The Group of Seven nations said on Friday that they will help rebuild Ukraine’s critical energy and water infrastructure amid ongoing Russian air strikes. “Today we establish a G7 coordination mechanism to help Ukraine repair, restore and defend its critical energy and water infrastructure. We look forward to the 13 …
Read More »Iraq’s Oil Exports to the United States Dropped to 134 bpd in the Past Week
The Energy Information Administration (EIA) Data showed that Iraq exported 134 bpd of oil to the United States in the past week. EIA stated in a report, “U.S. imports oil 5.357 million bpd in the past week.” The top three source countries for U.S. import oil are Canada (3.410 million …
Read More »World’s Second-Largest Container Carrier Sees Global Trade Slowing
Europe is nearing a recession, and the U.S. may be right on its heels, the world’s second-largest container carrier told Bloomberg TV on Wednesday. Recession fears have put a cap on oil prices as analysts mull just how deeply a recession would cut into the demand for the commodity that …
Read More »Covid Restrictions Force Chinese EV Maker to Suspend Production
China’s Nio, the EV maker, has suspended manufacturing activities due to Covid restrictions amid the latest flare-up in infections in the country. “The news that production at Nio’s factories has been temporarily suspended is true and this will have an impact on production and delivery schedules,” a company representative told …
Read More »Iraq and Saudi Send more Oil to China despite Cutting Overall Shipments
Saudi Arabia, the UAE and Iraq boosted their crude oil shipments to China last month, strengthening their share of a market that Russia has pushed into following the invasion of Ukraine. The Middle East producers loaded almost 4 million barrels a day of crude for Chinese buyers in October. With …
Read More »OPEC Sec Gen: Oil Investment Lag Sowing Seeds for Future Energy Crises
The world must act swiftly to invest in oil to prevent future energy emergencies as global demand for the hydrocarbon grows in the long term, Organization of the Petroleum Exporting Countries (OPEC) Secretary General Haitham Al Ghais said on Tuesday, November 1. “If we don’t get it right this time, …
Read More »Japan Calls on Population to Conserve Energy
Japan is calling on people and businesses to repeat the energy conservation drive from the summer this winter, as energy scarcity and LNG price inflation continue to take a toll. Japanese citizens are being advised to turn off the lights in rooms they are not using and to wear an …
Read More »Japan will Keep Investment in Sakhalin-1 Oil Project in Russia
Japan will keep its investment in the Sakhalin-1 oil and gas project in Russia, said the nation’s trade chief. The government has requested a Japanese consortium to keep its stake in the project, the nation’s Trade Minister Yasutoshi Nishimura told the press on Tuesday. Japan has few resources of its …
Read More »Biden Warns Oil Firms He’ll Seek to Tax Windfall Profits
President Joe Biden said he’d seek to impose higher taxes on oil companies that record “windfall” profits without reinvesting in production, with US gasoline prices still high a week ahead of midterm elections. “The oil industry has not met its commitment to invest in America and support the American people,” …
Read More »EU may Block Polish Nuclear Investment, Warns Opposition
After a contract with American Westinghouse company to build the country’s first nuclear plant was announced by Prime Minister Mateusz Morawiecki, the Left opposition warned that the investment could face problems due to non-compliance with EU rules. The Warsaw government chose Westinghouse for the nuclear project, Morawiecki tweeted on Friday, …
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