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Netherlands To Shut Down Europe’s Largest Gas Field
Netherlands To Shut Down Europe’s Largest Gas Field The Dutch government plans to close the Groningen gas field this year despite Europe’s precarious supply position. Groningen is the largest gas field in Europe. The field is dangerous, a government official from the Hague told the Financial Times, and the government has no plans to boost production from […]
China’s Oil Demand Is Set To Hit A Record High In 2023
China’s Oil Demand Is Set To Hit A Record High In 2023 China’s oil demand is expected to hit a record high 16 million bpd this year, an increase of 800,000 bpd. Having lifted its zero-Covid policy, China is currently suffering through an exit wave of Covid but should recover in the second quarter. China […]
Washington Has Trouble Refilling The SPR After 220 Million Barrel Draw
Washington Has Trouble Refilling The SPR After 220 Million Barrel Draw The DoE has received several offers for February purchases to refill the SPR. For February, the plan was to purchase 3 million barrels, ideally when oil dropped to around $70 per barrel. The rejected bids are prompting speculation that refilling the SPR will be […]
Andurand: Oil Prices Could Exceed $140 If China’s Economy Fully Reopens
Andurand: Oil Prices Could Exceed $140 If China’s Economy Fully Reopens Hedge fund manager Andurand: full reopening of Chinese economy could send oil prices past $140 per barrel. Andurand: The market is underestimating the scale of the demand boost. Andurand did say last week that oil demand will be limited somewhat by a growth in […]
Texas Refineries Could Take Two Weeks To Fully Restore Operations After Storm
Texas Refineries Could Take Two Weeks To Fully Restore Operations After Storm Most refineries on the U.S. Gulf Coast have begun procedures to restart operations that were disrupted by the massive winter storm late last week, but a full return to normal output of motor fuels could take up to two weeks for some facilities. […]
Europe’s Energy Crisis Is Just Getting Started
Europe’s Energy Crisis Is Just Getting Started While Europe managed to fill its gas storage ahead of winter this year, it will have to import huge amounts of LNG in a competitive market to survive next winter. The next 12 to 24 months will be critical in establishing whether Europe can stave off a long-term […]
Central Asia’s ’Water Wars” Are Heating Up
Central Asia’s ’Water Wars” Are Heating Up Access to water has been a point of conflict in Central Asia for years. Environmental changes have raised temperatures in Central Asia faster than the global average. While the upstream Kyrgyzstanis and Tajikistanis have plenty of water, Uzbekistan wholly relies on a steady supply of water for its […]
OPEC Production Fell In November, But 3 Members Actually Boosted Output
OPEC Production Fell In November, But 3 Members Actually Boosted Output OPEC’s crude oil production fell by an average of 744,000 barrels per day, according to OPEC’s Monthly Oil Market Report released on Tuesday. Saudi Arabia’s November production fell by the most among its members, by 404,000 bpd, to 10.474 million bpd—Saudi Arabia’s lowest monthly […]
Europe’s Energy Crisis Is Reshaping Geopolitics
Europe’s Energy Crisis Is Reshaping Geopolitics Europe’s energy crisis is fueling a major geopolitical reconfiguration. The IEA is warning that we are currently living through a “global energy crisis of unprecedented depth and complexity,” and that “there is no going back to the way things were.” The financial vulnerabilities emanating out of Europe threaten to […]
Canadian Banks Slammed For Continued Fossil Fuel Investments
Canadian Banks Slammed For Continued Fossil Fuel Investments Canadian banks are receiving backlash from investors for their continued investments in fossil fuels. All Canadian banks were revealed to have increased their exposure to fossil fuels between 2020 and 2021, by between 25 percent—TD and BMO—and 132 percent for CIBC. The report is the latest example […]
The Diesel Crunch Is Finally Causing Demand Destruction
The Diesel Crunch Is Finally Causing Demand Destruction Diesel inventories slumped to their lowest level for the time of the year since 1951. signs have emerged that weaker demand in the past weeks may have slowly started to rebuild diesel inventories. Refiners are processing more crude oil to capture the still high refining margins. High […]
How Europe’s Energy Crisis Could Turn Into A Food Crisis
How Europe’s Energy Crisis Could Turn Into A Food Crisis Runaway energy inflation has taken a toll on European industry, but another threat is looming. Europe’s two biggest fertilizer suppliers, Russia and Belarus have retaliated against European sanctions by cutting off fertilizer exports. The fact remains that the global food chain, especially its European links, […]
Pakistan ‘Has No Option But To Ration’ Natural Gas Supply This Winter
Pakistan ‘Has No Option But To Ration’ Natural Gas Supply This Winter The energy crisis in Pakistan has deepened this year. Gas supplies available for households will be very limited this winter. Pakistani households will have gas available for three hours in the morning, two hours in the afternoon, and three hours in the evening. […]
Europe May See Forced De-Industrialization As Result Of Energy Crisis
Europe May See Forced De-Industrialization As Result Of Energy Crisis European industries including ferroalloys, fertilizer plants and specialty chemicals are shutting down as a result of the ongoing energy crisis. Certain industries may not come back, even if the energy crisis eases. An increasingly tight regulatory environment is another reason for de-industrialization in Europe. The […]
Energy Bills In Europe Are 90% Higher Than Last Year
Energy Bills In Europe Are 90% Higher Than Last Year Electricity and gas prices are soaring across Europe, with bills close to double from last year in most European capitals, according to new data from the Household Energy Price Index—a monthly tracker of energy prices for households across 33 European capitals, including the 27 EU member […]
