Tag Archives: Bloomberg News Agency

Russian oil production has been falling since its invasion of Ukraine. Russia’s crude producers are struggling to place all their oil on the market—especially the European one—and domestic refinery throughput is also slumping amid lower demand. Despite this, rising oil and gas prices have resulted in record-high oil and gas …

Norway, western Europe’s largest oil and gas producer, should share the huge profits it has made from oil and gas exports since the Russian invasion of Ukraine, Poland’s prime minister Mateusz Morawiecki said this weekend. “They should share these excess profits. It’s not normal, it’s unjust. This is an indirect …

The liquefied natural gas market is hurtling toward a potentially historic shortage this winter as the world rushes to secure the super-chilled fuel. Europe’s plan to cut imports of piped Russian gas by two-thirds by the end of the year and replace it with LNG from the US and Africa …

China tripled investment in solar power projects in the first four months, putting the nation on track to install record amounts of new clean energy capacity. Investment in solar was 29 billion yuan ($4.3 billion) from January through April, about 204% higher than in the same period a year earlier, …

Offshore wind power installations will increase nearly nine-fold this decade as the world pours $1 trillion into the clean energy technology to help meet climate goals, according to consultancy Wood Mackenzie Ltd. Twenty-four countries will have turbines at sea by 2030, accounting for 330 gigawatts of generating capacity, analysts including …

Around half of Gazprom PJSC’s foreign clients have complied with a request from Russia’s president to open accounts with Gazprombank JSC, according to Deputy Prime Minister Alexander Novak. The shift in procedure follows a demand by Vladimir Putin in March that foreign buyers open ruble and foreign-currency accounts at the …

The European Union is set to unveil a raft of measures ranging from boosting renewables and LNG imports to lowering energy demand in its quest to cut dependence on Russian supplies. The 195 billion-euro ($205 billion) plan due Wednesday will center on cutting red tape for wind and solar farms, …

Hungary told its European Union counterparts that it will cost at least 770 million euros ($810 million) to revamp its oil industry as they wrangle over potential sanctions that would target Russian supplies. Prime Minister Viktor Orban’s government said 550 million euros were needed to overhaul its refineries to comply …

The smallest oil producer in the Persian Gulf is turning to natural gas imports to meet rising energy demand as production from its own deposits slips. Bahrain plans to import at least five or six cargoes of liquefied natural gas in 2025, according to Mark Thomas, chief executive officer of …

Russia’s oil export revenue has jumped some 50% since the beginning of 2022, Bloomberg reports, citing data from the International Energy Agency (IEA). According to the agency’s monthly market report, Moscow has earned some $20 billion each month this year from sales of crude oil and oil-related products. The earnings …