OPEC+’s hotly anticipated output meeting on Thursday underwhelmed the market, with oil prices closing up after the decision. The alliance agreed to production hikes of 648,000 barrels a day for July and August,…
Month: June 2022
Europe’s oil embargo is not enough
By Sergei Guriev/ Paris Vladimir Putin needs petrodollars, and he needs them now. Many expected Russia’s president to issue a formal declaration of war on Ukraine, a move that would permit the…
Spain and Portugal to slash energy bills by 40% by breaking ranks with EU
t means while the rest of the EU, which is much more tied to traditional fuels, has a pay cap of around €90 (£76.56) per megawatt-hour, Spain and Portugal would cap their…
Pakistan aims to sign a long-term liquefied natural gas purchase deal in a bid to secure future supply and ease crippling blackouts.
The South Asian nation intends to float a tender to purchase one LNG cargo per month for 10 to 15 years, said Shahid Khaqan Abbasi who is overseeing the energy sector for…
Iraq Faces Further Power Cuts As Iran Gas Debt Missed
Iraq has failed to pay $1.6 billion owed to neighbouring Iran for gas imports, a debt needed to guarantee further supplies critical to prevent worsening power cuts, Baghdad’s authorities said Wednesday. Payment…
Opec+ seen sticking to oil rise plan despite EU sanctions
Reuters Dubai/London Opec+ is set to stick this week to its monthly modest oil output increases despite seeing tighter global markets, five Opec+ sources said on Wednesday as the group fast approaches…
Gazprom cuts more customers in Europe, but rewards shareholders with dividend
Russian gas giant’s exports have fallen 28% this year, and decline would have been higher were it not for European push to replenish gas storage Gazprom has announced it has halted gas…
A wake-up call? Russia-Ukraine conflict could accelerate renewable energy adoption
The Russia-Ukraine conflict may accelerate the march towards decarbonisation despite concerns the war could put the issue on the backburner, the Al-Attiyah Foundation discovers in its latest Energy Industry report titled ‘Implications…
Global LNG markets sail into the unknown ahead of peak winter
Global liquefied natural gas (LNG) buyers and sellers are bracing for more uncertainty over Russian supplies and an unclear demand outlook from Europe and top importer China in the run-up to the…
EU agrees gradual oil embargo on Russia, gives Hungary exemptions
Reuters / Brussels European Union leaders have agreed an embargo on Russian oil imports that will kick in around the turn of the year — and for now exempts the pipeline imports…