Russian natural gas exports to foreign markets dropped nearly 46% year/year in 2022, when they were impacted by a steep decline in deliveries to Europe, according to Gazprom PJSC. Exports, including those to China via the Power of Siberia Pipeline, dropped to 100.9 billion cubic meters (Bcm) last year, or about 3.6 Tcf. That’s compared…
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Novatek Discovery Boosts Natural Gas Reserves for Arctic LNG 1
PAO Novatek has discovered a prolific natural gas and condensate field it plans to use to boost the resource base for its Arctic LNG 1 project as it furthers its goal of growing Russian exports. Novatek, Russia’s largest independent natural gas producer, reported it has found a field on the Gydan Peninsula in the far…
Russia’s Plans for Natural Gas Hub in Turkey Facing Obstacles
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…
Russian Pipeline Explosion Fails to Move European Market as JKM Jumps Above TTF
A fatal explosion on a natural gas pipeline in western Russia, which moves supplies to Europe, did little to move prices on the continent after a unit of Gazprom PJSC said deliveries were being rerouted. Three people were reportedly killed and another was injured during maintenance on a stretch of the Urengoy-Pomary-Uzhhorod pipeline in the…
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…
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…
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…
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…
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…
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…