Tag Archives: Bloomberg News Agency

China’s coal production is set to climb for the sixth year in a row, reaching a new record, as the Beijing government acts to ensure supplies in the top miner and consumer of the fuel, spurring further declines in prices. Output could reach 4.4 billion tons in 2022, driven by …

As Europe scrambles to replace Russian gas with supplies from across the globe, producers are turning to a new technology to drill quickly and cheaply: small floating plants out at sea, often made out of old tankers. While liquefied natural gas is conventionally made at large plants on the coast, …

Oil tanker tycoons are enjoying a surge in revenue as the sanctions triggered by Russia’s war are redrawing the global trade in crude. And it’s set to last. The disruption is fairly simple. Europe, for decades the top buyer of Russian oil, is banning purchases from Moscow next month and …

Natural gas prices in Europe extended losses on Thursday as weather forecasts pointed to warmer temperatures, further delaying the start of the heating season in the region. Benchmark futures declined as much as 9.1%, following a slump of 8.2% on Wednesday. Warmer weather is expected in Scandinavia while above normal …

Oil switched between gains and losses, as the market remains caught between the outlook for global growth and China’s easing of COVID restrictions. West Texas Intermediate futures traded near US$89 a barrel and have been in a range of just over US$10 for the last month. The dollar rose for …

The European Union’s impending sanctions on oil imports from Russia aren’t quite as exclusionary as they might seem at first sight. While almost all direct seaborne imports of crude and refined petroleum products will both be banned by early next year, it will still be possible for what are arguably …

The National Agency for Petroleum, Gas and Biofuels (ANPG), Exxon Mobil Angola and the Angola Block 15 partners on Monday announced a new discovery at the Bavuca South-1 exploration well. The well encountered 30 m (98 ft) of high-quality, hydrocarbon-bearing sandstone. It is located approximately 365 kilometers northwest off the …

Europe must act immediately to prevent a shortage of natural gas next year as Russia slashes deliveries in the wake of the Ukraine war, the International Energy Agency warned Thursday. The IEA said the shortfall would occur if Russia stops pipelines deliveries completely and China steps up its imports of …

Russian liquefied natural gas shipments increased in October to nearly a record, illustrating how the world is struggling to curb its dependence on the major supplier ahead of winter. LNG exports from Russia rose 1.1% year on year in October to the highest level since March, according to ship-tracking data …

Japan will keep its investment in the Sakhalin-1 oil and gas project in Russia, said the nation’s trade chief. The government has requested a Japanese consortium to keep its stake in the project, the nation’s Trade Minister Yasutoshi Nishimura told the press on Tuesday. Japan has few resources of its …