Russia-Ukraine conflict

Russia said it would cut its roughly 10 million b/d oil production by 5% in retribution of Western sanctions amid the Kremlin’s nearly year-long war in Ukraine. The decision follows steps by Russia in 2022 to slash the bulk of natural gas exported via pipeline to the European Union (EU) – moves that hastened calls…

Domestic crude production climbed to the highest level since 2020 as demand for petroleum products pushed ahead last week, the U.S. Energy Information Administration (EIA) said Wednesday. American producers generated 12.3 million b/d for the week ended Feb. 3, up by 100,000 b/d from the prior week, data from EIA’s latest Weekly Petroleum Status Report…

Sempra Infrastructure reported the first phase of its Port Arthur LNG project has reached its required offtake subscription for a final investment decision (FID) after it inked another long-term agreement with a European firm. Polish refiner PKN Orlen SA signed a 20-year sales and purchase agreement (SPA) for 1 million metric ton/year (mmty) of liquefied…

Asking natural gas and oil executives about the market, their projects, cash flow and budgets is a staple of the NGI Thought Leader team’s daily routine. Turning that microphone around to ask journalists the questions is a bit trickier! The Thought Leader team was up for the challenge, though, to editorialize as we enter 2023.…

Woodside Energy Group Ltd. has tentative agreements with Western Gas, an Australian offshore natural gas producer, to supply more volumes and boost production from its Pluto LNG terminal. Woodside disclosed several nonbinding agreements with Western Gas in the North West Shelf Project. Western Gas is developing the Equus Gas Project in the Carnarvon Basin. Under…

Oil exports from Russia are to be banned beginning Feb. 1 to any country that agreed to cap prices, according to a decree signed Tuesday by President Vladimir Putin. The ban would continue for five months. “Deliveries of Russian oil and oil products to foreign entities and individuals are banned, on the condition that in…

Demand for gasoline climbed last week and helped to drive a second consecutive gain in U.S. petroleum consumption, while oil production leveled off, new federal data show. The U.S. Energy Information Administration (EIA) said Wednesday overall demand for petroleum products for the period ended Dec. 16 climbed 5% week/week. The increase was driven by a…

Russia is turning to Turkey as a potential natural gas hub partner with a new sense of urgency to find new export outlets for volumes left stranded by damages to the Nord Stream pipelines in September.  But any hub would likely face political, financial and supply issues that are compounded by the Kremlin’s war in…

European Union (EU) energy ministers on Tuesday failed to reach an agreement on a bloc-wide cap on natural gas prices at an emergency Energy Council meeting in Brussels. Since the European Commission proposed a gas price cap last month, the 27 member states have been split over how to reach a compromise on setting a…