International

Australia should divert LNG exports to meet a domestic gas supply shortfall on the east coast next year, the Australia Competition and Consumer Commission (ACCC) said in its latest  report. Australia’s east coast gas market is expected to have a shortage of 56 petajoules (PJ) next year, or about 10% of domestic demand, according to…

OPEC-Plus, the consortium of global oil producers led by Saudi Arabia in partnership with Russia, agreed on Wednesday to only a modest increase in production next month. The decision suggests the cartel is focused more on the specter of declining demand amid recession warnings than on U.S. President Biden’s plea for greater output to address…

As Europe tries to meet winter storage goals with further restricted flows of Russian natural gas volumes, Asian LNG prices are on the rise again as buyers from the region add pressure to an already tight global market. Since before Russia’s February invasion of Ukraine, European buyers have been swaying cargoes of liquefied natural gas…

TotalEnergies SE boosted its energy output in the second quarter to help fill the shortfall in Russian oil and natural gas supplies, reaping the benefits of soaring commodity prices in the process. “Russia’s invasion of Ukraine continued to impact energy markets in the second quarter, with oil prices averaging more than $110/bbl in the quarter,…

Norway plans to increase natural gas production through the summer to help meet European Union (EU) demand and fill the void left by declining Russian deliveries.   Equinor ASA said its Norwegian exports to the rest of Europe increased by 18% year/year in the second quarter. Norway is Europe’s second largest gas supplier behind Russia, which…

August Nymex natural gas futures faltered Wednesday, snapping a furious rally that dated to last week amid robust cooling demand and global supply worries. The prompt month gas futures contract settled at $8.687/MMBtu, down 30.6 cents day/day. September fell 27.1 cents to $8.554. At A Glance: Nymex gas trading proves volatile Weather-driven demand holds strong…

Gazprom PJSC’s natural gas production has dropped 10.4% since January, dragged down by a steep cut in pipeline exports to Europe, which have fallen by 33.1% so far this year. The company has boosted exports to China.  Russia produced 249.7 billion cubic meters (Bcm) between Jan. 1 and July 15, down by 29.1 Bcm compared…

American crude production rebounded last week, returning to its 2022 peak level just as President Biden visited Saudi Arabia to urge the Kingdom to ramp up Middle East output. After reaching a 2022 high of 12.1 million b/d in June, U.S. output fell to 11.9 million b/d for the period ended July 15. That marked…

Ukraine’s natural gas transmission system operator (TSO) warned Tuesday of potential damage to one of the transit routes for moving Russian natural gas to Europe after reportedly detecting an unannounced change in pressure by Gazprom PJSC. Gas TSO of Ukraine reported a sharp increase in pressure on the Urengoy-Pomary-Uzhhorod (UPU) pipeline section on the border…