International

Crude Oil , Trade , International

Russia has Lost Europe as Its Largest Energy Client ‘Forever,’ IEA’s Birol Says

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.”

November 29, 2022

Crude Oil , Trade , International

Chevron Awaits Venezuelan Oil Cargoes, but PDVSA Wants Payments

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.

November 29, 2022

Crude Oil , Trade , International

EU Fails to Agree on Russian Oil Price Cap, Say Diplomats

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.

November 29, 2022

Business , International , Energy Transition

BP Weighs Ending its 70-Year-Old Statistical Review of World Energy

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.

November 28, 2022

Liquefied Natural Gas , International , Midstream

India to Receive First LNG Cargo from Indonesia’s Tangguh LNG

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.

November 28, 2022

Business , Legislation , International

Italy Applies 50% Windfall Tax on Energy Companies’ Extra Income

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%.

November 28, 2022

Crude Oil , Trade , International

Global Oil Market Signals Short-Term Weakness Ahead of EU Ban on Russian Oil

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.

November 28, 2022

Markets , International , Energy Transition

COP27 Climate Summit Missed Chance for Ambition on Fossil Fuels, Critics Say

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.

November 28, 2022

Business , Exploration & Production , International

Chevron Can Resume Key Role in Venezuela’s Oil Output, Exports

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.

November 26, 2022

Markets , International , Energy Transition

Industry Survey: Energy Executives, Investors Tweak Transition Strategies

A survey report finds volatile market conditions and high fuel prices are driving the energy transition—differently than a year ago.

November 25, 2022