One of President Vladimir Putin's top economic officials on Wednesday pushed back at U.S. President Donald Trump's warning that the Russian economy was going to collapse amid lines for gasoline in some regions. Trump on Tuesday said that Putin should settle the Ukraine war which the 47th U.S. president said was making Russia look bad. He also mentioned "long lines waiting for gasoline" and said the Russian "economy is going to collapse". Russia's economy is slowing this year and the [Read more]
EIA expects heating US homes by electricity to cost more this winter than last year
U.S. households heated mainly by electricity will spend about 4% more this year to stay warm over the winter due to higher power price forecasts, the Energy Information Administration said on Wednesday in its winter fuels outlook report. Demand growth for electricity from data centers powering the AI boom, and the electrification of manufacturing and other industries like transportation, is widely expected to outpace the addition of new supply, resulting in higher power prices for American [Read more]
Supertanker freight rates up sharply as US-China trade war envelops ports
Supertanker freight rates surged this week and are set to stay elevated on U.S.-China tit-for-tat hikes in port fees and concerns about the fallout from U.S. sanctions on a major Chinese crude oil terminal. Chinese retaliatory port fees announced on Friday would add more than $7 a barrel in shipping costs for a Very Large Crude Carrier linked to the U.S., traders estimated. That would be equivalent to a charge of around $15 million - a sum that would put anybody off chartering ships related [Read more]
OPEC to hire consultant to assess members’ capacity, says Kuwaiti Minister
The Organization of the Petroleum Exporting Countries (OPEC) is moving to appoint "one of the top consultants" to visit member states and assess their production capacity in the coming months, Kuwait's oil minister Tareq Al-Roumi said on Wednesday. OPEC+ ministers asked OPEC's headquarters in May to develop a mechanism to assess the maximum sustainable production capacity for each member, which will be used as reference for their 2027 production baselines. Determining the maximum [Read more]
Saudi energy minister says economic stability is prerequisite for sustainability goals
Saudi Energy Minister Prince Abdulaziz bin Salman Al Saud said on Wednesday that energy security and economic prosperity are prerequisites for addressing sustainability and climate change. Without energy security and economic prosperity, "I don't think you'll be able to attend to sustainability and climate change," he told the Russian Energy Week conference in Moscow. (Reporting by Yousef Saba in Dubai, Writing by Ahmed Elimam and Louise Heavens) [Read more]
Tanker diversions from sanctioned Chinese terminal may cause congestion at other ports
Trading firms have diverted at least five more crude oil tankers from a major port in eastern China after the U.S. imposed sanctions on an import terminal there, according to trading sources and shipping data. The U.S. sanctions have disrupted plans for the country's refiners to unload their cargoes at the port of Lanshan in the refining hub of Shandong province. Diverting the ships may also cause congestion at the alternative ports, particularly at Zhoushan, located further south off the [Read more]
Cenovus Energy acquires additonal shares in MEG Energy
Cenovus Energy bought more shares in MEG Energy, raising its stakes to 9.8% in the Canadian oil sand company. This follows Cenovus's Tuesday purchase of 21.7 million shares, strengthening its position to acquire one of Canada's last large pure-play oil sands companies ahead of the October 22 shareholder vote. Earlier this month, Cenovus increased its bid by C$2.35 to C$29.80 per share to acquire MEG, stating it as their "best and final" offer. Strathcona Resources abandoned its takeover [Read more]
Improved drilling to boost Gulf of Mexico offshore oil output as US onshore growth slows​
Rigs drilling beneath the deep waters of the Gulf of Mexico will drive U.S. oil industry growth this year and next as onshore production slows due to lower prices and maturing shale fields, and analysts and consultants expect the trend to continue as new technology and friendly regulations attract investment offshore. The offshore oil and gas sector took a backseat to shale in recent years because drilling at sea requires years of construction work and higher upfront investments. Entry costs [Read more]
OPEC Secretary General says oil and gas industry needs more investment
OPEC Secretary General Haitham Al Ghais reiterated on Wednesday that more investment is needed in oil and gas, saying oil will continue to account for about 30% of the global energy mix by 2050. A growing economy, population growth and urbanisation all lead "to one clear signal that the world will need much more energy than it is consuming today", he said in remarks to the Russian Energy Week conference in Moscow. He forecast 23% growth in primary energy demand by 2050. "Yes, it's a [Read more]
California judge blocks efforts to restart Santa Ynez oil pipeline
A California judge on Tuesday sided with the state government and tentatively ruled against Houston-based oil company Sable Offshore's request to restart a pipeline that pulls crude from the Santa Ynez offshore oil project. The tentative ruling from Judge Thomas Anderle in the Superior Court for Santa Barbara County marks a major setback for Sable, whose business is entirely focused on the Santa Ynez project. Its shares fell over 20% to about $14 each in extended trading. The company in [Read more]
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