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Many readers will be frustrated to read reports from National Grid and others that renewable energy and battery site developments are being held up by a lack of grid and power transmission, and distribution capacity with which to connect them.

The Telegraph

Why Shell’s shares could look cheap

The surprise increase in the price of Saudi Arabian crude oil for March-loading cargoes is being viewed by the market as a bullish signal that Chinese demand is ramping up as the world's biggest importer reopens and stimulates its economy.

Reuters

China crude demand rising, but costly Saudi oil is less desirable

Oil benchmarks fell sharply last week with global economic concerns overcoming any positive upsides seen on account of the Chinese demand recovery, stable exports of Russian oil or the unexpectedly strong US employment data. 

After much deliberation, the G7 set a price cap of $100/bbl for Diesel, Gasoline and Jet fuel. For products that generally trade at a discount to crude oil, the price cap has been set at $45/bbl. The crude oil price cap is set to be reviewed in March 2023.

Zawya

Oil market review: Price cap agreed on Russian refined petroleum products

French oil major TotalEnergies (TTEF.PA) posted a record net profit of $36.2 billion in 2022, double the previous year, joining in the sector's bumper earnings thanks to higher oil and gas prices since Russia invaded Ukraine.

TotalEnergies net profits double to record $36.2 bln in 2022

Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars toward shipping and refining firms, some with Russian connections.

Lost Russian oil revenue is bonanza for shippers, refiners

A nationwide strike in France over a proposed pension reform interrupted on Tuesday the shipment of fuels from refineries and a fuel depot of TotalEnergies.

Oil Price

French Strikes Halt Fuel Shipments From Refineries And A Fuel Depot

The company is investing billions of dollars in zero- and low-carbon energy solutions, but selling oil and gas at record profits is a hard habit to break.

Bloomberg

Shell’s Grand Plan to Fight Climate Change (and Continue to Cause It)

Western sanctions on Russia have significantly reduced state oil revenues and diverted tens of billions of dollars towards shipping and refining firms, some with Russian connections.

Russian Deputy Prime Minister Alexander Novak said on Wednesday that European Union moves to add what he called "exemptions" to its price cap on oil products showed that Russian oil was still in demand.

Russia says EU price cap exemptions show its oil is still in demand

US petrol accounts for about 9 percent of global oil use. The prospect of stagnant or falling demand holds broad implications for energy markets.

Financial Times

Fall in petrol use in gas-guzzling US heralds shift for global markets

Energy transition requires the involvement of all forms of energy, including oil and gas, to help lower emissions, and the hydrocarbons industry needs to continue investing to guarantee energy security, according to the secretary general of OPEC.

S&P Global

Energy transition needs involvement of oil and gas industry to cut emissions: OPEC sec gen

A national strike against planned pension reforms reduced France's power supply and disrupted petrol deliveries from French refineries on Tuesday.

French strike disrupts power supply and petrol deliveries

Tankers in Iran's “ghost fleet” have switched to carrying Russian oil since western curbs on Moscow intensified in December

Iran’s ‘ghost fleet’ switches into Russian oil

India's appetite for Russian crude is expected to rise even further in 2023, extending the stellar growth seen last year, but decisions on purchasing will continue to be taken by refiners independently based purely on commercial considerations, the head of the Federation of Indian Petroleum Industry told S&P Global Commodity Insights.

India's appetite for Russian crude has room to grow even further, says FIPI chief

India, the third-largest greenhouse gas emitter, is planning for an expansion of its oil and gas sectors even as it aims to hit net-zero by 2070.

The nation intends to increase oil refining volumes to 450 million tons a year by the end of decade, from about 250 million tons, and will also boost LNG import capacity, according to Prime Minister Narendra Modi

Energy Voice

India can add oil and gas while it chases green goal

This year, the World Petroleum Council will honor Aramco President and CEO Amin Nasser with the WPC Dewhurst Award. This award recognizes Nasser’s leadership and contributions to the oil and gas industry.

He is only the twelfth recipient of the Dewhurst Award in the nearly 90-year history of the World Petroleum Council (WPC), with previous winners including Daniel Yergin (USA), Rex Tillerson (USA), Abdulla Bin Hamad Al Attiyah (Qatar), Guilherme De Oliveira Estrella (Brazil), HE Ali I. Al-Naimi (Saudi Arabia) and Sir Peter Holmes (UK).

