The G7 club of wealthy nations have committed to phasing out its dependency on Russian oil. The statement from the Group of Seven – France, Canada, Germany, Italy, Japan, Britain and the United States – did not specify exactly what commitments each country will make to move away from Russian …
Read More »Bulgaria Threatens to Veto EU Oil Ban on Russia unless It Gets Derogation
Bulgaria has threatened not to support European Union’s new set of sanctions against Russia if the Balkan country does not get a derogation from the proposed ban on buying Russian oil, Deputy Prime Minister Assen Vassilev said late on Sunday. European Union governments moved closer on Sunday towards agreeing on …
Read More »Farmers in Europe Turn on Tap for Biogas to Offset Russian Energy
Farmers in the lush fields southwest of Paris are joining Europe’s fight to wean itself off Russian energy over Moscow’s invasion of Ukraine. They’ll soon turn on the tap of a new facility where crops and agricultural waste are mashed up and fermented to produce “biogas.” It’s among energy solutions …
Read More »Italy in Trouble if Russia soon Curbs Gas Supplies
Italy would be in trouble if Russia decided to curb its gas supplies to the country in the next few months, Ecological Transition minister Roberto Cingolani told Festival Città Impresa in an interview on Sunday. Italy currently imports about 29 billion cubic metres of gas per year from Russia. If …
Read More »Iraq’s Oil Minister: KRG Mismanages the Oil Wealth
Iraq’s Minister of Oil, Ihsan Abdul-Jabbar Ismail, dismissed the Kurdistan Regional Government’s management of the oil wealth as “faulty” and wasteful of the Iraqi treasury resources. Ismail’s remarks came during the fourth meeting of the opinion commission on the Supreme Federal Court’s ruling against the KRG’s oil and gas law, …
Read More »Russia Puts Nord Stream 2 Gas Pipeline to Domestic Use
Russia plans to put the Nord Stream 2 gas pipeline to domestic use after the fuel exports to Germany and Europe that were envisaged in its decade-long construction were called off because of the war in Ukraine. The Baltic Sea pipeline was completed last year but had not yet entered …
Read More »OPEC+ Eye Modest Supply Boost as Demand Dented by China Covid Rules
OPEC+ members meeting on Thursday are expected to agree a marginal increase in oil production, bolstered by risks to demand amid coronavirus restrictions in China. Russia’s invasion of Ukraine has also added to supply concerns, which have increased with Europe’s announced moves on a potential Russian oil embargo. Prices soared …
Read More »OPEC Fails to Increase Oil Output as Capacity Troubles Persist
The OPEC cartel — which has struggled for many months to revive oil supplies halted during the pandemic — effectively failed to increase output at all last month, as members remained plagued by capacity constraints. While Iraq made a substantial boost, countries such as Libya and Nigeria saw their production …
Read More »EU Considers Ban on Russian Oil by Year-End
The European Union (EU) is considering imposing oil imports ban on Russia by the end of 2022, reported Reuters citing two EU diplomats. A decision on the proposed measures on Russia is expected to be announced during a meeting of bloc’s ambassadors scheduled in the coming week. The ban, if …
Read More »Booming LNG Demand will Require Plenty more New builds to be Contracted
LNG has the highest orderbook-to-fleet ratio of any shipping segment, and yet there’s plenty of analysts suggesting there’s room for far more newbuilds to be contracted soon with 2022 on course to break new records in terms of contracting with added impetus sparked by Russia’s invasion of Ukraine. Data from …
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