Russia’s Gazprom said on Saturday Siemens was ready to carry out repairs on the Nord Stream 1 pipeline but there was nowhere available to carry out the work, a suggestion Siemens denied and said it had not been asked to do the job. Gazprom’s statement came a day after it …
Read More »Russia’s Gazprom Says no Nord Stream 1 Turbines in Canada
Russia’s Gazprom on Thursday said no turbines used on the Nord Stream 1 gas pipeline were undergoing maintenance in Canada, a day after a Canadian minister was quoted as saying five turbines were there. Canada’s foreign affairs minister Melanie Joly in a report was quoted by broadcaster CBC News as …
Read More »Gazprom Resumes Westbound Gas Flows via Yamal Pipeline to Germany
Russian energy company Gazprom on Thursday resumed westbound gas supplies via the Yamal-Europe pipeline to Germany from Poland, data from Gascade pipeline operator showed. Flows have been at 5.9 million kilowatt-hour per hour (kWh/h), while renominations, or preliminary bids, stand at 19.3 million kWh/h until Friday morning.
Read More »The Year Europe’s Big Oil Companies Start to become Small Oil
Europe’s Big Oil companies are planning to spend their windfall from high energy prices on becoming Small Oil. Surging oil and gas prices in 2021 delivered billions of dollars in profits to top oil companies, in stark contrast to the previous year when energy prices collapsed as the coronavirus pandemic …
Read More »China Releases Five-Year Green Development Plan for Its Industrial Sectors
China’s industry ministry on Friday unveiled a five-year plan aimed at the green development of its industrial sectors, vowing to lower carbon emissions and pollutants and to promote emerging industries so as to meet a carbon peak commitment by 2030. The world’s top greenhouse gas emitter is aiming to bring …
Read More »OPEC+ has Postponed JMMC Meeting in order to Assess New COVID-19 Variant
OPEC+ has postponed its Joint Ministerial Monitoring Committee (JMMC) meeting in order to assess the new Omicron strain of COVID-19, Russia’s Deputy Prime Minister Alexander Novak said on Monday. Originally scheduled for Nov. 30, the JMMC online meeting will now be held on Dec. 2, the same day as the …
Read More »Oil Hits Two-Week Low on Iran Nuclear Talks, U.S. Stocks Build
Oil prices slumped to their lowest in two weeks on Thursday after Iran said talks with world powers on its nuclear program would resume by the end of November and U.S. crude inventories rose by much more than expected. Brent crude dropped $1.07, or 1.3 per cent, to $83.51 a …
Read More »Oil Hits Three-Year High above $86 a Barrel, then Pulls Back
Oil hit a three-year high above $86 a barrel on Thursday driven by tight supply and a global energy crunch, although prices eased as some investors took profits on signs the rally is looking overstretched. Helping to drive the latest gain, a supply report from the U.S. Energy Information Administration …
Read More »Energy Crisis could Threaten Global Economic Recovery
A global energy crunch is expected to boost oil demand by half a million barrels per day (bpd) and could stoke inflation and slow the world’s recovery from the COVID-19 pandemic, the International Energy Agency (IEA) said on Thursday. Oil and natural gas prices have soared to multiyear highs recently, …
Read More »Saudi Energy Minister Dismisses Calls for Extra OPEC+ Barrels
OPEC leader Saudi Arabia dismissed calls for speedier oil output increases on Thursday, saying its efforts with allies were enough and protecting the oil market from the wild price swings seen in natural gas and coal markets. “What we see in the oil market today is an incremental (price) increase …
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