OilPrice.com Daily News Update
All the latest in Oil, Gas, Commodity news and analysis
Austria Plans To Power Industry With Oil Instead Of Gas
by Julianne Geiger
5 Jul 2022 at 5:30pm
Austria's energy minister said it intends to order industry and utilities to switch from using natural gas as it looks to stockpile more natural gas to help insulate it from being cut off from Russian supplies, Reuters reported on Tuesday. Austria will encourage industry and utilities to use alternate fuels such as crude oil, Austrian energy minister Leonore Gewessler said. Austria gets 80% of its natural gas from Russia. And while its electricity is generated mostly from hydropower, its industrial sector and utilities, however, use a significant?
Are U.S. Gasoline Refiners Running Out Of Steam?
by Tsvetana Paraskova
5 Jul 2022 at 5:00pm
U.S. refineries have been operating at or near maximum utilization levels in recent weeks as demand recovers. Petroleum stocks are sitting at multi-year lows, and refining margins are sky-high. Refinery utilization at 95% is at its highest since before COVID?September 2019. Yet, refiners don?t have much room to safely raise capacity usage further, while the summer season with heat waves and hurricanes could suddenly take some capacity off the market, further straining gasoline supply and putting upward pressure on gasoline?
OPEC Secretary General: The Oil And Gas Industry Is Under Siege
by Julianne Geiger
5 Jul 2022 at 4:30pm
The oil and gas industry is "under siege" OPEC Secretary General Mohammad Barkindo said on Tuesday. After years of underinvestment on a global scale, the oil and gas industry is now "facing huge challenges along multiple fronts," the Secretary General told delegates at an industry conference in Lagos. "These threaten our investment potential now and in the long term, to put it bluntly, my dear friends, the oil and gas industry is under siege," Barkindo said, citing geopolitical developments in Europe. Barkindo also suggested that the supply shortage?
China Is Taking Advantage Of Western Sanctions On Russia
by Irina Slav
5 Jul 2022 at 4:00pm
When the Trump administration slapped sanctions on Venezuela and Iran, China became the largest buyer of these countries? crude oil despite repeated warnings by Washington officials?and not just warnings but action, too?that there is such a thing as secondary sanctions. Now, China has also become an even bigger buyer of oil from the world?s biggest exporter, incidentally the subject of not just U.S. but European Union sanctions, too. And while oil prices for most of the world are rising, for China, they are falling. Bloomberg?
Why Oil Prices Crashed By 10% Today
by Julianne Geiger
5 Jul 2022 at 3:31pm
Crude oil prices fell by nearly 7% on Tuesday as fears of a recession mount?a scenario that could put a dent in oil demand. The plummeting price action comes as Saudi Arabia announced a price hike for all its crude grades in August to its prized market, Asia. Saudi Arabia?s price hike comes mostly as expected by the market on strong refining margins and expectations of strong demand. But while Saudi Arabia lifted the August price for its flagship crude grade to Asia, Arab Light, by $2.80 per barrel, the price of Brent and WTI?
Oil And Gas Stocks Provide A Glimmer Of Light In A Dark Market
by Alex Kimani
5 Jul 2022 at 3:00pm
Oil and gas companies have emerged as the only bright spot in a deeply bearish U.S. stock market, thanks to soaring commodity prices fuelled by the war in Ukraine. The S&P 500 ended H1 2022 with a 20.6% fall, marking its worst H1 since 1970. A combination of factors caused the slump, including surging COVID-19 cases driven by the Omicron variant at the beginning of the year, followed by Russia's invasion of Ukraine in February, decades-high inflation, and aggressive interest rate hikes from the Federal Reserve. In sharp contrast, the?
Russia To Hit Gazprom With $20 Billion Windfall Tax
by Michael Kern
5 Jul 2022 at 2:30pm
Russia?s lower house of parliament approved on Tuesday amendments in the country?s tax code that would slap a windfall tax on Gazprom of the equivalent of $20 billion between September and November, which will boost Russia?s tax revenue income. The amendment still needs to be approved by the upper house of the Russian Parliament and President Vladimir Putin before becoming law. Under the plans, gas giant Gazprom will pay $6.5 billion (416 billion Russian rubles) per month for three months, on top of its other taxes.?
