U.S. President Joe Biden is considering a release from the Strategic Petroleum Reserve (SPR) as a possible move to reduce gasoline prices in the United States, after OPEC+ ignored on Thursday calls for putting extra barrels on the market, U.S. Energy Secretary Jennifer Granholm told Bloomberg on Friday. “The SPR …
Read More »World’s Top Coal Users will still Use Coal despite COP26 Pledge
The UK, Germany, Italy, South Korea, and Indonesia are among the 40 countries that signed a pledge to phase out coal. That seems a positive development for the climate. But on closer inspection, it appears that the global ‘coal to clean power transition’ commitment failed to rally the support of …
Read More »Russia Says $80 Oil Adequately Reflects Market Situation
Current oil prices at around $80 per barrel adequately reflect the situation on the market, Russian Deputy Prime Minister Alexander Novak told local TV Rossiya-24 in an interview after the OPEC+ meeting. There are a number of both bullish and bearish factors that will determine where prices will go in …
Read More »Saudi Aramco Raises Oil Prices Sharply After OPEC+ Defies Biden
Saudi Arabia sent another bullish jolt into the oil market a day after OPEC+ ignored Biden’s calls for more oil, raising the official selling price of all the nation’s crudes to all buyers. Aramco increased pricing for its key Arab Light grade of crude for Asian customers in December by …
Read More »Middle East Oil Producers are Winning the Race for Market Share in Asia
The largest oil exporters in the Middle East, key members of OPEC, are reaping the benefits of the rally in crude oil prices. At the same time, they are recouping market share in the most important oil market, Asia. For the first time this year, the Middle East’s share of …
Read More »China Calls for Stronger Climate Actions despite not Attending the COP26
Two countries, two neighbors, two of the most populated countries in the world — China and India talked of their individual approaches to climate change at the COP26 summit in Glasgow, Scotland. The event was delayed by a year because of the COVID-19 pandemic. It comes six years after the …
Read More »Sinopec Signs China’s Largest Long-Term LNG Contract with U.S. Firm
China’s Sinopec has signed a contract with U.S. Venture Global LNG to buy 4 million tonnes of liquefied natural gas (LNG) annually for 20 years. The deal is the largest LNG long-term contract signed between Chinese and U.S. companies, Venture Global said in a statement. The LNG will be supplied …
Read More »Oil Slips as Investors Turn their Focus to Crucial OPEC+ Meeting
Oil dipped for a third day as investors turned their focus to an OPEC+ meeting on production policy after US crude stockpiles expanded. Futures in New York edged toward US$80 a barrel after losing almost 4 per cent over the past two sessions. OPEC+ is gathering later Thursday (Nov 4) …
Read More »Saudi Net-Zero Emissions Target may Go beyond 2060, Depending on Circumstances
Saudi Arabia’s 2060 net-zero emission target may be derailed by “unforeseen circumstances” because achieving the target depends on a number of factors, including evolution of technology, the country’s energy minister said Nov. 3. “Depending on what happens, we could bring that [2060] date much earlier and I hope much earlier, …
Read More »Europe’s Dependence on One Energy Source is Major Problem
Europe’s large dependence on one single natural gas supplier has contributed to the current energy crisis, according to the head of the LNG department at Swiss-based energy company Axpo. Axpo head Antonio Canseco, in his speech during Europe’s largest and most influential meeting place for the global gas industry, the …
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