Germany has been hit hardest by the de-facto end of Russian gas supplies to Western Europe, and while it is still too early to give the all-clear for Europe’s top economy, a warm winter and brimming gas caverns have at least provided a breather. Below are answers to the most urgent questions: HOW...
https://www.hellenicshippingnews.com/where-does-germany-stand-on-gas-supply/
Iran is counting on selling 1.4 million b/d of crude oil at $85/b under next year’s budget law, partly by the use of a barter system, with a general draft approved by parliament on Jan. 22, local media reported. “The next year’s budget has predicted oil barter to produce income,” President Ebrahim...
North Asia, including parts of Japan, South Korea and China, is likely to be hit by a spell of extremely cold weather in the next one week, which will boost overall energy and natural gas demand for heating and help reduce high gas inventories in the region, according to national weather forecasts...
U.S. energy firms cut the most oil rigs in a week since September 2021, energy services firm Baker Hughes Co said in its closely followed report on Friday. Oil rigs fell 10 to 613, their lowest since November, while gas rigs rose six to 156, in their biggest weekly rise since February. The combined...
Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, later than originally planned in order to give time to assess the market after more caps are placed on oil products from Russia, the U.S. Treasury said on Friday. The G7 economies, the...
The OPEC Fund for International Development, a development institution established by the Organization of the Petroleum Exporting Countries nearly 50 years ago, has raised $1 billion by selling its first ever bond. With the money earmarked for food security, healthcare, infrastructure, education,...
https://www.hellenicshippingnews.com/opec-development-fund-raises-1-bln-with-first-ever-bond/
Some of the world’s largest energy companies have now signed an Industry Collaboration Agreement to set an industry standard for a digital inventory ecosystem. ConocoPhillips, Equinor, Shell, TotalEnergies and Vår Energi – together with the software company Fieldnode – show a firm commitment to...
China’s power consumption rose 3.6% year on year to 8,637 TWh in 2022, National Energy Administration data released Jan. 18 showed, easing sharply from growth of 10.3% in 2021. The growth rate was the lowest in seven years since 2016, according to historical data from the China Electricity Council,...
Ukraine’s foreign minister said on Thursday it was time to review the $60 per barrel price cap imposed on Russian seaborne oil, on the grounds that the current market price for Russia’s Urals oil blend was below that level. The Group of Seven countries, Australia and the European Union will extend...
https://www.hellenicshippingnews.com/ukraine-says-its-time-to-review-price-cap-on-russian-oil/
Middle East crude benchmark Murban edged lower on Friday, following a decline in naphtha refining margins. Spot premium of the light sour Murban dipped 2 cents to $2.75 a barrel over Dubai quotes. Malaysia’s Petronas likely sold a March-loading Labuan cargo at a premium of $10 a barrel to Dated...