Russia is still considering its response to the $60 price cap on its crude oil, but it is close to completing the work on the countermeasures, Kremlin spokesman Dmitry Peskov said on Monday.
Oil prices rose on Monday after tumbling by more than US$2 a barrel in the previous session as optimism over the Chinese economy outweighed concern over a global recession.
A group of investors has put forward resolutions urging four of the world’s top oil and gas companies to set broad climate targets for 2030, reviving pressure on the sector after a year that saw governments shift their focus to energy security.
A new explosion and inferno has hit a strategic Russian oil and gas field amid suspicions key facilities are being targeted in sabotage attacks linked to Vladimir Putin’s war in Ukraine.
Nigeria recorded a shortfall in crude oil production totalling 6.9 million barrels per day (bpd) between January and November, 2022.
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.