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Russia’s Oil and Gas Revenues Surged by 73.5% in January-May
Russia’s Oil and Gas Revenues Surged by 73.5% in January-May Russia’s budget revenues from oil and gas soared by 73.5% in January-May of 2024 compared to the first five months of 2023, according to data from Russia’s finance ministry released on Monday. Between January and May 2024, the revenues for the Russian federal budget from […]
Ukrainian Drones Hit Major Rosneft Refinery in Russia
Ukrainian Drones Hit Major Rosneft Refinery in Russia Just as Russia had started to bring back some refinery capacity damaged by Ukrainian drone attacks earlier this year, a new wave of drone attacks hit a major refinery owned by Rosneft, for a second time. Rosneft’s Ryazan refinery southeast of Moscow caught fire after the overnight […]
Russian Refineries Install Nets as Protection From Drone Attacks
Russian Refineries Install Nets as Protection From Drone Attacks Russian oil company Bashneft, part of state-controlled giant Rosneft, has installed metal mesh at its refineries to protect them from drone attacks from Ukraine, Russian media reported on Friday, quoting Radiy Khabirov, the head of the Bashkortostan region where Bashneft is based. “We don’t stop there. There are […]
Occidental’s CEO Sees Oil Supply Crunch from 2025
Occidental’s CEO Sees Oil Supply Crunch from 2025 The ratio of discovered resources versus demand has dropped in recent decades and is now at around 25%. Oxy CEO Hollub: “2025 and beyond is when the world is going to be short of oil.”. Oil industry executives have been warning that new resources, new investments, and […]
OPEC Output Drops As Saudi Production Falls By 156,000 Bpd
OPEC Output Drops As Saudi Production Falls By 156,000 Bpd By Charles Kennedy – Feb 14, 2023, 9:30 AM CST Crude oil production from all 13 OPEC members slid by 49,000 barrels per day (bpd) in January from December as top producer Saudi Arabia slashed output by 156,000 bpd, OPEC’s latest Monthly Oil Market Report (MOMR) showed on Tuesday. […]
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 […]
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. […]
Czech PM Blames Russian Propaganda For Mass Protests In Pragu
Czech PM Blames Russian Propaganda For Mass Protests In Prague Czech Prime Minister Petr Fiala is blaming pro-Russian forces for mass demonstrations this weekend that saw tens of thousands of people protest against the government, the European Union and NATO amid soaring energy prices and inflation. The “Czechia First” demonstration saw 70,000 people gather to […]
Hezbollah Threatens Israel With War Over Disputed Gas Field
Hezbollah Threatens Israel With War Over Disputed Gas Field Lebanon’s armed Hezbollah group threatened Israel that drilling at the Karish gas field could result in war. Israel and Lebanon are in a years-long dispute over the demarcation of their territorial waters in the Mediterranean. Israel has already warned early on that any damage to the […]
Gas Levy Could Triple Household Heating Bills In Germany
Gas Levy Could Triple Household Heating Bills In Germany Germany plans to introduce a levy for all its gas consumers beginning in October as the government looks to avoid a wave of collapsing gas-importing and gas-trading companies amid record-high natural gas prices, a new bill seen by Reuters showed on Thursday. Russia is further reducing flows via […]
IEA Chief: Europe Must Cut Gas Usage 20% To Survive Winter
IEA Chief: Europe Must Cut Gas Usage 20% To Survive Winter After calling on all member states to reduce gas consumption by 15% in the face of the threat of a complete Russian gas cutoff, the IEA says the European Union will need to cut even more in order to get through the winter. “Even […]
IEA: Current Energy Crisis Is “Much Bigger” Than 1970s Oil Crunch
IEA: Current Energy Crisis Is “Much Bigger” Than 1970s Oil Crunch IEA Chief Birol: The world faces a “much bigger” energy crisis than the one of the 1970s. Back in the 1970s, the crisis was just about oil. Birol: The world, especially Europe, could face a summer of shortages of gasoline, fuel, and jet fuel. […]
BofA: Sharp Decline In Russian Exports Could Send Oil Above $150
BofA: Sharp Decline In Russian Exports Could Send Oil Above $150 Analysts: Asian buyers are unlikely to be able to absorb all the Russian oil unwanted in the West. There is a distinct possibility of a sharp drop in Russian oil exports. BofA: A sharp contraction in Russian oil exports could push Brent well past […]
Citi: Soaring Energy Bills Raise Chances Of Windfall Taxes In Europe
Citi: Soaring Energy Bills Raise Chances Of Windfall Taxes In Europe Gas and electricity bills in Europe could jump to 4.5 percent of household disposable income in 2023. Rising utility bills raise pressure on politicians to implement windfall tax. Rising energy commodity prices weigh most on Eastern European countries. The higher the energy bills in […]
Dutch Plan To Boost Gas Output At Earthquake-Prone Site Sparks Anger
Dutch Plan To Boost Gas Output At Earthquake-Prone Site Sparks Anger Residents in the Groningen area in the Netherlands have voiced their anger at a plan by the Dutch government to potentially double this year production from the Groningen gas field, which has been hit by earthquakes in the past. The Dutch government said on Thursday that […]
