Month: December 2021

LONDON/MOSCOW, Dec 30 (Reuters) – OPEC and its allies will probably stick to their existing policy of modest monthly increases in oil output at a meeting next week, four sources said, as demand concerns raised by the Omicron coronavirus variant ease and oil prices recover. The Organization of the Petroleum Exporting Countries and allies, known … Read more

Dec 27 (Reuters) – Venezuela this year almost doubled its oil production from last year’s decades-low as its state-owned company struck deals that let it pump and process more extra heavy crude into exportable grades. The surprising reversal began as state-run Petroleos de Venezuela (PDVSA.UL), known as PDVSA, won help from small drilling firms by … Read more

Dec 30, 2021 (Bloomberg) Oil edged lower after its longest run of gains since February, as the market weighed a series of supply outages against smaller quotas in China, the world’s largest crude importer.West Texas Intermediate traded near $76 a barrel after a 12% jump over six sessions. Global benchmark Brent is heading into the end … Read more

Dec 30, 2021 (Bloomberg) Europe has never paid so much for electricity as in 2021.The average cost of power for delivery in the short-term is on track to end the year at a records levels, rising over 200% in Germany, France, Spain and the U.K. In the Nordic region — where vast supplies of hydro power … Read more

Dec 30, 2021 (Bloomberg) Kuwait’s candidate to take over as OPEC’s top diplomat has widespread support from the group’s members, delegates said. Haitham al-Ghais, an executive at Kuwait Petroleum Corp., has backing from a number of nations to succeed Mohammad Barkindo as secretary-general, said the delegates, who asked not to be identified discussing an internal … Read more

Dec 28, 2021 (Bloomberg)  Mexico plans to halt crude oil exports in 2023 as part of President Andres Manuel Lopez Obrador’s nationalist goal of self-sufficiency in fuel production.Petroleos Mexicanos, the Mexican state-owned producer known as Pemex, will reduce daily crude exports next year by more than half to 435,000 barrels before phasing out sales to … Read more

Dec 29, 2021 (Bloomberg) Gazprom PJSC has finished preparing the controversial Nord Stream 2 pipeline for natural gas exports to Europe, yet actual deliveries depend on how quickly regulators grant the project approval amid souring relations between Russia and Western nations. “Nord Stream 2 is ready for operations,” Russian President Vladimir Putin said Wednesday at … Read more

Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC+ group of largest oil producers has resisted calls from Washington to boost output because it wants to provide the market with clear guidance and not deviate from policy. The United States has repeatedly pushed OPEC+ to accelerate output hikes as U.S. gasoline prices soared … Read more

Dec 28, 2021 (Bloomberg) Carbon emissions in China could peak two years earlier than planned as the economy slows and Beijing prioritizes renewable energy, according to a leading government think tank.China has pledged that CO2 will peak in 2030, a crucial inflection point on the road to net-zero emissions by 2060. But the world biggest … Read more

Dec 29, 2021 (Bloomberg) Oil held near a one-month high after industry data pointed to another drop in U.S. crude inventories and traders bet the fast-spreading omicron variant would prove to be less severe than earlier virus waves. West Texas Intermediate was steady near $76 a barrel after gaining 11% over the past five sessions. … Read more

 REUTERS Summary Oil trades at one-month high Outages in Ecuador, Nigeria, Libya support U.S. inventories likely to have fallen last week -Reuters poll LONDON, Dec 28 (Reuters) – Oil prices extended gains on Tuesday, with Brent crude trading near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, supported by supply outages … Read more

Dec 27, 2021 (Bloomberg) Oil rose as investors weighed the rapid spread of omicron against signs it may be milder than previous variants.Brent futures rose 0.7%, swinging between gains and losses amid thin trading volumes. West Texas Intermediate, which didn’t have a settlement on Friday due to a U.S. holiday, fell from Thursday’s level. Daily omicron … Read more

(Bloomberg) For a glimpse of how much longer this year’s energy crunch is going to last, look no further than the European natural gas market.Forward prices have more than doubled over the past month, with traders betting the unprecedented squeeze will last into early 2023. Gas will be expensive even when the weather is hot. … Read more

Dec 24, 2021 (Bloomberg)  Brent oil fell as  trading volumes thinned moving into the holiday period, but still headed for a weekly gain on signs that the omicron variant of the virus may be less severe than previous strains. Futures in London slipped 0.9% toward $76 a barrel on Friday.While omicron has led to some … Read more

MOSCOW, Dec 24 (Reuters) – Europe, struggling with soaring gas prices, is missing out on additional Russian supplies amid delays to the Nord Stream 2 pipeline, a top Russian official signalled on Friday. Deputy Prime Minister Alexander Novak said European companies that invested in the project, which is awaiting German and EU regulatory approval, would … Read more

Dec 23 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for a third week in a row as demand for energy keeps growing after last year’s coronavirus demand destruction. The oil and gas rig count, an early indicator of future output, rose seven to 586 in the week to Dec. … Read more

Dec 23, 2021 (Bloomberg) Record-high power and gas prices have crippled energy suppliers worldwide, leaving some running at a loss and causing many to collapse altogether.Energy providers are closing down in the U.K., the Netherlands, Germany, the Czech Republic, Belgium, Finland and Singapore. That’s reducing choice for consumers, triggering government intervention and threatening innovation. It’s been … Read more

(Bloomberg) Oil held near the highest settlement in four weeks as traders weighed falling U.S. crude stockpiles against the threat to demand from the omicron virus variant. Futures in New York traded below $73 a barrel, though liquidity is dwindling heading into the holiday period. U.S. crude inventories dropped by 4.72 million barrels last week, according … Read more

