Qatar appears to have paused sending liquefied natural gas tankers through the Bab el-Mandeb Strait after US-led airstrikes on Houthi targets in Yemen raised risks in the vital waterway. At least five LNG vessels operated by Qatar that were heading toward the passage at the southern end of the Red …
Read More »Oil Declines as Tough Outlook Overshadows Middle East Tensions
Oil edged higher as the risk that airstrikes by the US and allies against the Houthis would ignite a wider conflict and disrupt crude flows from the Middle East was balanced by soft fundamentals. Brent crude rose toward $79 a barrel and West Texas Intermediate was near $73 after the …
Read More »Russia’s Oil Drilling Boom Proves Moscow’s Resilience to Western Sanctions
Russia was on pace for a second year of record oil drilling in 2023, further evidence of the nation’s resilience to Western sanctions. The boom in activity came alongside a recovery in the both volume and value of Russia’s oil exports, a stark illustration of how the country’s fossil fuel …
Read More »India’s Crude Oil Imports from Russia Plunge on Payment Issues
India’s crude oil imports from its largest supplier Russia plunged in December to their lowest since January 2023, as six tankers carrying Sokol grade oil could not deliver due to payment issues amid tightening sanctions, according to data intelligence company Kpler. After rising to an all time record of 2.15 …
Read More »Russia’s Novatek Starts Arctic LNG 2 Project amid US Sanctions
Russia’s biggest liquefied natural gas producer began production at its Arctic LNG 2 project — despite US sanctions — in a move that could provide some relief to the tight global market for the fuel. The first train of the Novatek PJSC-led Arctic LNG 2 project “has actually started operating,” …
Read More »LNG Shipping Rates Slump on Lower Demand despite Red Sea Chaos
It’s getting cheaper — at least for now — to rent a liquefied natural gas tanker, despite turmoil in the Red Sea that is forcing some vessels to take longer and more costly routes. The slump in LNG shipping rates started in late November but accelerated this week, with prices …
Read More »IEA: Oil Demand Growth Shows Signs of Sharper Slowdown
Global oil demand growth is slowing down sharply as economic activity weakens in key countries, the International Energy Agency said as it slashed estimates for this quarter. The IEA sliced nearly 400,000 barrels a day from assessments of consumption growth for the final three months of 2023, and continues to …
Read More »Oil Steadies after Tumbling almost 4% on more Oversupply Signs
Oil steadied after a steep drop as rising Russian flows and higher US output added to concerns that supply is running ahead of demand. Global benchmark Brent traded near $73 a barrel after shedding almost 4% on Tuesday, while West Texas Intermediate was above $68. The weekly average of Russia’s …
Read More »OPEC+ will Need to Maintain Oil Cuts to End-2024, Citigroup Says
OPEC+ will need to maintain its latest oil supply cuts throughout next year in order to keep the global market in balance, according to Citigroup Inc. The Organization of Petroleum Exporting Countries and its allies have announced that it will cut supplies by a further 900,000 barrels a day during …
Read More »China’s First Next-Gen Nuclear Reactor Enters Commercial Operations
China’s nuclear power ambitions received a boost Wednesday as the country’s first next-generation reactor entered into commercial operations. China Huaneng Group Co.’s 200-megawatt unit at Shidao Bay is the world’s first high temperature gas-cooled reactor, the National Energy Administration said in a WeChat post. The reactor was given permission to …
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