Tag Archives: Bloomberg News Agency

President Joe Biden said he’d seek to impose higher taxes on oil companies that record “windfall” profits without reinvesting in production, with US gasoline prices still high a week ahead of midterm elections. “The oil industry has not met its commitment to invest in America and support the American people,” …

Qatar plans to use its massive liquefied natural gas expansion to transform the nation into the world’s top trader of the super-chilled fuel. “I think we will be one of the largest, if not the largest, LNG trader in the world,” Saad Al Kaabi, the nation’s energy minister and chief …

China is building a vast array of new coal-fired power stations, potentially more than the operating capacity of the US, even though it knows the plants will probably never be fully used. The puzzle of why the world’s leading installer of clean energy is investing so much in the worst …

Saudi Aramco said the global oil market is already adjusting to sanctions on Russia, with Moscow redirecting crude flows to Asia from Europe and other producers making the opposite switch. “Realignment is happening,” Amin Nasser, chief executive officer of the world’s biggest oil company, said at the Future Investment Initiative …

China’s Three Gorges Dam is an awe-inspiring sight, a vast barrier across the Yangtze River that contains enough concrete to fill seven Wembley Stadiums and more steel than eight Empire State Buildings. Its turbines could singlehandedly power the Philippines. But this summer, the world’s largest power plant was eerily quiet. …

Europe’s near-term natural gas supply glut means more fuel for Asia this winter. Liquefied natural gas suppliers are already looking to redirect shipments to Asia for delivery from November onward due to more attractive prices, according to traders with knowledge of the matter. Asia LNG spot prices jumped above the …

Saudi Arabia’s energy minister held talks with counterparts from China and India, two of the kingdom’s biggest oil customers, amid a standoff with the U.S. over OPEC+’s decision to cut production. Prince Abdulaziz bin Salman held an online meeting with China’s National Energy Administrator Zhang Jianhua, during which they agreed …

Germany is at risk of wasting billions of euros on boosting liquefied natural gas imports instead of moving toward sustainable alternatives like energy efficiency, according to a new report. The country faces about 200 billion euros ($196 billion) of additional costs for gas imports by the end of the decade, …

OPEC+’s decision to cut oil production came at the “worst possible moment” and will add to global inflationary pressure, a senior US State Department official said during a visit to the Middle East. “The impact is wide ranging,” Barbara Leaf, Assistant Secretary of State for Near Eastern Affairs, told reporters …

The European Union’s latest sanctions on Russian petroleum could end up depriving a swath of the world’s tanker fleet of industry standard insurance, a move that threatens to undermine US efforts to avert an oil supply shock. The bloc’s eighth round of sanctions state that if a tanker owner transports …