The Qinshui coalbed methane field in north China’s Shanxi Province, the largest of its kind in the country, produced 6 million cubic meters of gas on Tuesday, hitting a fresh daily high. Located in the southeast of Shanxi, the PetroChina Huabei Oilfield’s Qinshui coalbed methane field spans more than 3,000 …
Read More »U.S. Natural Gas Production Plunges as Winter Storm Wreaks Havoc
Natural gas output in the Appalachia region, the top gas-producing basin in the U.S., dropped by a record amount as Winter Storm Elliott swept through Pennsylvania and Ohio, freezing wells and some equipment and creating mechanical issues at pipeline infrastructure. The Appalachia basin saw natural gas supply drop by 27%, …
Read More »Oil Dips in Thin Trading after Russia Bans Exports to Cap Users
Oil dipped amid thin liquidity as investors weighed the fallout from a Russian ban on exports to buyers that adhere to a price cap. West Texas Intermediate fell toward $79 a barrel after closing little changed on Tuesday. Moscow’s restrictions will begin on February 1 and last until at least …
Read More »Russia Admits the Oil Price Cap could Widen its 2023 Budget Deficit
Russia’s budget deficit in the coming year might exceed the expected 2% of GDP as the oil price cap hurts export income, the country’s Finance Minister Anton Siluanov said on Tuesday. This marks the first time a Russian official has acknowledged that the $60 per barrel price cap imposed on …
Read More »Iran’s Exports to Iraq via Khosravi Border up 28% in March-Dec.
Iran exported more than $621.761 million worth of non-oil commodities to Iraq via the Khosravi border crossing in the first nine months of the calendar year that started in late March, up 28% compared to the same period last year. Mehdi Abbasi, director of the Khosravi Customs Office, told IRNA …
Read More »Iran Adds 10 mcm/d to Gas Output by Plant Overhaul
The CEO of the National Iranian South Oil Company (NISOC) said that by the end of the NGL 1000 overhaul operations, 10 million cubic meters per day of gas was added to the gas production capacity of the country. According to NIOC, Alireza Daneshi said, “With the follow-up and emphasis …
Read More »Turkey Announces Big Boost in Black Sea Gas Reserves
Turkey has upped the estimate of its natural gas reserves in the Black Sea by nearly a third, putting its total deposits at 710 billion cubic metres (bcm) in a boost to its aims of increasing its energy independence. Speaking after a cabinet meeting, President Recep Tayyip Erdogan said Turkey …
Read More »Russia Bans Oil Sales to Countries that are Using a Price Cap Including the EU, the G7 and Australia
From 1 February, Russia will completely ban the sale of oil to countries that have introduced a price cap on its exports. The $60 (€56) cap was agreed at the beginning of December by the EU, the G7 group of nations and Australia. On 27 December, Russian President Vladimir Putin …
Read More »Japan Signs New LNG Deals to Diversify Natural Gas Supply
Japanese firms have signed new long-term agreements to buy LNG from the United States and Oman as Japan looks to cater for its energy security and further diversify its LNG sourcing options. INPEX Corporation, the major gas firm in Japan, announced on Monday a long-term Sales and Purchase Agreement with …
Read More »Iran, Belarus to Sign MoU on Scientific Coop. in Oil Industry
Iran’s Petroleum University of Technology (PUT) and the Belarusian State Technological University (BSTU) will sign a memorandum of understanding for cooperation through video conference. The document will be aimed at starting scientific activities and meeting the needs of the oil industry and establishing a close relationship between the two parties. …
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