World Oil

World Petroleum Council to honor Aramco president for oil and gas industry contributions

Tankers in Iran’s “ghost fleet” have switched to carrying Russian oil since western curbs on Moscow intensified in December, as the Kremlin turned to sanctions-busting techniques pioneered by Tehran.

Oil prices inched higher on Monday, recovering from an 8% fall last week to more than three-week lows, driven by expectations slower growth in major economies may limit fuel use.

Oil prices edge higher, interest rate outlook limits gains

There is no damage to the Kerkuk-Ceyhan pipeline carrying oil from Iraq to Turkey, or to the Baku-Tbilisi-Ceyhan pipeline, and oil flows are continuing on both after a major earthquake hit Turkey, an energy official told Reuters on Monday.

Turkey oil pipelines undamaged, flows continue after quake -official

Crude oil sanctions have so far barely affected Russia’s volume of exports, but its markets have been diverted from Europe to Turkey, China and, especially, India.

The National

West and Russia’s tussle over energy sanctions enters complex and disruptive phase

India is playing an increasingly important role in global oil markets, buying more and more cheap Russian oil and refining it into fuel for Europe and the US.

The Business Standard

Oil’s New Map: How India turns Russia crude into the west's fuel

The bloc has already shunned Russian seaborne crude oil but giving up on the country's diesel could be much more painful. However, China and India could play a big role in easing some of that disruption.

DW News

Is EU ready for life without Russian diesel?

Following record utilization last year, U.S. refiners expect to have lower capacity operating in the first quarter of this year, due to a heavy maintenance season.
After operating at over 90% for most of 2022, the largest U.S. refiners now see their first-quarter utilization below 90%, and analysts expect refinery capacity utilization to be between 85% and 89% at the beginning of 2023.

U.S. Refiners To Scale Back Capacity Utilization After Record 2022

EU member states have agreed on the level of price caps to be imposed on shipments of Russian refined oil products, which will come into effect on Sunday as part of a G7 effort to cut Moscow's export revenues.

EU agrees price caps on Russian oil products

Europe’s looming ban on almost all Russian fuel is sparking a scramble for alternatives, not least from Middle Eastern petrostates.

Gulf Oil Refiners Struggle to Be Ready as EU Bans Russian Fuels

Shell made a record annual profit for 2022 of almost $40B after a tumultuous year in energy markets that drove up costs for households and highlighted many of the challenges involved in the world’s transition away from hydrocarbons.


Shell profits more than double to record $40bn

asoline consumption and imports in Indonesia, Asia's largest importer of the motor fuel, could hit records this year as the nation recovers from COVID-related travel curbs, although growth is expected to slow slightly along with its economy.

Indonesia 2023 gasoline demand, imports likely to exceed 2022 records

US-headquartered Fluor Corp has decided not to bid for a multi-billion-dollar project to build a petrochemical complex in Kuwait. The US firm was among several local and foreign companies and consortia vying to construct the olefins complex near Al-Zour oil refinery in South Kuwait.

Fluor quits race for Kuwait petrochemical project

Europe is not ready for Putin’s diesel war

The country’s largest oil companies made more money in 2022 than ever before, eclipsing windfalls of earlier years and making themselves a potential target for driver frustration as prices at the pump rise.

The Washington Post

Oil companies post record-smashing profits as gas prices creep up

Europe is taking another big step toward cutting its energy ties with Russia, banning imports of diesel fuel and other products made from crude oil in Russian refineries.
The European Union ban takes effect 5 February following its embargo on coal and most oil from Russia. The 27-nation bloc is trying to sever its last uses of Russian energy and stop feeding the Kremlin's war chest as the anniversary of the invasion of Ukraine nears.

Euronews

Will Europe's ban on Russian diesel hike global fuel prices?

Shell will combine its oil and gas production and liquefied natural gas (LNG) divisions as part of broader changes under new CEO Wael Sawan.

Shell CEO's first changes combine upstream and LNG operations

The refining industry is a major component of the global economy, with countries around the world processing petroleum products to generate energy and fuel. Refining capacity is an important measure of a country's ability to produce oil and gas products, and in this article, we'll take a look at the countries with the largest refining capacity.

