Russia’s Gazprom PJSC said it’s kicking off a plan to send gas into five European storage facilities in November, delivering on a promise made by President Vladimir Putin to the energy-hungry continent last month. “The volumes and gas-transportation routes have been determined,” Gazprom said in a statement, without giving further …
Read More »IMF Expects GCC Reserves to Grow by $300-$350 Billion in Three Years on Higher Oil Prices
The International Monetary Fund expects the foreign reserves of the six oil-rich Arab countries of the Gulf Cooperation Council (GCC) to increase by $300-$350 billion in the next three years, a senior official said on Tuesday. The GCC – which comprises Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Bahrain, …
Read More »OPEC+ Hikes October Output by 480,000 b/d
OPEC and its allies boosted crude oil production by 480,000 b/d in October, according to the latest S&P Global Platts survey, but only half of the group’s members actually increased output last month as many in the coalition are struggling to pump as many barrels as they had promised. OPEC’s …
Read More »ExxonMobil to Proceed with China Mega Chemical Project Investment
US energy giant ExxonMobil has made a final investment decision on a multi-billion-dollar chemical complex in Guangdong province in southern China. The greenfield project includes a 1.6m tonne/year flexible feed steam cracker, three performance polyethylene (PE) lines, and two differentiated performance polypropylene (PP) lines, ExxonMobil said late on Monday. Construction …
Read More »Saudi Economy Grows at Fastest Rate in Nearly a Decade
Saudi Arabia’s economy grew at its fastest pace in nearly a decade in the third quarter, boosted by higher oil prices, according to preliminary estimates from the government. Gross domestic product expanded by 6.8% compared to the same quarter of 2020, the General Authority for Statistics said Tuesday, its fastest …
Read More »Europe is Offered Backup Plan to Curb Gas Shortage
Europe could have a way out of a natural gas shortage if the winter is colder than usual. The very tight European gas market may find relief from the supply crunch if it taps part of the so-called cushion gas, which keeps supply pressure at storage facilities, energy consultancy Wood …
Read More »Russia-Europe Gas Flows Eastbound for Third Day Running
The energy supply crisis has been aggravated by one of three major Russia-Europe supply pipelines changing the direction of its gas flow. Flows in the Yamal-Europe pipeline between Russia and Germany are moving eastbound for the third day running, according to Gascade’s data. This is the second time gas supplies …
Read More »OPEC+ Needs to Be Careful in Policy to Balance Market amid Q1 Demand Softening
OPEC+ needs to be careful in implementing its policy because it needs to balance the market amid forecasts of softening demand in the first quarter of 2022, the UAE’s energy minister said on Nov. 8. “We are seeing in the first quarter [of 2022]…a surplus in the balance due to …
Read More »Russia Says $80 Oil Adequately Reflects Market Situation
Current oil prices at around $80 per barrel adequately reflect the situation on the market, Russian Deputy Prime Minister Alexander Novak told Rossiya-24 in an interview after the OPEC+ meeting, Oilprice anaylsed. There are a number of both bullish and bearish factors that will determine where prices will go in …
Read More »China to Lead Asia LNG Regasification Capacity Additions through 2025
China is expected to lead Asia’s LNG regasification capacity additions, contributing 36% of the total LNG regasification capacity additions between 2021 and 2025, forecasts GlobalData, a leading data and analytics company. GlobalData’s report, ‘Asia Capacity and Capital Expenditure Outlook for LNG Regasification Terminals, 2021–2025 –China Dominates LNG Regasification Capacity Additions …
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