Diesel supply on the Russian market jumped by 17% in January while gasoline supply increased by 7%, Russian Deputy Prime Minister Alexander Novak said on Tuesday, a few months after the government restricted in the autumn fuel exports to ensure stable domestic supplies. “Measures have been taken to increase the volume of gasoline production and to reduce the export of oil products by the volumes that allowed us to increase the volume of supplies to the domestic market in January for gasoline - by 7%... Читать дальше...
US thermal coal exporters recorded more than $5 billion in overseas sales in 2023, shipping upwards of 32.5 million metric tons of the high-polluting power fuel, according to Reuters, citing data from ship-tracking firm Kpler. These coal export earnings were the second highest since 2017, trailing only behind 2022's $5.7 billion. This comes as US utility coal usage for electricity generation tumbles to the lowest in this century. Reuters points out diverging trends between sliding domestic coal... Читать дальше...
BP (NYSE: BP) is accelerating share buybacks as it looks to return more cash to shareholders after posting Q4 and full-year 2023 earnings above expectations. BP reported on Tuesday an underlying replacement cost profit – the closest metric to net profit –of $3.0 billion for the fourth quarter, compared with $3.3 billion for the previous quarter. The earnings beat analyst estimates of $2.76 billion. Full-year earnings of $13.83 billion were half the record-high level of $27.65 billion earnings for 2022... Читать дальше...
Oil markets are once again focused on looming demand weakness, capping oil prices despite rising tensions in the Middle East.Chart of the Week- As India holds its second-ever India Energy Week in Goa, the world’s leading oil exporters have flocked to discuss new fields with a country that is poised to overcome China next year as the world’s fastest-growing source of oil demand.- Prime Minister Narendra Modi pledged that India would see an investment of $67 billion in its energy sector over the next 5 years... Читать дальше...
Japan’s shipping giant Mitsui OSK Lines is unable to deliver ice-breaker class ships to Russia’s new LNG export project in the Arctic because of the U.S. sanctions levied on the project’s operator at the end of last year, the president of the Japanese firm told Bloomberg in an interview on Tuesday. The U.S. sanctions on Russia’s latest LNG project, Arctic LNG 2 of the largest Russian LNG exporter, Novatek, have upended the company’s plans for production start-up and export timelines. In November... Читать дальше...
Amid U.S. sanctions stalling progress on natural gas exports from a new Arctic LNG plant, Russian gas producer Novatek is opening an office in China and creating a team based there to sell gas, Reuters reported on Tuesday, citing sources with knowledge of the plans. Novatek, which is the biggest LNG producer and exporter in Russia, has been working to set up a marketing and business development team based in China for months, according to multiple undisclosed sources who spoke to Reuters. Novatek’s... Читать дальше...
Germany’s energy policies of boosting renewables while phasing out nuclear and coal have brought uncertainty about energy supply in the medium to long term, creating an “absolutely toxic” environment for industry investments, the president of the biggest German industry association told the Financial Times. “Nobody can say with any certainty today what our energy supply will look like in seven years’ time, and that’s why no one can say how high energy prices will be in Germany then,” Siegfried Russwurm,…
China was single-handedly responsible for 96% of global coal power capacity construction last year, cementing its position as the biggest coal builder in the world. Per data, released by Global Energy Monitor and reported by Bloomberg, China last year also accounted for 68% of new coal generation capacity that came online last year and 81% of newly planned coal generation projects. China’s attitude to coal has been hard to swallow for Europe and other transition advocates but Beijing has made a point... Читать дальше...
An appeals court is considering whether to let President Biden’s decision to greenlight the Willow oil project stand or strike it down as opponents want. The case was heard by the 9th Circuit Court of Appeals in San Francisco yesterday but the court has yet to make a decision. The focus of the hearing was on the plaintiffs’ claim that the Bureau of Land Management did not include a “reasonable” range of alternatives to its assessment of the project, limiting itself only to those that would allow Willow to proceed... Читать дальше...
Qatar has big LNG plans for India, seeing it as a major growth market with LNG imports seen doubling by 2030. That’s according to Bloomberg, which cited unnamed traders as saying Qatar was scheduled to hold high-level talks with a couple of Indian energy majors to discuss the supply of liquefied gas. The talks will take place between Qatari officials, and Gail India and Indian Oil Corp. during the Energy Week event that begins in Goa, in western India, today. Also during the event, QatarEnergy will... Читать дальше...
Big Oil has seriously underperformed the overall market over the past year, and it’s not just because of the decline in oil prices. Investors are not convinced that oil companies—despite supplying essential products for today’s way of living such as gasoline, chemicals, fibers and what-not—have a future. Instead, they are focused on the trendy technology stocks, which have now become the darlings of the stock market. The top U.S. oil producers, ExxonMobil and Chevron, have been trying to win investors... Читать дальше...
Industries such as steel, cement, and heavy transport account for some one-third of global greenhouse gas emissions (GHG), rendering breakthrough zero-carbon industrial products one of the most valuable assets of the world’s climate change portfolio. Heavy carbon emitting manufacturers all over the world are making the switch to cleaner industrial processes such as low-carbon electricity for industrial heat and hydrogen-based steelmaking. These companies are desperate to find a new technology that enables this. Читать дальше...
European imports of crude oil from the Middle East are falling amid continued tension in the Red Sea off the coast of Yemen. Luckily, there is an alternative: the Atlantic Basin. Asia, meanwhile, seems only too happy to take in more oil from the troubled Middle East—at the expense of Atlantic Basin oil. A split is developing in oil markets, and it's anyone's guess how long it will remain in place with the oil market dynamics it brings with it. When the Yemeni Houthis began attacking ships in the Red Sea back in November... Читать дальше...
Ecuador, a tiny South American country of around 18 million, stands on the precipice of disaster. The Andean country, once considered an island of peace in a violent region, has emerged as a hotbed of cocaine trafficking, crime and violence. During last year’s 2023 national election, a presidential candidate, for the first time in Ecuador’s history, was assassinated. Cocaine-fueled violence, murders, and kidnappings are surging across Ecuador, with President Daniel Noboa seemingly incapable of stemming the tide. Читать дальше...
In 1943 President Franklin Roosevelt declared that "the defense of Saudi Arabia is vital to the defense of the United States." The reason: Ten years earlier the desert kingdom had granted a concession to Standard Oil of California to explore for oil. It turned out there was some, in fact, a lot. Roosevelt visited with the kingdom's monarch, King Ibn Saud, early in 1945 to further cement relations between the two countries, paving the way for a mutual defense treaty in 1951. The idea was to provide... Читать дальше...
