Turkey has said it is prepared to significantly increase natural gas exports to the European Union, desperate to further wean itself off Russian gas, but it won’t be easy or cheap: In order to do that, the most likely route is to re-export Azeri natural gas from Turkey. That, in turn, would require Turkey to take in more Russian gas to make up for the shortfall. In terms of reducing the amount of natural gas revenue for Moscow’s war coffers, then, it’s a wash. Money spent by the EU on Russian natural gas would simply be shifted…

King Charles announced no fewer than 40 government bills in his traditional speech to mark the State Opening of Parliament. From establishing a new wealth fund, to charging VAT on private schools, to radical changes to the planning process, the King’s Speech was heavy on big, headline-grabbing policies that will touch the lives of people across the country. But there was one bill the King read through which will affect him in particular. The Crown Estate Bill, the King pronounced, will “modernise The Crown Estate by removing outdated…

The European Parliament's endorsement on July 18 of German Ursula von der Leyen for a second five-year term as president of the European Commission marks a bid for continuity in the EU's executive branch with a seasoned politician whose European tenure has been inextricably bound to the fortunes of the bloc's political center. An accomplished scion of the European project's founding generation of senior civil servants, the Belgian-born von der Leyen built a successful career as an adroit and effective cabinet minister under German Chancellor Angela…

Once one of the world’s most successful oil companies, the Mexican state-owned firm Pemex, has been falling increasingly into debt over the last decade, only surviving by pursuing cheaper shallow-water oil operations and being bailed out by the government. The recently elected incumbent Mexican president, Claudia Sheinbaum, is expected to continue supporting President Andres Manuel Lopez Obrador’s (AMLO) ambitious oil and gas plans despite Pemex’s failings, in addition to adding renewable energy capacity. However, following years…

After years of being more or less isolated from the rest of the world, U.S. benchmark natural gas prices are becoming an influential force in shaping the structure of many contracts on the global LNG market.  The price at Henry Hub in the United States will give increasingly important price signals to the regional LNG and natural gas prices in Asia and Europe due to the sheer scale of rising U.S. LNG exports and the growing share of American LNG in the imports of buyers in Europe and Asia.   The U.S. benchmark natural gas…

China has long dominated the renewable energy space, as the government has been investing in ramping up the country’s green energy capacity for several decades. It is already the biggest solar and wind producer, as well as the biggest lithium miner, in the world, and its expansion plans show no signs of slowing.  A recent report by Global Energy Monitor (GEM) showed that China’s wind and solar power project pipeline is almost twice as big as the rest of the world combined. China currently has 180 GW of solar energy and 159…

London listed mining group ACG is gearing up for a global deals spree after snapping up a Turkish copper mine for $290m (£223m) today. Acquisition Company Limited (ACG), a special purpose acquisition vehicle listed on the London Stock Exchange, revealed this morning it had bought Turkey-based Polimetal in the first push of a “global copper consolidation strategy”. Polimetal holds mining rights and operates the Gediktepe mine, an open pit mine located in the Bigadiç district of the Bal?kesir province of Western Turkey. …

Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, Bloomberg has reported. The country’s seaborne crude shipments have now sunk to the lowest since January and are likely to remain that way at least to the end of August, thanks to a rebound of domestic refining rates to a six-month high. China and India are likely to feel the export cuts most keenly since they buy more than 80% Russian seaborne crude sales. However,…

Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, Bloomberg has reported. The country’s seaborne crude shipments have now sunk to the lowest since January and are likely to remain that way at least to the end of August, thanks to a rebound of domestic refining rates to a six-month high. China and India are likely to feel the export cuts most keenly since they buy more than 80% Russian seaborne crude sales. However,…

Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, Bloomberg has reported. The country’s seaborne crude shipments have now sunk to the lowest since January and are likely to remain that way at least to the end of August, thanks to a rebound of domestic refining rates to a six-month high. China and India are likely to feel the export cuts most keenly since they buy more than 80% Russian seaborne crude sales. However,…

Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, Bloomberg has reported. The country’s seaborne crude shipments have now sunk to the lowest since January and are likely to remain that way at least to the end of August, thanks to a rebound of domestic refining rates to a six-month high. China and India are likely to feel the export cuts most keenly since they buy more than 80% Russian seaborne crude sales. However,…

Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, Bloomberg has reported. The country’s seaborne crude shipments have now sunk to the lowest since January and are likely to remain that way at least to the end of August, thanks to a rebound of domestic refining rates to a six-month high. China and India are likely to feel the export cuts most keenly since they buy more than 80% Russian seaborne crude sales. However,…

Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, Bloomberg has reported. The country’s seaborne crude shipments have now sunk to the lowest since January and are likely to remain that way at least to the end of August, thanks to a rebound of domestic refining rates to a six-month high. China and India are likely to feel the export cuts most keenly since they buy more than 80% Russian seaborne crude sales. However,…

Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, Bloomberg has reported. The country’s seaborne crude shipments have now sunk to the lowest since January and are likely to remain that way at least to the end of August, thanks to a rebound of domestic refining rates to a six-month high. China and India are likely to feel the export cuts most keenly since they buy more than 80% Russian seaborne crude sales. However,…

Russia’s four-week average seaborne oil exports fell to 3.11 million barrels a day as of July 14, down by almost 600,000 barrels or 17% from their recent peak in April, Bloomberg has reported. The country’s seaborne crude shipments have now sunk to the lowest since January and are likely to remain that way at least to the end of August, thanks to a rebound of domestic refining rates to a six-month high. China and India are likely to feel the export cuts most keenly since they buy more than 80% Russian seaborne crude sales. However,…

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 2 to 586 this week, compared to 669 rigs this same time last year. The number of oil rigs fell by 1 this week, falling by a single rig in the week prior. Oil rigs now stand at 477—down by 53 compared to this time last year. The number of gas rigs rose by 3 this week to 103, a loss of 28 active gas rigs from this time last year. Miscellaneous rigs stayed the same…

Canadian crude exported from the U.S. Gulf Coast in June clocked in at 1500,000 barrels per day, only slightly lower than average despite the commissioning of the expanded 590,000 b/d Trans Mountain pipeline (TMX) in May.   TMX has the potential to cut shipments from the U.S. Gulf Coast to India, China, and South Korea if more oil from Canada's West Coast heads to Asia. TMX could also displace shipments of some Latin American grades to Asian countries. Vortexa analyst Rohit Rathod has told Reuters that the Gulf Coast’s…

Canadian crude exported from the U.S. Gulf Coast in June clocked in at 1500,000 barrels per day, only slightly lower than average despite the commissioning of the expanded 590,000 b/d Trans Mountain pipeline (TMX) in May.   TMX has the potential to cut shipments from the U.S. Gulf Coast to India, China, and South Korea if more oil from Canada's West Coast heads to Asia. TMX could also displace shipments of some Latin American grades to Asian countries. Vortexa analyst Rohit Rathod has told Reuters that the Gulf Coast’s…

Centrica, the FTSE 100 owner of British Gas, has lost an appeal against HMRC. The Supreme Court has dismissed an appeal by Centrica’s investment arm over the treatment of professional services fees. Centrica Overseas Holdings, the energy supplier’s investment entity, acquired a Dutch company, Oxxio and its four subsidiaries in July 2005. However, the deal didn’t go to plan. Around mid-2009, Centrica decided to sell Oxxio and went on to instruct professional advisers. By March 2011, following a lengthy process, the investment business…

China's largest oil refining company, China Petroleum & Chemical Corp., aka Sinopec, processed 126.69 million metric tons of crude oil or 5.08 million barrels per day (bpd) in the first six months of the current year, good for a mere 0.1% Y/Y increase, the company has reported. That compared with 1.7% output growth in the first quarter, pointing to a sharp slowdown in processing in the second quarter thanks to higher crude prices and lackluster domestic fuel demand. Sinopec reported that total domestic refined fuel sales declined 2.5%…