Europe is on track to import this month the highest volumes of diesel from the Middle East and Asia in seven years as the EU turns to alternative supply after the ban on imports of Russian diesel and other fuels took effect on February 5. Diesel and gasoil arrivals to …
Read More »Europe Increases Crude Imports from Angola as Russian Sanctions Upend Trade Routes
Europe is boosting the amount of crude it imports from Angola as the continent’s ban on Russian oil upends typical trade routes. More than 40% of Angola’s 32 crude cargoes for loading this month are bound for destinations west of the Suez Canal — mostly to Europe as well as …
Read More »European Parliament Approves Emissions Reduction Targets for New Cars, Vans
The European Parliament (EP) announced recently that it has approved new CO2 emissions reduction targets for new passenger cars and light commercial vehicles. Members of European Parliament endorsed a deal reached with the European Council back in October 2022 with 340 votes in favor, 279 against and 21 abstentions, the …
Read More »Europe’s Thirst for U.S. Crude to Stay High in 2023
Europe’s thirst for U.S. crude oil is expected to remain elevated, VP of Midstream for Chevron Corp said today on the sidelines of the Argus Americas Crude summit. “A key change in flow is U.S. crude going to Europe. For this year, I’m pretty confident Europe is short of Russian …
Read More »European LNG Demand to Drive Competition for New Supply and Dominate Trade in Long Term
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 …
Read More »Europe Gas Futures Indicate Energy Crisis may Linger for Months
European natural gas prices are set to move higher through the rest of the year, futures contracts show, a sign that the energy crunch isn’t over yet. Benchmark Dutch futures for December are currently priced above €60 per megawatt-hour, compared with about €54 for March. Both are elevated for their …
Read More »Equinor to Strengthen Europe’s Energy Security by Increasing Oil Production at Norway’s Largest Oil Field
Amid a wall of screens in the control room of Equinor ASA’s Johan Sverdrup oil field in the North Sea ticks a tally of the day’s oil production — and a measure of Norway’s growing importance to Europe’s energy security. On Feb. 13, that figure hovered around 720,000 bpd. “By …
Read More »Nuclear Energy Included in EU’s New Rules on Green Hydrogen
The European Commission on Monday proposed new rules under which hydrogen produced with nuclear energy is to be considered green. Rather than being labelled as “renewable” though, hydrogen made using nuclear electricity will be termed as “low-carbon” hydrogen. According to EU officials, there is “no place” for nuclear energy when …
Read More »European Gas Slides on Signs Worst of Energy Crisis Averted
European natural gas prices fell to the lowest level in almost four weeks as confidence grows for stable power generation through the remainder of winter. Benchmark futures slid as much as 4.5% before paring some of the loss. Sweden downgraded its power-cut risk to “low” from “real” in a sign …
Read More »Europe has Spent almost 800 Billion Euros to Fight the Energy Crisis
The bill for European countries to protect households and companies from sharply rising energy costs has reached nearly 800 billion euros, researchers from the Bruegel think tank reported. They urged countries to spend more efficiently to deal with the energy crisis. The countries of the European Union have already set …
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