Oil Price The United States and the EU, together with partners, discussed this week the potential of slapping “robust” new sanctions on Russia ahead of the second anniversary of the Russian invasion of Ukraine, a senior U.S. official told Reuters. The partners met in Brussels and “Many of us are prepared to roll out quite robust anniversary packages,” the official told
Nasdaq The Brent crude market structure and some physical markets in Europe and Africa are reflecting tighter supply resulting partly from concern about shipping delays due to vessels avoiding the Red Sea, according to traders, LSEG data and analysts. The disruptions have combined with other factors such as outages and rising Chinese demand to increase competition for crude supply that
Oil and Gas 360 One of the highlights of the business programme of the Transportation Oil and Gas Congress (TOGC 2024) is the topic of hydrogen readiness of infrastructure. C-level audience and leading technical specialists gather to discuss cases of hydrogen implementation and how to adapt, maintain and monitor hydrogen infrastructure. The Congress is held in Milan, Italy, on February,
Nasdaq Ukrainian energy consumption hovered near record highs on Friday, increasing strains on the fragile power sector as nearly 500 settlements faced blackouts due to Russian shelling, air strikes and bad weather, officials said. Ukraine, an exporter of electricity before Russia’s invasion in February 2022, has been forced to turn to emergency power imports from neighbouring Romania and Poland this
World Oil (Bloomberg) – Venezuela is in advanced talks on new deals with European energy majors Repsol SA and Eni SpA as the Andean nation seeks to reassert itself as a global oil producer after the U.S. eased sanctions. The Spanish and Italian companies are hammering out contract terms between their oil ventures and state-owned Petróleos de Venezuela SA, according
Oil Price France’s new regulation, which will not allow funds invested in fossil fuel companies with new development plans to use a national ESG label, could result in forced divestments of $7.6 billion (7 billion euros) of oil and gas assets currently held by funds, according to a Morningstar Inc analysis carried by Bloomberg. Last week, France’s Economy and Finance Minister
Yahoo Finance LONDON – The prospect of Exxon Mobil or Chevron buying European majors has receded after the two leading U.S. oil companies announced major acquisitions focused on the Americas this month, investors said. Speculation that Chevron and Exxon might try to buy rivals BP and Shell intensified over the last two years as the European majors underperformed their U.S.
Oil Price Venezuela could be able to raise its crude oil production by 25% from current levels if the temporary U.S. easing of the oil sanctions becomes permanent, according to a consensus forecast of analysts polled by Bloomberg. Venezuela’s oil production currently stands at around 800,000 barrels per day (bpd), according to various estimates. The eased sanctions would allow the South
Oil Price France is considering an extension of its windfall tax for oil and power companies into the new year, according to French lawmaker Jean-Rene Cazeneuve, who shared the plan on X. The plan, hatched by the National Assembly’s finance committee, is part of a proposed amendment to France’s budget bill for 2024 and would serve to offset higher costs for
Oil Price ExxonMobil has selected the world’s largest asset manager, BlackRock, as a buyer for its 70.7% stake in Adriatic LNG, Italy’s first regasification import terminal, the U.S. supermajor told Reuters on Wednesday. Exxon currently holds 70.7% of Adriatic LNG via its subsidiary ExxonMobil Italiana Gas. The other shareholders in Italy’s main LNG import terminal off the Adriatic coast in northern Italy are a
Oil Price The European energy system is currently unstable and could face challenges and shortages, according to Russia’s state-controlled gas giant Gazprom, whose deliveries to Europe have slumped since the Russian invasion of Ukraine. “The fact that the systemic deficit has not gone away is manifested not only by the higher price level in 2023 compared to the pre-Covid
World Oil (WO) – The Forties Pipeline System moves 40% of the UK’s oil from the North Sea through Grangemouth where it is processed for distribution throughout the UK. Over the 6 years of INEOS ownership, oil flows through the system have declined by a dramatic 40%, and INEOS has had to close one of its three processing plants due
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