EU ministers have agreed a plan to cap the price of gas, ending months of argument over how to handle the cost of soaring energy prices after Russia cut gas supplies to Europe.
Russia has announced a major cut in the oil export levy in January following the introduction of a price cap on its crude oil by G7 countries and Australia.
In this week’s edition of oil and gas industry hits and misses, one of Rigzone’s regular market watchers looks at what is stifling crude’s upward momentum and focuses on market surprises, as well as some factors to watch next week.
Despite successfully filling its gas storage ahead of winter this year, Europe’s energy crisis is far from over. The situation for Europe could, in fact, be worse next winter when Russian pipeline gas supply will be down to a trickle, at best.
U.S. gasoline prices are now lower than they were at this time last year, and the national average could drop to below $3 per gallon by Christmas. Higher-than-usual refinery utilization rates are key contributors to the drop in gasoline prices as refiners have operated at near capacity since the September-October maintenance season.
In its latest monthly report, OPEC revealed it had yet again failed to produce as much oil as it agreed to produce the last time it discussed output. And it wasn’t by a few thousand barrels per day, either. The shortfall was some 1.8 million barrels daily, but more importantly, that sort of undershooting of its own target has become a regular thing for the cartel
The number of total active drilling rigs in the United States slipped again this week, according to new data from Baker Hughes published on Friday.
The Bulk Oil Storage and Transportation Company Limited (BOST), has discounted claims in the media that a liquid substance thought to have leaked from a national oil pipeline at a spot near Atimpoku in the Eastern region, was diesel.
Three major oil and gas firms have been fined a total of £265,000 for actions that have impacted the industry’s efforts to cut back on emissions, a regulatory body has said.
The US Department of Energy (DoE) will begin repurchasing crude oil for the Strategic Petroleum Reserve (SPR) as the oil price falls below what it was sold for.