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.
The 20th Ministerial Council meeting of the Energy Community, held in Vienna today, has reached agreement on a number of important issues which will further enhance energy cooperation between the EU, the Western Balkans and the three Eastern Partners – Ukraine, Moldova and Georgia. Crucially, the Contracting Parties agreed on an ambitious renewable energy target of 31% for 2030, as well as energy efficiency and greenhouse gas emissions targets.
U.S. Energy Secretary Jennifer Granholm extended an olive branch to the oil and gas industry, telling executives at a meeting in Washington that she recognizes that fossil fuels will be around for a long time, even as the Biden administration works to transition away from them to cleaner alternatives, Bloomberg reports.
The Economic and Financial Crimes Commission (EFCC) has so far recovered over N201 billion from oil firms defaulting on royalties to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the 3 per cent statutory payment to the Niger Delta Development Commission.