Yahoo Finance

15 Countries With The Largest Refining Capacity

China's oil and gas use fell in 2022 for the first time in decades due to COVID-19 lockdowns that curbed energy demand, a sign of a weakening economy.

Business Standard

China's oil and gas consumption declined in 2022 amid weakening economy

US natural gas futures extended losses below $3 amid mild winter weather that helped spark the worst selloff among the country's commodities.
Gas for February delivery lost as much as 10% to $2.761 per million British thermal units Thursday on the New York Mercantile Exchange. Prices have been at the lowest levels since April 2021 after dipping below $3 on Wednesday.

US natural gas falls below $3 for first time since May 2021

The Middle East is expected to witness 621 projects to commence operations during the period 2023-2027. Out of these, upstream projects would be 81, midstream would be 141, refinery at 84 and petrochemicals would be the highest with 315 projects.

Offshore Technology

Iran leads upcoming oil and gas project starts in the Middle East by 2027

European natural gas prices headed for a weekly loss as milder weather forecasts countered lower supplies from Norway.

Europe Gas Heads for Weekly Loss as Weather Counters Norway Cuts

US natural gas futures extended losses below $3 amid mild winter weather that helped spark the worst selloff among the country’s commodities.

US Natural Gas Falls Below $3 for First Time Since May 2021

The South Asian nation increased Russian oil imports in 2022, ending the year with record monthly volumes as discounted barrels enticed buying. Executives said more cheap crude may be available to India from early next month, with a European Union ban on seaborne Russian fuel shipments possibly weighing on refining rates in the key OPEC+ producer.



Economic Times

Russian oil exports to India may hit new highs as interest grows 

U.S. oil refining margins on Tuesday hit a three-month high and are likely headed higher, analysts said, as unplanned refinery outages weigh on already-tight fuel supplies.

U.S. oil refining margins hit 3-month high as plant outages rise

A ready market for Moscow’s refined products simply doesn’t exist outside the EU like it does for crude.

Europe’s Ban on Russia Oil Products Will Be More Disruptive

The energy crisis in Europe has made Pakistan vulnerable to high fuel prices.

Europe's Energy Crisis Leaves Almost All Of Pakistan Without Power

The upcoming price cap on the benchmark European gas contract could abruptly change the gas market and impact the functioning of other markets as well as financial stability, according to the European Securities and Markets Authority (ESMA).  .

EU Gas Price Cap Could Trigger Significant Changes In Markets

Across the Atlantic, refiners are preparing for maintenance season. According to Reuters, this season will see twice as many refineries shut down for repairs to compensate for delays in maintenance during the pandemic. Less gasoline and diesel fuel will be produced and, consequently, less will be exported to Europe.

Oil & Gas 360

Diesel markets brace for a chaotic February

State-run Hindustan Petroleum Corporation (HPCL.NS) hopes to operate its Vizag refinery in southern India at an expanded capacity of 15 million tonnes per annum (mtpa) from end-June.

India's HPCL to operate Vizag refinery at expanded capacity from end-June

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
The Dutch government plans to close the Groningen gas field this year despite Europe's precarious supply position. Groningen is the largest gas field in Europe.
The field is dangerous, a government official from the Hague told the Financial Times, and the government has no plans to boost production from it.

Netherlands To Shut Down Europe's Largest Gas Field

Italian Premier Giorgia Meloni is looking to boost already strong energy ties with Algeria to further wean Italy off Russian energy, a focus of her two-day visit to the North African nation starting on Sunday.

The Independent

Italy's Meloni eyes boost in strong energy ties with Algeria

Italy is expected to eliminate imports of Russian natural gas by the winter of 2024/2025, Claudio Descalzi, the chief executive of energy major Eni, said on Monday during a visit to Algeria.
Italy, one of the biggest buyers of Russian gas in Europe before the Russian invasion of Ukraine, will be independent of Moscow's gas by the winter of 2024/2025, Descalzi told reporters on the sidelines of meetings on energy security in Algiers.

Italy To Wean Itself Off Russian Gas Within Two Years

The influx of Russian crude into the Asian markets is changing the market dynamics in the region and easing pricing pressures, to the relief of many buyers.

