As Arctic ice cover recedes with climate change, Russia is pinning its hopes for supremacy in the warming region on a fleet of giant nuclear-powered icebreakers. Moscow sees the development of the Arctic as a historic mission and already has huge projects to exploit its natural resources. Its next big …
Read More »Europe’s High Energy Prices are Just the Beginning
European energy prices might be at record levels, but there is still room for prices to run, according to a Bloomberg analysis. Of course, natural gas prices are soaring everywhere—not just in Europe. The US benchmark price for natural gas has nearly doubled over the last year, with front-month Henry …
Read More »Europe Faces Energy Price Shock with Gas and Power at Records
Europe is facing an energy price shock as the cost of natural gas and electricity surges to record levels. A gas supply crunch is boosting the cost of producing power from the U.K. to Germany just as businesses reopen and people return to the office, increasing demand. Rising prices are …
Read More »OPEC+ Raises Forecast for Oil Demands Next Year
The Organisation of the Petroleum Exporting Countries and allies, including Russia, collectively known as OPEC+, has raised its forecast for oil demand next year, in a move that might help to build a case for raising output. Brent crude for November delivery gained 18 cents, or 0.3 per cent to …
Read More »EIA: US Imports of Iraqi Crude in August Exceeded Four Million Barrels
The US Energy Information Administration (EIA) said that Iraqi crude oil exports to the US exceeded four million barrels last August. According to a report released by the EIA, Iraq exported to the US, during the first week of August, 120 thousand barrels per day, an average of 150 thousand …
Read More »Russia Prepares for First LNG-Fueled Icebreaker
Metals miner Nornickel said it will participate in the design and building of Russia’s first dual-fuel liquefied natural gas (LNG) and diesel icebreaker to prepare for more capacity in the environmentally sensitive Arctic region. Russia, which has a fleet of nuclear-powered icebreakers, has long considered LNG-powered icebreaking ships to develop …
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 »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 »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 …
Read More »OPEC+ Keeps Hopes Up
After an unusually quick meeting on Sept. 1, OPEC+ decided to stick with its current production deal of adding an extra 400,000 barrels to markets at least until October as it continues to see markets tightening, a recovery in demand for oil for the remainder of 2021 of over 6 …
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