Europe will find it difficult to replace Russian crude oil and product supply once the full effect of the EU embargoes on Russian petroleum products is felt, according to Russian Deputy Prime Minister Alexander Novak. “Europe used to be a key market for the sale of our oil products. Let …
Read More »U.S. Regulator Approves Restart of Keystone Oil Pipeline
TC Energy, the operator of the Keystone Pipeline, has received approval from the U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) for its plan to restart the section of the pipeline from Steele City close to the Nebraska-Kansas border to Cushing, Oklahoma. The company, however, did not say when the …
Read More »Russia Ready to Resume Gas Supplies via Yamal-Europe Pipeline
The EU market remains open for Russian liquefied natural gas (LNG), and Russia is ready to resume supplies via the Yamal-Europe pipeline, Russian Deputy Prime Minister Alexander Novak said in an interview with TASS news agency. “Even now this market is not closed. For example, we were able to significantly …
Read More »Russia’s Nuclear Energy Giant Expects 2022 Exports to Rise by 15%
Russia’s state nuclear energy company Rosatom expects its exports to have increased by 15% this year, chief executive Alexey Likhachev was quoted as saying by Russian newspaper Izvestia on Monday. Rosatom’s portfolio of foreign orders is set to remain stable at $200 billion, “even in the current geopolitical situation,” Likhachev …
Read More »Japan Bolsters Ties with Saudi Arabia beyond Oil to Hydrogen and Fuel Ammonia
Japan signed two sets of cooperation agreements with Saudi Arabia on Dec. 25 in the fields of hydrogen, fuel ammonia and carbon recycling, strengthening the current relationship primarily based on buyer and supplier of crude oil. The cooperation agreements were the latest in Japan’s efforts to develop its large-scale supply …
Read More »Algeria Sets Reference Price for Oil at $60 Barrel through 2023/2025
Algeria has set the reference price for crude oil at $60 a barrel through 2023-2025, state news agency (APS) said on Sunday, citing the 2023 budget approved earlier in the day by President Abdelmadjid Tebboune, Trend reports citing Reuters. The budget set the market price for crude oil at $70 …
Read More »Big Oil Investors Calling for more Aggressive Climate Targets
Investors with combined assets of $1.4 trillion have demanded the world’s biggest oil companies take swifter action to cut greenhouse gas emissions. This year has seen record profits for Big Oil as countries emerged from Covid lockdowns, boosting energy consumption and prices as supplies tightened. The companies bolstered shareholder payouts …
Read More »Russia Threatens to Reduce Oil Production by 700,000 Barrels in 2023
Russia may reduce its oil output by 500,000-700,000 bpd in early 2023 in response to the G-7 price cap on the nation’s crude exports, according to Deputy Prime Minister Alexander Novak. “We are ready to partially cut our production early next year,” he said in an interview with Rossiya-24 TV …
Read More »Decision on Gas Hub in Turkey to be Made in 2023
Gazprom is actively working with Turkiye and other market participants on the gas hub in the republic, Russian Deputy Prime Minister Alexander Novak said in an interview aired by the Rossiya-24 TV news channel on Friday, adding that the decisions on the hub would be taken in 2023, TASS reports. …
Read More »Oil Passes Natural Gas as Main Fuel for Power Plants in New England
Oil took over from natural gas as the leading fuel for power plants in New England, a significant switch that signals how the grid is desperately trying to keep the lights on in the face of a winter massive storm. The six-state grid relied on oil for at least a …
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