Russia

U.S. Crude Production Steady as Demand Drops Ahead of Holiday

U.S. Crude Production Steady as Demand Drops Ahead of Holiday

U.S. exploration and production (E&P) companies kept output for the week ended Nov. 18 at 12.1 million b/d, even with the prior week and generally on par with the level maintained through the fall, according to the Energy Information Administration (EIA).   E&Ps raised production to a pandemic-era high of 12.2 million b/d at points in…

November 28, 2022
Russian LNG Exports Continue to Grow as Kremlin Targets Expansions

Russian LNG Exports Continue to Grow as Kremlin Targets Expansions

Russian LNG exports to Europe are on the rise despite the continent’s efforts to diversify natural gas supplies and impose a series of sanctions against the country for its war in Ukraine. Most of the liquefied natural gas exported from Russia to Europe has been sourced from PAO Novatek’s Yamal LNG facility in the country’s…

November 28, 2022
Oil Exports Fuel Record Quarter for Corpus Port in South Texas

Oil Exports Fuel Record Quarter for Corpus Port in South Texas

U.S. crude oil exports drove another record quarter for the Port of Corpus Christi in South Texas as Western European buyers continue to shift away from Russian crude imports following the Kremlin’s invasion of Ukraine, it said Monday. A record of 48.3 million tons set in the third quarter surpassed the previous tonnage record of…

November 16, 2022
BP Touts ‘Exceptional’ Natural Gas Marketing, Trading Results; Sees More Price Volatility Ahead

BP Touts ‘Exceptional’ Natural Gas Marketing, Trading Results; Sees More Price Volatility Ahead

BP plc is forecasting continued high prices and volatility in the natural gas market through year-end, following an “exceptional” third quarter for its gas marketing and trading business, management said Tuesday. Breaking down the supermajor’s quarterly results on a conference call, CFO Murray Auchincloss said that reduced Russian pipeline imports to Europe “led to sharp…

November 1, 2022
U.S. Crude Production Edges Higher Along with Demand; Biden to Tap Reserves Again

U.S. Crude Production Edges Higher Along with Demand; Biden to Tap Reserves Again

American exploration and production (E&P) companies raised oil output modestly last week as overall petroleum demand recovered some ground after multiple declines earlier in the fall, the U.S. Energy Information Administration (EIA) said Wednesday. U.S. oil production last week increased by 100,000 b/d to 12.0 million b/d, EIA said in its latest Weekly Petroleum Status…

October 19, 2022
Biden Says ‘There Will Be Consequences’ as U.S.-Saudi Standoff Intensifies; OPEC Demand Outlook Dims

Biden Says ‘There Will Be Consequences’ as U.S.-Saudi Standoff Intensifies; OPEC Demand Outlook Dims

President Biden warned of “consequences” for Saudi Arabia after OPEC-plus dismissed U.S. objections and said it would slash crude production, a move that could send global oil prices and gasoline costs for Americans surging. The Biden administration said the plan by the cartel, to cut output by up to 2 million b/d next month, would…

October 12, 2022
Shock OPEC-Plus Production Cut Galvanizes Fresh Support for Bill Targeting Cartel Price Fixing

Shock OPEC-Plus Production Cut Galvanizes Fresh Support for Bill Targeting Cartel Price Fixing

The consortium of oil-producing countries known as OPEC-Plus spurred rare bipartisanship in the U.S. capital after the cartel said it would slash crude production. The group said last week its decision to cut output by 2 million b/d in November was in response to global recessionary headwinds and threats to demand. But Washington lawmakers on…

October 10, 2022
OPEC-Plus Agrees to Slash Production in Attempt to Boost Prices, Bolster Russia

OPEC-Plus Agrees to Slash Production in Attempt to Boost Prices, Bolster Russia

OPEC-plus members, including Saudi Arabia and Russia, agreed on Wednesday to cut crude production by 2 million b/d. It marked the coalition of oil-producing countries’ largest pullback on output since the early days of the pandemic in April 2020, a move that could both send prices back to $100/bbl and aid Russia’s escalating war in…

October 5, 2022
Russian Natural Gas Halt Threatens LNG Market Tightness, European Storage Shortfalls, Says IEA

Russian Natural Gas Halt Threatens LNG Market Tightness, European Storage Shortfalls, Says IEA

European natural gas prices have continued to decline since the Nord Stream (NS) pipeline systems connected to previously vital Russian gas were damaged, but the International Energy Agency (IEA) warned LNG markets could be drastically impacted into next year. In the IEA’s latest natural gas market report, researchers said the blows to Russian gas imports…

October 3, 2022
Germany Secures LNG Supply from UAE, Possible First Cargo by December

Germany Secures LNG Supply from UAE, Possible First Cargo by December

German utility RWE AG has secured another LNG supply source in an agreement with Abu Dhabi National Oil Company (ADNOC) that could bring additional cargoes to Germany’s developing import terminals as soon as December. RWE and the United Arab Emirates’ (UAE) state-owned ADNOC agreed to a multi-year supply contract for liquefied natural gas starting in…

September 30, 2022
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