“The refined output was put back on that ship and it set sail without a destination. In the mid-seas it received the destination so it reached at its course, went to New York,” India Deputy Governor Michael Patra said at an event to celebrate 75 years of India’s independence.
Power producer expands talks for LNG beyond US and Qatar.
According to the government’s gas emergency plan, private households will be prioritized in case of a gas supply crunch but Germany’s network regulator head Klaus Mueller said the prioritization doesn’t mean that households can heat excessively in that situation.
“That is so little as to be meaningless. From a physical standpoint it is a marginal blip. As a political gesture it is almost insulting,” Eurasia Group’s Raad Alkadiri said of OPEC’s decision on Aug. 3 to raise oil output by 100,000 bbl/d.
The increase of 100,000 bbl/d announced by the producer group on Aug. 3 will be one of the smallest since OPEC quotas were introduced in 1982, OPEC data shows.
“The work is ongoing to make [oil] prices more realistic,” said Bolat Akchulakov, energy minister of OPEC+ member Kazakhstan. “We have always said that the corridor of $60-$80 per barrel is a normal one... And today the price is $100.”
The U.S. Strategic Petroleum Reserve (SPR) held about 618 million barrels last September and its stocks have declined due to sales from congressional mandates and Biden’s price initiative.
Since taking office in 2021, U.S. President Joe Biden has been loath to sanction Chinese entities engaged in oil trade with Iran due to hopes of securing an agreement to revive the 2015 Iran nuclear deal.
Haitham Al-Ghais, Kuwait’s former OPEC governor, will head his first OPEC+ meeting on Aug. 3, in which the group will consider keeping oil output unchanged for September, despite calls from the U.S. for more supply.
The removal of oil from the Lana, formerly Pegas, prompted Iranian forces to seize two Greek tankers in the Middle East Gulf which have not yet been released.