Tag Archives: Daily Times

Europe’s increased need for liquefied natural gas (LNG) looks set to intensify competition with Asia for limited new supply available over the next two years and may dominate LNG trade over the longer term, according to Shell’s LNG Outlook 2023. European countries, including the UK, imported 121 million tonnes of …

Oil prices slightly rose on Friday over demand worries after a higher-than-expected increase in oil stockpiles in the US, the world’s largest oil consumer. International benchmark Brent crude traded at $82.75 per barrel at 09.22 a.m. local time (0622GMT), a 0.10% increase from the closing price of $82.67 a barrel …

Ukraine on Saturday welcomed a $60 price cap on Russian oil agreed by the EU, G7 and Australia, saying it would “destroy” Russia’s economy. The price cap, previously negotiated on a political level between the G7 group of wealthy democracies and the European Union, will come into effect with an …

The International Energy Agency on Friday raised its forecast for world oil demand in 2022 but warned of a “chronic” failure by OPEC and its allies to meet their output targets. The 13 members of the Saudi-led Organization of the Petroleum Exporting Countries (OPEC) and their 10 allies, including Russia, …

Oil exports from Iran hit a year and a half high in August despite heavy sanctions from the US, according to a recent estimate from TankerTracker. Iran is estimated to have exported nearly 1.5 million barrels per day (bpd) of crude oil and condensate so far in September, in what …

Libya is expected to resume production from fields and export crude from ports that are secure, said the country’s state oil company. The National Oil Corporation said a force majeure in place will be eased across “oilfields and ports that are secure”. Force majeure refers to an unforeseen event outside …

The OPEC oil group said on Thursday that the world market for crude is undergoing an unprecedented jolt due to coronavirus mitigation measures that have hit demand. “The oil market is currently undergoing a historic shock that is abrupt, extreme and at global scale,” said the group of producer nations …