Tag Archives: Bloomberg News Agency

Asia’s oil refiners, responsible for meeting about a third of the world’s fuel consumption, are getting ready to go elsewhere for crude should Saudi Arabia and Russia’s latest pledged output cuts deprive them of barrels. The two producer countries said on Monday that they will prolong and deepen output cuts …

At a port across from Gibraltar, two European monarchs made a rare joint appearance in June to bestow their imprimatur on a bold and risky endeavor. Standing alongside freight ships in Algeciras, King Felipe VI of Spain and King Willem-Alexander of the Netherlands inaugurated a new maritime corridor. The critical …

China is on a natural gas shopping spree, and officials are happy for importers to keep striking deals even after a global energy crisis has eased. The government continues to back efforts by state-owned buyers to sign long-term contracts and even invest in export facilities, in order to bolster energy …

Russia’s main crude grade is still selling well below international benchmarks — and a Group of Seven-imposed price cap — but a huge amount of money for delivering it continues to go into the hands of mystery middlemen. The country’s flagship Urals grade averaged about $52 a barrel so far …

The amount of oil being stored at sea globally climbed to the highest in more than two-and-a-half years, aided by an unusual stash of Saudi Arabian barrels in the Red Sea. About 129 million barrels of crude were sat stationary on oil tankers in the week to June 23, according …

China’s Cnooc Ltd. is planning offshore oil and gas exploration with state-owned Tanzania Petroleum Development Corp. as the East African nation seeks to boost the development of its natural resources. The joint work will be conducted in deep-sea blocks 4/1B and 4/1C held by TPDC, according to Tanzanian Energy Minister …

European natural gas futures soared as traders reassessed supply risks amid signs of global competition for the fuel and a heat wave bearing down on the region. The benchmark contract ended the week 35% higher, the most since last August, at the height of Europe’s energy crisis. It’s also the …

Spot prices for liquefied natural gas in Asia are trading at a consistent premium over the European benchmark for the rest of this year, signaling that competition for the fuel could tighten if demand rebounds. Exports from the US are currently more profitable to Asia in July, August and September, …

US ambitions to break China’s dominance of green energy supply chains are “great for the world” as long as tensions don’t lead to war, said iron ore magnate Andrew Forrest. The chairman of Fortescue Metals Group, the world’s fourth-largest iron ore producer, said it was healthy for competitors to challenge …

European natural gas prices dropped to the lowest levels in over two years as demand was hit further by record solar power in Germany. Benchmark futures tumbled as much as 4.3%. Gas posted its longest stretch of weekly declines since 2007 on Friday, a sharp turnaround from the energy crisis …