Tag Archives: Bloomberg News Agency

European natural gas prices fell for a fifth day as temperatures are forecast to stay mild into the new year while supplies remain plentiful. Benchmark futures declined as much as 7%, after closing at the lowest level since mid-June on Wednesday. Prices have been sliding over the last two weeks …

OPEC and its allies have no choice but to remain proactive given the uncertainties that face the market, the Saudi Arabian oil minister said. “The market has been subject to some extreme shocks and if it were not for the proactive approach and the pre-emptive steps that OPEC+ adopted, these …

The UK will trim regulations for new power grids to speed up the construction of infrastructure vital to source more of the country’s electricity from wind. The Office of Gas and Electricity Markets — known as Ofgem — published a series of policy changes Thursday that will help ramp up …

Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman said the impact of European sanctions on Russian crude oil and the cap that the Group of Seven nations has imposed on the price of Russian barrels is not clear yet. “In terms of sanctions and price caps, these have not yielded …

Sinopec has signed a framework agreement with Saudi Aramco to build a Phase II 16 million-ton-a-year refining project and 1.5 million-ton-year ethylene units in Gulei, Fujian. The project is expected to be completed and operating by the end of 2025, according to a press release by Sinopec. The Chinese company …

The clash over a proposal to cap natural gas prices in the European Union intensified as a group of 12 member states urged a significantly lower intervention ceiling to limit the impact of an unprecedented energy crisis on the bloc’s consumers and businesses. The move by nations including Belgium, Greece, …

The world’s biggest oil producers are spending billions of dollars on fossil fuel projects that will only be needed if the world misses key climate goals, according to Carbon Tracker, a nonprofit think tank. Companies invested $58 billion in oil and gas projects in 2021 and 2022 that will only …

Russia’s seaborne coal exports returned to near the highest levels on record after the European Union loosened restrictions on transporting the commodity, making it easier to redirect volumes to Asia. Shipments in October were almost 16.6 million tons — just shy of the level in June, which was the highest …

Kuwait’s state energy company said customers are reluctant to increase oil imports next year, signaling that the market’s being suppressed by global economic weakness. “We’re really nervous about where demand is going over the next few months and the next year, especially if there is a recession,” Sheikh Nawaf Al-Sabah, …

Germany’s plans to start imports of liquefied natural gas this month are at risk of being derailed by the weather. Strong wind, freezing temperatures, high waves — or a combination — have already interrupted some works on its first terminals, and could delay some of the projects due to launch …