Chevron will officially assume control of an oil project in Venezuela this week, Bloomberg has reported, citing unnamed sources. The supermajor will process heavy crude at the Petropiar facility, called an upgrader, and then export it to refiners on the U.S. Gulf Coast after the Treasury Department granted Chevron an …
Read More »Embargo and Price Cap on Russian Oil Make European Economic Prospects more Uncertain
On December 2, EU member states unanimously agreed to introduce a price cap at $60 per barrel on Russian seaborne oil, as well as an EU-imposed embargo on Russian crude oil shipped by sea. Both initiatives would go into effect on December 5. The EU’s price cap is also joined …
Read More »Oil Tanker Jam Forms in Turkey as Russian Oil Price Cap Disrupts Markets
An oil tanker traffic jam has formed in Turkey following the EU’s introduction of a price cap on global Russian crude supplies, the Financial Times reported on December 5, with Turkish authorities demanding new proof of full insurance coverage for vessels passing through the Bosphorus and Dardanelles straits. The EU, …
Read More »Libya Lifts Force Majeure on Oil Exploration
The Government of National Unity (GNU), announced that it had lifted the force majeure for oil and gas explorations on Monday. The GNU invited international oil companies that have contracts with the state-oil company (NOC) to resume their work in the country. The government of Abdul Hamid Dbeibah had signed …
Read More »Oil Prices Up after Price Cap on Russian Crude, OPEC+ Meeting
Oil prices have edged higher after a G7 price cap on Russian seaborne oil came into force on top of a European Union embargo on imports of Russian crude by sea. Brent crude futures LCOc1 rose 66 cents to $83.34 a barrel by 0108 GMT on Tuesday. West Texas Intermediate …
Read More »Looming Recession may be the Energy Transition’s Biggest Threat
Raw material costs and looming shortages: these have been the dangers on the path of the world’s energy system transition from fossil fuels to low-carbon alternatives. Until inflation and recession reared their twin heads. Since the start of the year, economies in Europe and North America, previously stalwarts of economic …
Read More »Sabic to Study Oil-to-Chemicals Project in Ras Al-Khair
Sabic, a global leader in diversified chemicals, has announced its intention to study the establishment of a complex to convert oil and liquids into petrochemicals in Ras Al-Khair in the Kingdom of Saudi Arabia. The complex is expected to convert 400,000 barrels per day of oil into chemicals. This project, …
Read More »Oil Prices Climb as China Continues to Ease Covid Restrictions
Crude oil prices climbed on Monday morning as Chinese cities continue to relax Covid restrictions now in their third year under the government’s zero-Covid policy. However, reports of two Covid-related deaths in two different cities have emerged over the weekend and they may give authorities cause for being cautious about …
Read More »Amazon to Build 300 MW of Hybrid Wind-Solar Capacity in India
Amazon has announced its first wind-solar hybrid projects with Vibrant Energy. They will build 300 MW of renewables capacity at two sites in the Indian states of Madhya Pradesh and Karnataka. Upon completion, the projects will generate 1,163 GWh of clean energy, which is equal to the electricity needed to …
Read More »Japan Sets Price Cap on Russian Crude Oil, Excluding Sakhalin-2
Japan implemented a price cap on Russian crude oil from Monday, but crude oil imported from the Sakhalin-2 plant will be excluded, the government said in a statement. The decision follows an agreement by the Group of Seven nations and Australia on Friday to limit the price of Russian crude …
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