Brazil's Petrobras has increased the price of refined gasoline and diesel for distributors as of March 11. The average price has gone up to R$3.86 (US$ 0.77) for regular fuel and R$4.51 (US$ 0.9) for diesel.
Borders & Southern Petroleum PLC said on Friday that it intends to conduct fundraising of up to US$1.8 million to appraise and develop its Darwin gas and condensate discovery in the Falkland Islands.
Argentina's YPF Luz - the electricity division of the traditional state-owned oil company - has officially opened its third wind farm, Cañadón León, which is expected to supply 123 MW of renewable energy to the national system, it was reported Thursday.
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.
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$25 billion.
The Swiss company that built the Nord Stream 2 pipeline, supposed to double the Russian gas supply to Germany, has filed for insolvency and left redundant all its staff, according to Swiss radio SRF. The US$ 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.
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
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.
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.
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