Russia has approached several Asian countries to discuss possible long-term oil contracts at steep discounts, as U.S. officials continue to push a plan that would cap the price of the country’s oil, according to a Western official. The tentative conversations to offer some Asian buyers discounts of up to 30% …
Read More »The World’s Biggest LNG Exporter has a Pipeline Problem
The United States has become the world’s biggest liquefied natural gas (LNG) exporter as deliveries to energy-starved buyers in Europe and Asia have surged. In the current year, five developers have signed over 20 long-term deals to supply more than 30 million metric tons/year of LNG or roughly 4 Bcf/d, …
Read More »Bulgaria Refuses to Buy Large Quantities of US Liquefied Gas
The Bulgarian government has decided to accept only one of the agreed seven liquefied gas supplies from the US company Cheniere, despite the price being almost €30 lower than that offered on European gas exchanges. Currently, the caretaker government appointed by President Rumen Radev is in power. His political opponents …
Read More »U.S. Looks to Catch up to Taiwan in Chip Production
Microchips, along with their parts and components have become a huge part of modern life. They’re used in computers, machinery, phones, and many other electronics and appliances we use on a daily basis. Of course, various metal parts and components are integral to the manufacturing of these microchips. How has …
Read More »U.S. Refiners Undeterred by Recession Fears
U.S. refiners are set to continue operating at high utilization levels in the third quarter, despite concerns that a slowdown in demand could be looming in case of a recession, executives and analysts told Reuters on Thursday. Refiners operated at near capacity in the second quarter as demand was robust …
Read More »U.S. Oil and Gas Firms Made $74 Billion in Profits Last Year
U.S. oil and gas companies generated profits worth $73.7 billion last year on the back of improving prices, with capital expenditure reaching $144.1 billion. This is one of the outtakes from a new report from EY titled “U.S. oil and gas reserves, production and ESG benchmarking study.” The study detailed …
Read More »U.S. Crude Inventories Fell to Lowest Level since 2004 in June
Crude oil inventories in the United States dropped by 21.8 million barrels to 915.8 million barrels in June, which was the lowest level since 2004, the latest data from the Joint Organisations Data Initiative (JODI) showed on Wednesday. Product inventories, on the other hand, rose by 34.1 million barrels to …
Read More »Oil Steady as Investors Mull Falling US Stockpiles, Global Recession
Oil prices were little changed on Thursday as investors grappled with falling stockpiles in the US, rising output from Russia and worries about a potential global recession. Brent crude futures climbed 10c, or 0.1%, to $93.75 a barrel by 3.47am GMT. US crude futures gained 10c, or 0.1%, to $88.21 …
Read More »Crude Oil Boosted by US Demand Revival Data
Crude oil futures gained on Wednesday morning as industry data in the US showed more-than-expected decline in inventories last week. At 10.30 am on Wednesday, October Brent oil futures were at $92.92, up 0.5 per cent, and September crude oil futures on WTI were at $87.39, up by 0.85 per …
Read More »Mexico Plans to be LNG Export Hub with U.S.-Drilled Natural Gas
Mexico — which imports nearly all of the natural gas it burns — has laid out a somewhat surprising mission: to become one of the world’s top exporters of the fuel, and fast. Although natural gas exports from Mexico are today non-existent, seeing as it produces too little of the …
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