Dec 22, 2021, (Bloomberg)  Oil steadied as investors weighed mixed demand signals and trading volumes thinned moving into the holiday period.Futures in New York traded just below $72 a barrel after rallying on Tuesday with other financial assets. An energy crunch in Europe and an industry report that pointed to another decrease in U.S. crude stockpiles added … Read more

Dec 22, 2021 (Bloomberg) Despite a drop in clean-energy stocks and intensifying concerns about widespread greenwashing, the market for investment products sold as being ESG-related had another record year by most yardsticks. Issuance of sustainable loans and bonds, where proceeds are supposedly earmarked for environmental projects or to further a company’s social goals, exceeded $1.5 trillion, including about … Read more

Image Dec 21 (Reuters) – The United States is set to become the world’s biggest liquefied natural gas (LNG) exporter in 2022, surpassing Qatar and Australia, and may hold that title for years to come. In a year when China and other large economies i n Europe and Asia scrambled to source enough supply for … Read more

Dec 21, 2021 (Bloomberg) Oil rose as traders assessed the outlook for demand amid the rapid spread of omicron.Futures in London climbed above $72 a barrel in a volatile trading session on Tuesday, having fallen about 5% over the past two days. The new virus variant accounted for 73% of all Covid-19 infections in the U.S. last week, … Read more

Dec 20, 2021 (Bloomberg) The U.K. proposed a series of climate change tests to determine whether new oil and gas fields can be built off its shores, but said its net-zero pledge doesn’t require the industry to be shut down. New projects could potentially still be allowed if they can show that their proposed emissions are … Read more

Dec 19, 2021 (Bloomberg)  Equinor ASA will drill about 25 exploration wells off Norway’s coast next year in a bet that it will be among the last companies still producing oil and gas when the world has achieved net-zero emissions.All scenarios, including the International Energy Agency’s vision of a net-zero world, include the continued use … Read more

Dec 18, 2021 (Bloomberg)  Prices for lithium, the building block of electric-vehicle batteries, shot to a record this year, amplifying concerns there won’t be enough of the metal to fuel the switch away from combustion engines. In that climate, now should be a prime time to build a mine.Rio Tinto Group is finding out otherwise. … Read more

Dec 17 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for a second week in a row as demand for energy keeps growing after last year’s coronavirus demand destruction. The oil and gas rig count, an early indicator of future output, rose three to 579 in the week to Dec. … Read more

(Bloomberg) The world likely will generate more electricity from the dirtiest source this year than ever before, indicating just how far the energy transition still needs to run in the fight against climate change. Coal-fueled generation is set to jump 9% from last year, according to an International Energy Agency report released Friday. That U-turn from … Read more

(Bloomberg) Oil at $100 a barrel cannot be ruled out in 2023 as supply additions are expected to be too slow to keep up with record demand, according to Goldman Sachs Group Inc. While the bank’s base forecast is for Brent to stay around $85 next year and 2023, it could breach triple digits through … Read more

Dec 17, 2021 (Bloomberg) Oil fell for the first time in three days as traders grew more concerned about the demand impact from the omicron variant and tighter monetary policy.Futures in New York slid 1.6% to trade near $71 a barrel after rising 2.3% over the past two sessions. Daily Covid-19 cases in the U.K. have … Read more

OSLO, Dec 14 (Reuters) – Equinor (EQNR.OL) will drill more oil and gas exploration wells off its native Norway in 2022 than this year to help sustain the company’s future cash flow, a senior executive said on Tuesday. The majority state-owned company plans to drill 25 exploration well in Norway, up from 16 wells this year, focusing … Read more

Summary No decisions on Nord Stream 2 expected in H1 – German regulator Review period will restart once documents have been submitted Russia had hoped certification would be given in spring – RIA DUESSELDORF/FRANKFURT, Dec 16 (Reuters) – The German energy regulator’s eagerly-awaited decision on fully certifying the Nord Stream 2 gas pipeline won’t come … Read more

Dec 16, 2021 (Bloomberg) Oil rose after U.S. crude stockpiles fell the most since September and a more hawkish Federal Reserve spurred a broader rally in financial markets on speculation it can slow inflation without derailing growth.Futures in New York climbed as much as 1.5% after recovering from omicron concern in the previous session to close … Read more

Dec 15, 2021 (Bloomberg) Oil declined for a third day as global markets tip into a supply surplus, with demand pressured by the spread of the omicron Covid-19 variant worldwide and Chinese constraints on fuel use.Futures slid 1.3% in New York amid a growing conviction that inventories are starting to rise and will accumulate more rapidly … Read more

Dec 13, 2021 (Bloomberg) Saudi Arabia said global oil production could drop 30% by the end of the decade due to falling investment in fossil fuels.“We’re heading toward a phase that could be dangerous if there’s not enough spending on energy,” Oil Minister Abdulaziz bin Salman said in Riyadh. The result could be an “energy crisis,” … Read more

Summary Raises first-quarter 2022 demand forecast by 1.11 mbpd Sees demand at 100 mbpd in Q3 2022, as previously forecast OPEC November output rises 220,000 bpd No further U.S. shale growth seen LONDON, Dec 13 (Reuters) – OPEC on Monday raised its world oil demand forecast for the first quarter of 2022 and stuck to … Read more

(Bloomberg) Oil fell in New York after its biggest weekly jump in three months as traders weighed the risks from the omicron variant, and physical markets showed further signs of softening.West Texas Intermediate futures slipped 0.7% to trade near $71 a barrel, reversing earlier gains as confidence that fuel consumption will withstand the new virus strain … Read more