply turn the page on destroying critical energy infrastructure, especially given the fact that nothing is …
Read More »Russia Trumps Iraq as India’s Top Oil Supplier in January
India’s Iraqi oil imports in January rose to a seven-month high of 983,000 barrels per day (bpd), up 11% from December, data from trade sources showed. However, it only comes second to Moscow as India’s oil imports from Russia climbed to a record 1.4 million bpd in January, up 9.2% …
Read More »European LNG Demand to Drive Competition for New Supply and Dominate Trade in Long Term
Europe’s increased need for liquefied natural gas (LNG) looks set to intensify competition with Asia for limited new supply available over the next two years and may dominate LNG trade over the longer term, according to Shell’s LNG Outlook 2023. European countries, including the UK, imported 121 million tonnes of …
Read More »Turkiye’s First Floating Gas Storage Unit Used to Help Quake Survivors
(FSRU) is being carried out at BOTAS Dortyol FSRU Terminal in Hatay [Burak Milli – Anadolu Agency] Ertugrul Gazi, the first Turkish-flagged floating storage and gasification unit (FSRU), has been put to work at full capacity to meet the demand for natural gas after the devastating earthquakes that hit the …
Read More »Norway and Germany Team up for Pursuit of Offshore Wind
Norwegian energy company Equinor on Friday said it joined Germany’s EnBW to develop wind farms off the German coast, part of a growing regional energy shift. The German government increased its target for offshore wind energy capacity from 20 gigawatts to 30 GW by 2030, with eyes set on 70 …
Read More »Oil Prices up with Positive China Demand Outlook
Oil prices increased on Thursday on expectations of a surge in oil demand in China, the world’s largest oil importer. International benchmark Brent crude traded at $85.85 per barrel at 09.46 a.m. local time (0646 GMT), up 0.55% from the closing price of $85.38 a barrel in the previous trading …
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