When asked about the impact of the EU measures, IEA’s Fatih Birol said: “We expect towards the end of the first quarter 2023 that there may be a loss of 2 million barrels per day of Russian oil and there is a need to replace that oil.”
Executives at Venezuelan state firm PDVSA are less enthusiastic after learning of license terms that will not allow Chevron to reimburse operational costs or pay taxes and royalties in Venezuela, according to sources.
The Group of Seven (G7) nations has proposed a softer version of the EU ban to keep oil supply to the global economy steady, because Russia supplies 10% of the world’s oil.
CEO Bernard Looney has radically shifted BP’s focus since taking office in 2020 and its Statistical Review of World Energy report has been seen by some BP executives as detrimental to the company’s new direction, sources told Reuters.
Operated by BP Plc, the Tangguh LNG plant is in Indonesia's West Papua province and began production in 2009. Its output capacity is 7.6 million tonnes of LNG per annum (mtpa) from two existing trains.
By 0930 GMT, shares in Eni SpA and Enel were down respectively around 2% and 1.7%, underperforming Italy's blue chip index, but broadly in line with Europe's STOXX index for the energy sector which fell 1.7%.
After months of strength, crude futures are flirting with lows not seen all year as top oil consumer China enters additional COVID-19 lockdowns while central banks hike interest rates to combat inflation.
Demands from environmental groups and scientists that governments and companies should leave oil and gas in the ground have had less traction this year, since European countries have scrambled to replace Russian gas.
The U.S. authorization “brings added transparency to the Venezuelan oil sector” and allows Chevron to benefit from sales of “oil that is currently being produced” by its joint ventures with PDVSA, the California-based company said in a statement.
A survey report finds volatile market conditions and high fuel prices are driving the energy transition—differently than a year ago.