Is This The Most Promising Oil Discovery Hotspot On Earth?
by Matthew Smith
5 Jul 2022 at 2:00pm
ExxonMobil?s slew of major oil discoveries in offshore Guyana since 2015 has seen the deeply impoverished former British colony become a hotspot for offshore drilling activity. That has sparked considerable interest in the oil potential of neighboring Suriname. The one-time Dutch colony, which until July 2020 was embroiled in a series of scandals involving former President Desi Bouterse, shares the Guyana-Suriname Basin. That basin is the focal point of one of the world?s largest offshore drilling booms with recent discoveries pointing?
Britain To Slap New Sanctions On Belarus For Aiding Russian Invasion
by RFE/RL staff
5 Jul 2022 at 1:30pm
The British government says it will introduce a new round of economic, trade, and transport sanctions on Belarus and the regime of authoritarian ruler Alyaksandr Lukashenka. In a statement on July 4, the British Foreign Office said the package of sanctions "extends some of the significant measures made against Russia to Belarus." It said the new sanctions will be formally announced and take effect on July 5. Western governments have imposed financial sanctions on Russia to punish it for its unprovoked invasion of Ukraine. Belarus is not a direct?
Colombia?s Shale Oil Industry Is Increasingly Unappealing For Investors
by Matthew Smith
5 Jul 2022 at 1:00pm
A lack of major oil discoveries and meager proven reserves of 2 billion barrels saw Colombia look to hydraulic fracturing as a means of securing the future of its economically crucial hydrocarbon sector. While it is believed that the Andean country possesses considerable unconventional oil potential fracking is attracting considerable opposition from a wide cross-section of Colombian society. That opposition along with considerable uncertainty as to whether the national government can effectively regulate the controversial technique saw Colombia?s?
France?s Nuclear Woes Will Worsen Europe?s Power Crisis
by Tsvetana Paraskova
5 Jul 2022 at 12:30pm
Drought and hot weather this summer are adding to France?s nuclear power generation problems at the worst possible moment. As Europe grapples with low Russian gas supply and the threat of no Russian supply at all, non-Russian energy sources are more important than ever. French power giant Electricite de France (EDF) warned on Tuesday that it may have to reduce nuclear power generation as the water levels of rivers are low and water temperatures high. France has been experiencing outages at its nuclear reactors in recent months,?
How International Aid Could Counter Or Cause A Crisis In Central Asia
5 Jul 2022 at 12:00pm
Environmental degradation and climate change are deepening human security dilemmas in Central Asia. In developing more effective responses, foreign governments and international donors need to abandon a ?one-size-fits-all? approach, a new report argues, and adopt more targeted policies that establish clear benchmarks while accounting for the region?s legacy of authoritarianism and graft. The report, The Nexus of Environmental Issues, Poverty, and Political Authoritarianism in Central Asia, outlines a wide array of environmental?
Sweden And Finland Move One Step Closer To Joining NATO
by RFE/RL staff
5 Jul 2022 at 11:30am
The 30 NATO allies have signed off on the accession protocols for Sweden and Finland, sending the membership bids of the two countries to the alliance capitals for legislative approval, in a historic step brought on by Russia's unprovoked war in Ukraine. "This is a good day for Finland and Sweden and a good day for NATO," alliance chief Jens Stoltenberg told reporters in a joint press statement with the Swedish and Finnish foreign ministers on July 5. "With 32 nations around the table, we will be even stronger and our people will be even safer?
Oil Billionaire: There?s Only One Fix For Inflation
5 Jul 2022 at 11:00am
New York billionaire and refiner John Catsimatidis, who owns hundreds of gas stations, blasted President Joe Biden?s pinning the blame on high prices at the pump on gas station owners, arguing there?s only one solution for inflation - boosting production of crude. Catsimatidis made the remarks in an interview on Fox News on June 24, after being asked to comment on Biden?s call to gas station owners to ?bring down the price you are charging at the pump to reflect the cost you are paying for the product.? ?Do it?
UK Motorways Crippled By Fuel Price Protests
5 Jul 2022 at 10:30am
British authorities warned drivers of "serious disruption" on Monday as protestors seeking relief from high fuel costs used "go-slow" convoys to cause traffic jams on major UK motorways over a wide swath of territory. Organized via social media under the banner of "Fuel Price Stand Against Tax," rolling, slow-moving roadblocks of cars, trucks and tractors started their protests around 7am. According to The Guardian: Motorways in the Bristol area, Devon, Cornwall, south Wales, Essex, Yorkshire and Lincolnshire were among those affected.?