New Oil Minister Javad Owji says the “tyrannical” U.S. sanctions have deprived Iran of 1.8 billion barrels of oil exports and more than $100 billion of revenues. Addressing the first OPEC Plus meeting in Vienna since being named to the new post, Owji also touched on the US embargo against …
Read More »Energy Giants Warn of Tough Winter Ahead as Gas Set to Keep Fueling Inflation
European energy executives have warned of a difficult winter ahead as natural gas prices soar to records, a grim prospect for households and businesses recovering from the global pandemic. Gas prices in Europe are breaking records day after day as economies reopen and people return to the office, boosting demand …
Read More »Global Gas Price Surge Threatens to Dent the Economic Recovery
Natural gas prices are undergoing a historic surge, and it’s bad news for everyone from ceramic makers in China to customers of patisseries in Paris. The cost of the fuel is already at record seasonal highs in most major markets and looks likely to rise further, threatening to dent the …
Read More »Denmark to Build Giant ‘Energy Island’ at Sea
Denmark’s political parties formed a plan for the ownership of its $34 billion man-made energy island in the North Sea that’s needed to fulfill its ambitious carbon reduction target, Bloomberg reported. The island will support infrastructure for Denmark’s offshore wind parks which will supply electricity to millions of homes. The …
Read More »Russia & China Continue Ditching US Dollars in Settlements in Favor of National Currencies
Gazprom Neft will switch from US dollars to yuan and rubles to pay for refueling aircraft flying to or from China, the company’s CEO Alexander Dyukov told reporters on the sidelines of the Eastern Economic Forum. “We are starting in September, and by the end of the year we can …
Read More »Oil Prices Fall amid Weaker-than-Expected U.S. Jobs Report
Oil prices declined on Friday as market sentiment was dented by a disappointing U.S. jobs report, Trend reports citing Xinhua. The West Texas Intermediate for October delivery lost 70 cents to settle at 69.29 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery decreased …
Read More »Red Sea Competition Growing as Russia Enters Region
Russia’s growing ambitions in the Red Sea region could threaten freedom of navigation for shipping, potentially disrupting oil prices, a leading think-tank report claims. Policymakers are being urged to pay close attention to Moscow’s activities in the vital seaway as Russia prepares to exert greater influence through arms deals and …
Read More »First Carbon-Neutral LNG Supplied in Japan
subsidiary Nihon Tug-Boat vessel Ishin received its first carbon neutral LNG (CNLNG) from Daigas Energy at Sakai Senboku Port, Osaka on 1 September 2021. This marks the first use of CNLNG as vessel fuel in Japan. Ishin was supplied at the wharf from a lorry, then returned to towage and …
Read More »Gazprom Surpassed Maximums in Russian Gas Deliveries to China
The Russian company Grazprom reported Wednesday that its gas deliveries to China through the Force of Siberia gas pipeline exceeded its contractual commitments with that Asian nation by more than 5.0 percent, establishing a new high of supply. According to a statement from the largest gas company in the country …
Read More »OPEC and Russia Keep Steady on Original Plan; Ignore US Request to Pump more Oil
The Organization of Petroleum Exporting Countries plus a group led by Russia, OPEC+1 ignored requests from United States president Joe Biden and agreed on Wednesday to continue raising oil output in measured steps as originally agreed. Last July OPEC+1 agreed to gradually increase oil output following the collapse of prices …
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