Reuters BRUSSELS/LONDON – The European Commission on Wednesday put forward plans for the world’s first carbon border tax, on imports of carbon-intensive steel, aluminium, cement, fertilisers and electricity, as part of a programme to meet its new climate target. The border levy should be phased in from 2026, the Commission said, and is designed to protect European industries from competitors
Forbes Russia and Saudi Arabia both rely on oil sales to fund a majority of their budgets. In the last five plus years, China has become the biggest customer for both countries. In fact, China is the world’s largest importer of oil, though it could cut imports if it stopped adding to inventory (storage). China has stored so much oil over that half
Reuters FRANKFURT – Germany’s push to increase the use of hydrogen as a clean fuel to meet climate targets will require imports and a traded market to supplement home-produced supplies, a consultancy close to protagonists in the emerging industry said. “There will have to be a mix of domestic and foreign hydrogen volumes, depending on where the cheaper source is,”
From Reuters China imported Iranian crude oil in July for the second month since a U.S. sanctions waiver ended, according to research from three data firms, with one estimate showing some oil entered tanks holding the country’s strategic reserves. According to the firms, which track tanker movements, between 4.4 million and 11 million barrels of Iranian crude were discharged into
From Reuters Global oil benchmark Brent futures fell more than 3% on Monday on global growth concerns after U.S. President Donald Trump last week threatened China with more tariffs, which could limit crude demand from the world’s two biggest buyers. Brent crude LCOc1 fell $2.08, or 3.36%, to settle at $59.81 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1
From CNBC Crude oil prices could sink by as much as $30 a barrel if China decides to buy Iranian crude oil in retaliation to the latest U.S. tariff measures, according to Bank of America Merrill Lynch. “While we retain our $60 a barrel Brent forecast for next year, we admit that a Chinese decision to reinitiate Iran crude purchases
By Tyler Losier, Energy Reporter, Oil & Gas 360 Secretary of State Mike Pompeo announces sanctions for Zhuhai Zhenrong and its chief executive The United States government will be imposing sanctions on Zhuhai Zhenrong Company Limited, a state-run oil company in China, and its chief executive for purchasing crude oil from Iran. On Monday, Secretary of State Mike Pompeo announced
From Bloomberg Iran-owned tankers continue to haul shipments to bonded tanks, oil held by Iran’s state-owned producer and Chinese companies Tankers are offloading millions of barrels of Iranian oil into storage tanks at Chinese ports, creating a hoard of crude sitting on the doorstep of the world’s biggest buyer. Two and a half months after the White House banned the
By Tyler Losier, Energy Reporter, Oil & Gas 360 The United States has been a net exporter of natural gas since 2017 In the United States, natural gas is one of the most prevalent sources of energy, and according to the EIA, in 2018, 90% of the natural gas consumed by Americans was produced domestically. In general, thanks to the
By Tyler Losier, Energy Reporter, Oil & Gas 360 Two vessels seriously damaged after seemingly intentional strike Two tankers were attacked Thursday near the Strait of Hormuz in the Gulf of Oman, leading to a spike in oil prices as markets opened today. U.S. officials are blaming Iran for the incidents; however the country has vehemently denied any involvement. Source:
Domestic production has reduced imports approximately 83% since peak As of March of this year, the EIA estimates that the United States Gulf Coast imports approximately 1.8 million barrels of crude oil per day (BOPD), the lowest recorded rate since 1986. The highest recorded rate of imports occurred in Mach of 2007 when the average was approximately 6.6 million BOPD.
From Reuters The European Union will seek to double imports of liquefied natural gas (LNG) from the United States by 2023, as part of its efforts to ease transatlantic trade tensions and reduce its reliance on Russian gas. U.S. Energy Secretary Rick Perry and EU Energy Commissioner Miguel Arias Canete hold a joint news conference at the EU Commission headquarters
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