International
OPEC members Saudi Arabia, Russia consider pausing oil production increases -WSJ
LONDON — A group of some of the world’s most powerful oil producers will hold a crucial meeting on Thursday to discuss reversing some of the output cuts it made last year.
OPEC and its non-OPEC partners, an energy
Shell launches shareholder talks to win backing for HQ move, sources say
LONDON – Royal Dutch Shell has launched talks with investors to secure support for its plan to relocate its headquarters from the Netherlands to Britain, sources said, as a leading advisory recommended backing the move at a December vote.
TotalEnergies, Eni to invest billions in Libyan energy projects
(Bloomberg) –France’s TotalEnergies SE and Italy’s SpA said they were ready to invest billions of dollars in Libya as the OPEC nation emerges from a decade of conflict and civil war.
“I want to contribute to Libya’s comeback,” …
Saudi Arabia’s crude oil exports hit eight-month high in September
Nov 18 – Saudi Arabia’s crude oil exports in September rose for a fifth month in a row to their highest since January, the Joint Organisation Data Initiative (JODI) said on Thursday.
The kingdom’s crude oil exports rose to …
Rosneft says OPEC under-investment could lead to $120 oil in 2022
MOSCOW (Bloomberg) – Global oil prices may rise to as high as $120 by the middle of next year as the ability of OPEC+ to meet demand is at risk from under-investments and sanctions, according to a Rosneft …
European gas prices jump, rolling blackouts possible on new Nord Stream 2 delays
(Bloomberg) – European natural gas jumped to a three-week high on delays in starting up a controversial new pipeline from Russia.
The German regulator said Tuesday it suspended the certification procedure for the Nord Stream 2 project because …
Shell shake-up leaves Dutch royally hacked off
AMSTERDAM – Royal Dutch Shell’s decision to move its corporate headquarters and tax base to London may win over shareholders but it has struck a blow to Dutch prestige.
As the energy giant crosses the North Sea, it will …
Rosneft CEO warns of potential ‘super cycle’ in energy markets
MOSCOW, Nov 12 — Russia’s Rosneft the world’s second-biggest oil company by output after Saudi Aramco, warned today of a potential “super cycle” in global energy markets, raising the prospect of even higher prices as demand outstrips supply.
Surging …
U.S. official says Russia ‘took advantage’ of Europe’s energy crisis
Russia did not cause Europe’s energy crisis — but it didn’t help, and instead tried to benefit from the situation, according to Amos Hochstein, the U.S. State Department’s senior advisor for global energy security.
“It sure didn’t do anything
China’s Iran oil purchases rebound on lower prices, fresh quotas
SINGAPORE/LONDON, Nov 10 – China’s imports of Iranian oil have held above half a million barrels per day on average for the last three months, traders and ship-tracking firms said, as buyers judge that getting crude at cheap prices …
Oil rises after OPEC+ rebuffs U.S. call to boost output
LONDON – Oil prices rose towards $81 a barrel on Friday after OPEC+ producers rebuffed a U.S. call to raise supply to cool the market, sticking to plans for a gradual increase in output after cuts made in the …
OPEC ignores Biden’s plea, formalizes December oil output plan
(Bloomberg) –OPEC and its allies will stick to their slow pace of oil-production increases, disregarding U.S. President Joe Biden’s demand to go faster.
After a brief meeting on Thursday, the group approved a 400,000 barrel-a-day production hike for …
Column-Rising oil prices are fuelling expected inflation: Kemp
LONDON (Reuters) – Past changes in oil prices are closely associated with U.S. consumers’ and investors’ expectations for overall inflation in future, which helps explain why they are sensitive for central banks and other policymakers.
In the last three …
Oil prices tumble as U.S. intensifies pressure on OPEC for more crude
(Bloomberg) –Oil fell as the U.S. intensified pressure on OPEC+ to boost supplies when it meets on Thursday, while concerns grew that tighter policy from the Federal Reserve will impede growth.
West Texas Intermediate futures sank 2.4% after …
COP26: Kerry’s global methane pact lacks emissions targets
WASHINGTON (Bloomberg) – As the U.S. and European Union sought to recruit nations in a first-ever pact to slash the world’s methane emissions, America’s climate envoy John Kerry kept his sales pitch simple.
Signing the pledge, being released …
Saudi Aramco posts 160% rise in third-quarter profit, chairman calls for ‘stable’ energy transition
DUBAI, United Arab Emirates — Saudi Arabia’s oil giant Aramco has posted a 158% increase in third quarter net income to $30.4 billion, as the world’s largest oil companies continue to benefit from the reopening of the global economy
Oil majors won’t ride to the rescue as world faces energy shortages
HOUSTON (Bloomberg) –The world’s biggest energy companies are producing the most cash in years, but don’t expect them to spend it on bringing on fresh supplies of oil and natural gas to combat shortages in Europe and China …
Equinor makes its 6th Norwegian oil discovery of 2021
OSLO, Nov 1 – Equinor EQNR.OL has made an oil discovery estimated to hold up to 62 million barrels of crude off the coast of Norway, the energy major said on Monday.
The discovery, just north of the Tyrihans …
Saudis express ‘huge concern’ over falling global oil supply capacity
RIYADH (Bloomberg) –Saudi Aramco said oil-output capacity across the world is dropping quickly and companies need to invest more in production.
It’s a “huge concern,” Chief Executive Officer Amin Nasser said in an interview in Riyadh, Saudi …
Democrats scramble to give Biden a climate win ahead of COP26 summit
WASHINGTON (Bloomberg) – Negotiations over the climate provisions in the Democrats’ spending bill have accelerated and are focused on a package of measures that could replicate the emissions reductions of a clean energy plan dropped from the draft …
Energy crisis divides European nations before emergency meeting
BRUSSELS (Bloomberg) –European Union energy ministers are set for another spat over how to cushion consumers and companies from soaring power and natural gas prices, with political and legal constraints leaving little room for immediate action.
At an …
Russia close to using natural gas as weapon in Europe’s gas crunch – Biden energy adviser
WASHINGTON -U.S. President Joe Biden’s global energy security adviser said on Monday that Russian President Vladimir Putin is getting close to using natural gas as a political tool if Russia is holding back fuel exports to Europe as it
China targets a carbon-neutral economy by 2060
(Bloomberg) –China aims to have non-fossil energy consumption exceed 80% of its total mix by 2060, when the world’s second-biggest economy plans to be carbon neutral, according to guidelines published by the official Xinhua News Agency.
The measures …
Soaring energy prices increase tensions between Europe’s leaders
(Bloomberg) –Soaring energy prices are exacerbating divisions in the European Union as national leaders brace for heated talks about how to protect the most vulnerable and avoid a backlash against the bloc’s ambitious climate change plan.
The unprecedented …
Climate policies could spark an ‘even worse’ energy crisis, Saudi finance minister says
Saudi Arabia’s finance minister has told CNBC that an “even worse” energy crisis could be triggered if the world is not careful with its climate policies.
“If we are not careful about what we are doing to achieve our
Guyana seeks a 135-mile subsea gas pipeline to extend its energy win streak
HOUSTON (Bloomberg) –Guyana will likely become one of South America’s top oil producers over the next four years, but the world’s newest petrostate increasingly sees gas as the bedrock for growing its domestic economy.
Work will begin on …