Energy & Oil

Wednesday, March 2nd 2022 - 09:36 UTC
US and allies agree to release 60 million barrels of their oil reserves

The United States and allies will be releasing 60 million barrels from their reserves, in an effort to contain the effect on supply and prices of the Russian invasion of Ukraine. Thirty million will come from the US Strategic Petroleum Reserve and the other half from allies in Europe and Asia.
Wednesday, March 2nd 2022 - 09:03 UTC
Major oil companies, Shell, BP, Equinor exiting interests in Russia

Shell joined BP in announcing it will leave all its Russian operations, including a major liquefied natural gas plant, following on Moscow's invasion of Ukraine. Earlier BP also abandoned its share in Russian oil giant Rosneft, a move that could cost the British company over US$25 billion.
Wednesday, March 2nd 2022 - 07:07 UTC
Nord Stream 2 pipeline builder files for insolvency and leaves staff redundant

The Swiss company that built the Nord Stream 2 pipeline, supposed to double the Russian gas supply to Germany, has filed for insolvency and left redundant all its staff, according to Swiss radio SRF. The US$ 11bn pipeline, which runs between Russia and Germany, was completed last September and waiting for final approval from German authorities, but was put on hold following the Russian invasion of Ukraine.
Monday, February 28th 2022 - 20:20 UTC
OPEC+ meeting this week expected to increase another 400,00 bpd

The OPEC+ alliance is set to approve this week another 400,000 bpd increase in monthly production targets, despite the fact they have been supplying below the announced volume. Russia and OPEC's de facto leader Saudi Arabia manage the OPEC+ group, which has been running supply to the market since the beginning of 2017
Monday, February 28th 2022 - 09:24 UTC
Paraguayans rush to bordering city to buy fuel smuggled in from Argentina

Hundreds of Paraguayans rushed over the weekend to the coastal town of Nanawa – formerly Puerto Elsa – in the Presidente Hayes province to buy cheaper fuel smuggled from Clorinda, Argentina, it was reported.
Saturday, February 26th 2022 - 09:46 UTC
US LNG production forecasted to increase 20% and replace much of Russia's supply to Europe

United States will increase its liquefied natural gas (LNG) production capacity by 20% by the end of the year, making it the world’s largest exporter of the product as Europeans try to decrease their reliance on Russian supplies.
Thursday, February 24th 2022 - 09:32 UTC
Germany confident is can cope without Russian gas: “relief will be provided if necessary”

Germany is confident it can meet its energy needs even without Russian gas, given the current dispute over the self-declared, Moscow-supported independent provinces in Ukraine. The statement is from Germany's Economy minister Robert Habeck when he was asked on public radio on the situation
Wednesday, February 23rd 2022 - 10:04 UTC
Trump says Putin's strategy was that of a “genius”

Former US President Donald Trump Tuesday said Vladimir Putin's strategy in the Ukrainian case has been a “savvy” way around things, the doings of a “genius.” Trump expressed in a radio interview he thought what Putin had done was “smart.”
Wednesday, February 23rd 2022 - 09:58 UTC
Fitch warns about sanctions to Russia's oil and gas sector: barrel could exceed US$100

If Western sanctions lead to Russia’s oil exports being completely cut off, the world can expect the international energy market to collapse, a senior figure at the US rating agency Fitch said on Tuesday.
Wednesday, February 23rd 2022 - 09:40 UTC
“Europeans welcome to the new world and much dearer natural gas,” former Russian president Medvedev

Europeans will soon have to pay €2,000 ($2,200) per thousand cubic meters of natural gas, former Russian president and current deputy chairman of the Security Council Dmitry Medvedev tweeted on Tuesday. The warning comes after Germany ordered a halt to Nord Stream 2 gas pipeline certification.