A new US Department of Energy survey provides updated data on oil & natural gas production in the CaspianBasin. It shows that four regional states – Azerbaijan, Kazakhstan, Turkmenistan and Uzbekistan – collectively account for 3 percent of global energy production.
Europe’s biggest energy producers and traders warned the European Commission against introducing a gas price cap as a tool during times of crisis, after some officials raised the idea in recent months.
The United States has become the largest LNG exporter in the world in a few short years and it also became the biggest supplier to the European after 2022 and the suspension of most Russian pipeline flows. Before 2022, U.S. LNG exports to the continent averaged 15 million tons per year, but they jumped to 55 million tons in both 2022 and 2023.
The European Union and Mexico have agreed to a revamped free-trade agreement days before Trump begins a second term. Mexico, in particular, has been working to revamp the trade deal with the EU ahead of Trump’s inauguration as a way to show strength before the review of the US-Mexico-Canada trade agreement, known as USMCA. The U.S. is, by far, Mexico’s biggest trade partner, accounting for 83% of Mexico’s trade relationship. Trump has criticized the EU’s trade practices and said he would impose duties on exports by the bloc. He’s also said he’d impose 25% tariffs on goods from Mexico.
Prior to the decision by Baghdad, Syria was importing some ~120,000 barrels of Iraq crude daily. Meanwhile, supplies of crude oil from Iran have also ended following the news of the change in power in Syria. Fuel prices in Syria have skyrocketed due to acute shortages during the transitional period.
The European Union is considering import restrictions on Russian aluminum and phasing out liquefied natural gas from the nation as part of a new package of sanctions targeting Moscow for its full-scale invasion of Ukraine, according to people familiar with the matter.
The European Union’s top diplomat Kaja Kallas said Ukraine’s allies should work toward lowering the price cap on Russian oil in order to deprive the Kremlin of revenue.
The European Council on Monday adopted another package of sanctions against Russia and Russia-linked entities over the war in Ukraine, including oil tankers.
Since 2020, there have been military coups in Burkina Faso, Mali, and Niger. Potential spillover of conflicts to the coastal West African countries could endanger some oil projects and deter foreign investment, according to report by analyst – Tsvetana Paraskova, writing for Oilprice.com.
The European Union has accumulated record amounts of natural gas in its storage facilities and has done so ahead of its own schedule.