Russia has decried U.S. sanctions targeting the country’s massive Arctic LNG 2 project, saying they are unacceptable and will undermine global energy security. Located in the Gydan Peninsula in the Arctic, the LNG project is considered key to Russia’s efforts to boost its global LNG market share from 8% to …
Read More »Will US LNG Exports Reroute to Avoid both the Panama and Suez Canals?
Liquefied natural gas cargoes recently loaded from the US and bound for Asia are changing course for longer voyages lasting more than a month as they avoid the Red Sea, according to ship-tracking data on Bloomberg. The diversions highlight a shift in global trade flows after Houthi attacks in the …
Read More »U.S. Shatters Oil Production Records in 2023
The U.S. set a new annual oil production record on December 15, based on data from the Energy Information Administration. Although the official monthly numbers from the EIA won’t be released for a couple of months, we can calculate that a new record has been set based on the following …
Read More »Asia-Bound U.S. LNG Cargoes Avoid the Red Sea Route
Several cargoes of LNG loaded in recent days at U.S. export facilities and bound for Asia have changed course shortly after departing to avoid crossing the Red Sea, which has become theater of daily attacks on commercial vessels by the Iran-aligned Houthis from Yemen. Several vessels have indicated they would …
Read More »Vietnam’s Rare Earth Riches become Focus Point for U.S. and China
Vietnam finds itself wooed by two large world powers. However, this time, it is not over any geopolitical consideration, but for a resource that the modern world covets: rare earths. China and the U.S. are locked in a race to court a country that boasts the world’s second-largest rare earth …
Read More »Oil Extends Gains on US Strategic Reserve Purchases
Oil prices rose on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year persisted. Brent crude futures rose 0.6 per cent, or 48 cents, to $76.32 a barrel by 0406 …
Read More »OPEC and the US Wrestle for Control of Oil Prices
The US and OPEC+ are once again locked in a battle to establish a dominant position for control over oil prices. Oil prices have been on the slide for the past seven weeks; the longest sustained drop for around five years. From a 2023 high point of $94 a barrel …
Read More »U.S. Plans 3 Million Barrel Purchase of Crude Oil for SPR
The United States Department of Energy said on Friday that it plans to buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for March delivery as oil prices sink to levels below the stated threshold for the government’s refill plan. The Biden Administration saw the stockpiles of …
Read More »Surging LNG Exports Expose the U.S. to Natural Gas Price Swings
Soaring U.S. LNG exports have made natural gas a global commodity and the United States vulnerable to global price volatility. As American exports of liquefied natural gas are set to grow further this decade, the once-isolated U.S. natural gas prices will become increasingly linked to the pace of LNG exports …
Read More »The U.S. and France will Seek to Halt Private Funding for Coal Plants at COP28
Supported by the United States, France will propose at the COP28 climate summit in Dubai an exit of private financing for coal-fired power plants, Reuters reported on Tuesday, citing sources with knowledge of the talks. According to Indian officials who spoke to Reuters, France has discussed with India – a …
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