Oil prices dipped on Wednesday, stalling a three-day rally, as an unexpected rise in U.S. oil inventories sparked demand concerns, while investors awaited U.S. inflation data to gauge the next rate decision in the top oil consuming nation. Brent crude dropped 52 cents, or 0.7 per cent, to $76.92 a …
Read More »Eni Offloads First LNG Cargo from New Italian Regassification Terminal
Eni has begun offloading the first LNG cargo into Snam’s new regasification terminal in Piombino, in the presence of the Minister of the Environment and Energy Security, Gilberto Pichetto Fratin. The terminal has a total processing capacity of 5 Bcm per year, or approximately 7% of Italy’s gas demand. The …
Read More »14,000 Inactive Oil & Gas Wells in U.S. Unplugged
A study published in Nature Energy on Monday has revealed that the U.S. Oil Patch is home to tens of thousands of inactive offshore oil and gas wells that remain unplugged, posing the risk of possible leaks into the ocean. The study estimates that whereas plugging and abandoning these wells …
Read More »EU Looks to Extend Trade Restrictions on Companies Aiding Russia
The European Commission has proposed to EU member states to consider trade restrictions on companies from China, Hong Kong, the UAE, Uzbekistan, and Armenia which are thought to be helping Russia obtain technology for its military and industrial complex, Bloomberg reported on Monday, quoting draft proposals it had seen. The …
Read More »Saudi Aramco to Boost Dividend with Performance-Based Payout
Saudi Aramco said it will introduce performance-linked dividends that will be paid out in addition to its base dividend, which was $19.5 billion for the fourth quarter. The new payout will be “in the amount of 50%-70% of Saudi Aramco’s annual free cash flow, net of the base dividend and …
Read More »IAEA Warns of Severe Nuclear Accident in Ukraine
The Director of the International Atomic Energy Agency, Rafael Grossi, issued an urgent warning of a potential catastrophic nuclear accident at the Russian-controlled Zaporizhzhia nuclear plant in Ukraine, as Russian forces evacuated civilians from the nearby Ukrainian town of Enerhodar. Grossi said the situation at the Zaporizhzhia station was “increasingly …
Read More »UAE Signs Nuclear Deals with Chinese Companies
The Emirates Nuclear Energy Corporation signed three agreements with China National Nuclear Corporation and its subsidiaries during a visit to China. An agreement with Nuclear Power Operations Research Institute will focus on possible collaboration between the two parties in nuclear energy operations and maintenance. The deal signed with the China …
Read More »Poland Rhreatens to Cut Oil Supplies to Germany if Russia Remains Shareholder in Germany’s Schwedt Refinery
Despite having access to the Naftoport-Polish oil port in Gdańsk, the German side has not yet completely removed Russia’s stake from Germany’s Schwedt Refinery. On May 3, Germany’s “Task Force PCK,” which is dealing with the situation of the Schwedt Refinery (PCK), met for the fourth time. Task Force PCK …
Read More »Oil Climbs as Recession Fears Begin to Fade
Oil rose on Monday as easing U.S. recession fears shifted market focus to tightening supplies, offering support after crude prices registered three straight weekly declines for the first time since November. A healthy U.S. jobs report for April helped oil to climb by about 4 per cent on Friday even …
Read More »China Boosts Offshore Oil and Natural Gas Output
China reported higher offshore crude oil and natural gas production for the first quarter, with oil production up by 3.8% and natural gas production up by 6.5%, Xinhua reported. The increase was part of a broader one for the country’s marine economy, which grew by 5.1% during the first quarter, …
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