Austria’s energy firm OMV has seized $241 million (230 million euros) of Gazprom natural gas deliveries for October as a means to recover the arbitration award, which prompted Gazprom to cut off supply, sources close to OMV and Gazprom have told Reuters. Earlier this month, OMV said that it had been awarded 230 million euros, plus interest and costs, in an arbitration case against Gazprom’s irregular German gas supplies and would take “the necessary next steps to enforce the arbitral award with immediate effect.” In…

Austria’s energy firm OMV has seized $241 million (230 million euros) of Gazprom natural gas deliveries for October as a means to recover the arbitration award, which prompted Gazprom to cut off supply, sources close to OMV and Gazprom have told Reuters. Earlier this month, OMV said that it had been awarded 230 million euros, plus interest and costs, in an arbitration case against Gazprom’s irregular German gas supplies and would take “the necessary next steps to enforce the arbitral award with immediate effect.” In…

The transition team of incoming U.S. President Donald Trump is drafting an energy package to expand domestic oil and gas drilling on federal lands and offshore lease sales, in addition to expediting LNG export permits, Reuters reported on Monday, citing sources with knowledge of the plans. President-elect Trump has vowed on the campaign trail to support the oil, gas, and coal industries and repeal some of President Biden’s environmental-oriented measures, including a pause on new LNG permitting and the minimum possible offshore oil and gas…

Anglo American on Monday said it would sell its remaining portfolio of steelmaking coal mines in Australia to Peabody Energy for up to US$3.775 billion in cash, as the mining giant has embarked on a major restructuring of its business. With the deal announced today, Anglo American expects to generate up to US$4.9 billion in aggregate gross cash proceeds from its coal assets, including the already announced sale of Anglo American’s interest in Jellinbah for about US$1.1 billion. After rejecting takeover offers from mining giant BHP, Anglo…

China’s crude oil imports could rise at the end of this year and early next year as independent refiners have just been issued additional crude import quotas for end-2024. Chinese authorities have issued additional quotas to the private refiners, the so-called teapots, to import at least another 5.84 million metric tons of crude by the end of the year or early next year, sources with knowledge of the developments told Reuters on Monday. This additional import quota, equal to about 116,800 barrels per day (bpd) of crude, could boost Chinese…

ONEOK has struck a deal with EnLink Midstream to buy its remaining assets in the Permian for $4.3 billion in stock, boosting its presence in the star of the shale patch further amid growing expectations of a surge in natural gas demand. Earlier this year, the gas infrastructure operator acquired a 43% stake in EnLink Midstream, paying $3.3 billion for it. It also acquired a stake in another pipeline operator at the time, Medallion Midstream, for $2.6 billion. ONEOK is one of the largest energy infrastructure operators in North America. It has a…

Crude oil prices started the week with a dip after booking a gain of 6% last week, fueled mostly by geopolitical factors as the war between Russia and Ukraine escalated. At the time of writing, Brent crude was trading at $74.58 per barrel, with WTI at $70.65 per barrel. At the same time, Iran changed its tune on enriched uranium in anticipation of tighter sanction enforcement by Washington after Donald Trump takes office in January. Bloomberg reported Tehran had said it would boost its capacity to enrich uranium after it received a censure from…

Goldman Sachs expects Brent crude to average between $70 and $85 per barrel next year, citing high spare production capacity as factor for keeping a lid on prices, regardless of the actual physical supply situation. In a recent update, the investment bank noted the perception of an oversupplied market among traders as one reason for its price forecast, which sees the average for Brent crude at $76 for 2025. It added, however, that the downward potential for prices is just as limited, citing the “price elasticity of OPEC and shale supply”.…

More than 100 years ago, a ship left a Nova Scotia harbor carrying a precious cargo that few today would recognize as valuable. The crew, full of optimism, was bound for Wales hoping that the metal they carried would lead them to riches. Unfortunately, they never made it. A German U-boat lurking in the cold Atlantic waters fired a torpedo and the ship went down, sinking to the ocean floor along with its mysterious cargo. At the time, the metal seemed unimportant, but its true value wasn’t fully realized until later. Fast forward to today…

Until about a year ago, no one paid much attention to data centers. Everyone used them, of course, but they didn’t think about them. Then, the AI rush began. It was followed by a rush for energy supply. One year in, and data centers are threatening the very energy transition on which so many governments have staked everything. Power utilities, regulators, and climate activists appear to be experiencing growing concern about the immediate outlook for oil and gas demand, Reuters reported this week, saying the fast growth in demand for electricity…