Ukraine is calling for Canada to reverse a decision to exempt the return of turbines from its Russian sanctions, insisting that there are other solutions to solving Europe’s energy crisis.
OPEC also still forecasts supply growth to come from U.S. Permian Basin oil and non-conventional NGL and the Gulf of Mexico, according to the group’s latest oil market report.
IEA Chief Says Price Cap on Russian Oil Should Include Refined Products “Critical minerals security will be an important issue for energy security in the future,” International Energy Agency executive director Fatih Birol said of the IEA’s plan to cap the price of Russian oil to curb inflation.
OPEC Could Take ‘Further Steps’ on Oil Output, White House Official Says President Joe Biden will make a stop in Saudi Arabia this week, pushing energy policy into the spotlight as the U.S. and other countries face soaring fuel prices that are driving up inflation.
The decision allows companies, including U.S.-based Exxon Mobil and ConocoPhillips, to move forward with environmental impact assessments necessary to conduct fracking to tap into Colombia’s shale resources.
US Extends License for Continued LPG Exports to Venezuela The U.S. government had issued a general license for the first time last year authorizing LPG supplies to Venezuela, mainly used in the OPEC nation as cooking fuel, with that license set to expire on July 8.
Norway Approves Ormen Lange Expansion, Development Plans for Two Other Gas Fields The Ormen Lange phase 3 extension, Norway’s second largest gas field, will as a result increase gas recovery from 75% to 85%, the country’s ministry said.
UK Oil Sector Secures Changes to Windfall Tax, Seeks More amid Government Chaos Oil and gas companies said the tax would lead to shrinking investment and, ultimately, less domestic production to underpin Britain’s energy security.
US Tightens Sanctions on Iran, Targets Chinese, UAE Firms over Oil Washington has increasingly targeted Chinese companies over the export of Iran’s petrochemicals as the prospects of reviving the nuclear pact have dimmed.
Kremlin spokesman Dmitry Peskov Medvedev also said Japan “would have neither oil nor gas from Russia, as well as no participation in the Sakhalin-2 LNG project” as a result.