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Germany said Turkey should negotiate a solution to its disputed natural gas exploration plans in the eastern Mediterranean. German Defence Minister Annegret Kramp-Karrenbauer called for an agreement after meeting with Turkish Defence Minister Hulusi Akar on Thursday in Ankara. The talks focused on tensions in the eastern Mediterranean and NATO’s …
Read More »Why The Arctic Matters
Recently, panic struck the southeastern United States as the Colonial Pipeline, the country’s largest fuel pipeline network, shut down after a cyberattack. With 2.5 million barrels per day of gasoline, diesel, and jet fuel suddenly gone, mass panic buying ensued, sending prices into a spiral of volatility. The incident reminded …
Read More »China’s New Crop of LNG Buyers Complicates Qatar’s Long-Term Sales Strategy
A new wave of LNG importers borne out of China’s gas market reforms is the new growth opportunity in Asia’s LNG market, but their limited procurement capability and prompt demand requirements mean they are active only in the spot market. This complicates the marketing strategy of large LNG producers like …
Read More »Aramco Closes $12.4bn Deal with Beijing, Abu Dhabi Backing
China’s Silk Road Fund and Saudi Arabia’s Hassana Investment Co. have joined a group of investors in Saudi Aramco’s oil pipelines. The consortium led by U.S. group EIG Global Energy Partners LLC acquired a 49% equity stake in Aramco Oil Pipelines Co. for $12.4 billion, according to an emailed statement. …
Read More »Russia’s Lukoil to Invest $3 Billion in Petrochemicals in 6 Years
Russia’s second-largest oil producer Lukoil plans to invest $3 billion in production of petrochemicals within the next 6 years, TASS news agency quoted the company’s head, Vagit Alekperov, as saying on Friday. He was speaking at the launch of an isomerisation unit at the NORSI oil refinery that is part …
Read More »Iraq’ Oil Exports to the United States Increased in Last Week
The Energy Information Administration (EIA) Data showed, on Saturday, that Iraq’s export oil to the United States increased to 300 thousand bpd in the last week. EIA stated in a report, “The United States oil exports recorded 5.751 bpd in the second week of June.” The top three source countries …
Read More »India’s Fuel Demand Is Recovering
India’s fuel demand jumped by 13 percent in the first two weeks of June, for a first monthly rise since March, suggesting that the worst of the impact of the second COVID wave has peaked and consumption is rebounding. Sales of diesel, the most used road fuel in the world’s …
Read More »Carbon Trade Could Be 10 Times Bigger Than Global Crude Oil Market
The growing market for paying for carbon emissions could become a larger market than the one for crude oil, according to the head of carbon trading at Trafigura, one of the world’s largest commodity traders. The carbon market has the potential to become 10 times larger than the global crude …
Read More »Gazprom to Supply 8.5 bln Cubic Meters of Gas to China in 2021
Gazprom will more than double its natural gas deliveries to China over the Power of Siberia gas pipeline in 2021 to 8.5 bln cubic meters, Deputy CEO of the Russian gas holding Famil Sadygov said at a press conference in TASS. “The supply to China was 4.1 bln cubic meters …
Read More »Why Oil Could Hit $100 a Barrel
Oil is expected to rise further this year amid supply constraints and higher demand as global economies continue to rebound from the coronavirus pandemic on the back of vaccination programmes and stimulus measures. And when the global economy regains its pre-pandemic momentum in a couple of years, crude could rise …
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