As Germany closes its last nuclear reactors, it is also reactivating old coal power plants to ensure electricity supply security amid Russian threats to turn off the gas tap. Germany’s attempt to simultaneously phase out nuclear and coal power just got significantly more complicated. Once envisaged as a transition fuel …
Read More »China Defies US Move to Ban Oil Imports from Russia
China on Wednesday defied the US move to ban imports of oil and other energy products from Russia, reiterating its opposition to “unilateral sanctions.” “China and Russia have always maintained sound energy cooperation relations and the two will continue to carry out normal trade cooperation including oil and gas in …
Read More »US Bans Imports of Russian Oil; Crude Soars Higher
The US government has imposed a ban on crude oil imports from Russia in the light of its invasion of Ukraine. After a close consultation with allies and partners around the world, US President Joe Biden ordered import ban on Russian crude oil and certain petroleum products, LNG, and coal …
Read More »OPEC Meets with US Shale Executives as Oil Prices Skyrocket
Officials from the Organization of the Petroleum Exporting Countries (OPEC) met US shale oil company executives on the sidelines of the CERAWeek conference in Houston on Monday, March 7, as energy prices soared over supply concerns. It was at least the fourth time since 2017 that US shale oil producers …
Read More »The Netherlands will Participate in New LNG Terminal in Germany
The Netherlands is working with Germany on a new terminal for liquefied natural gas (LNG) near Hamburg. Finance Minister Sigrid Kaag said she hopes the terminal will help secure the European gas supply, among other things. A letter of intent about the collaboration between the two countries was signed on …
Read More »US, Venezuela Hold Talks on Oil Exports to Replace Russia’s
The US is seeking to ease oil sanctions on Venezuela as part of a broader US strategy to temper oil prices that have skyrocketed due to Russia’s operation in Ukraine, according to people familiar with the matter. US and Venezuelan officials discussed the possibility of easing oil sanctions on Venezuela …
Read More »Germany Signs Initial Contract to Build First LNG Terminal
The German state bank KfW and the Dutch utility Gasunie have signed a memorandum of understanding (MoU) on the construction of the first LNG terminal in Brunsbüttel, Germany. Citing the important role of gas as a transition fuel, Germany’s Minister for Energy and Climate Protection Habeck said the goal was …
Read More »Saudi Arabia Raises Oil Prices in all Regions as Crude Surges on Russia’s Offensive
Saudi Arabia raised oil prices for all regions after crude surged following Russia’s military offensive in Ukraine to more than $115 a barrel. State-controlled Saudi Aramco increased its Arab Light crude price for next month’s shipments to Asia to $4.95 a barrel above the benchmark it uses. That is an …
Read More »Asian Nations Try to Relieve Energy Price Pain
Asian governments are taking measures to soften the impact of escalating oil and LNG prices on their economies and help consumers with subsidies and tax cuts. However, such measures probably won’t be sufficient to offset the sharp increase in energy prices, which is adding to inflationary pressures. Brent crude oil …
Read More »Germany Faces Reckoning for Relying on Putin for Cheap Energy
For years, the U.S. warned Germany of building up a dangerous energy dependence on Russia, the source of more than half of its fossil fuel imports. Now that the war in Ukraine has shocked Berlin into the same conclusion, the government is finding that changing course might be too late. …
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