Oil Rises As OPEC Sees Chinese Demand Rebounding

Europe will need cheap gas to keep its industries competitive on a global scale.
Germany has ended its reliance on Russian gas. The news made some cheer and others smile sarcastically while they ask to see the bill. Cutting its independence on Russia for natural gas has become priority number one, not just for Germany but for the whole European Union. For now, it's working. The problem is, this sort of approach can't work for long.

Could Europe Really Return to Russian Gas?

Oil & Gas | Downstream

The global liquefied natural gas (LNG) market is expected to take several years to adjust to last year's shake-up, and high prices will spur the hunt for long-term deals.

With years of high prices ahead, LNG buyers covet long-term deals

Freeport, the second-biggest US LNG export plant, could restart operations in March this year after it was shut down due to a fire in June 2022, according to Rystad Energy.

The return of the plant, which can process up to 2.1 billion cubic feet of natural gas per day and export 15 million tonnes of LNG per annum, is expected to push up gas prices.

Freeport LNG export plant set to resume operations in March

India is looking to sign many more long-term deals to buy liquefied natural gas to help power its economic growth. 

India Rushes to Long-Term LNG Deals to Speed Shift From Coal

Freeport LNG's long-idled liquefied natural gas (LNG) export plant in Texas was on track to receive no natural gas from pipelines on Tuesday after receiving small amounts over the past 12 days, Refinitiv Eikon data showed.

Natgas stops flowing to Freeport LNG export plant in Texas

Researchers warn the doubling down on long-term liquefied natural gas deals in Europe threatens to derail decarbonization efforts.

Politico

LNG expansion in Europe opposes climate goals, says research

Growing LNG capacity in the US requires long-term deals, rather than short-term demand in Europe

Upstream Online

US looks to Asia for long-term LNG demand

Despite the fact that very little Russian natural gas is being piped to the West, Europe has made its way through the winter rather better than expected (so far). The reasons include warmer than expected weather (which has contributed to lower European gas consumption) and, importantly, increased supplies of liquefied natural gas (LNG) from, notably, the U.S. and Qatar.

National Review

Putin Smiles: The EU, Climate Policy, and LNG

Beijing's energy policy will indirectly support Europe. A post-Covid economic rebound will increase the country's appetite for liquefied natural gas, which Europeans covet after shunning supplies from Moscow following Russia's invasion of Ukraine. 



China energy rethink can keep Europe warm

The Energy Information Administration (EIA) estimated this year will bring the lowest amount of LNG export capacity additions in a decade, exacerbating expectations for a tight global natural gas market through 2025.

Natural Gas Intelligence

Tight LNG Market to Continue as EIA Sees Lowest Natural Gas Export Capacity Additions in Decade

The momentum in global liquefied natural gas (LNG) markets swung away from Europe and back to Asia in January, but the modest increase in demand wasn't enough to buoy spot prices.



Asian spot LNG prices decline, but enough to tempt buyers?

Opponents of project say health of seals and sea lions in Howe Sound at risk if approved

Woodfibre LNG project near Squamish, B.C., seeks amendments to environmental assessment

Britain will be vulnerable to gas shortages and high energy prices next winter because of the failure of the government and Centrica to reach agreement on expanding the UK’s largest gas storage site, energy experts and MPs have warned.


Breakdown of gas storage talks leaves UK exposed to price surges, say experts

Another embargo comes into force on February 5th. Manage your expectations.

The Economist

Why the West's oil sanctions on Russia are proving to be underwhelming

Freeport LNG, the second-biggest U.S. liquefied natural gas (LNG) exporter, said it plans to restart one of three liquefaction trains at its long-idled Texas export plant this week.

Freeport to restart liquefaction train at Texas LNG export plant this week

What will happen if the natural-gas industry carries through with its plans to build a lot more infrastructure for shipping liquefied natural gas (LNG) around the globe?

Canary Media

LNG expansion plans threaten global climate progress

European Union regulators have launched a new reference price for liquefied natural gas (LNG), as part of plans to cap benchmark gas prices if they surge like they did last year after Russia curbed supply.

EU launches global LNG reference price as gas cap looms

U.S. exports of LNG declined 5% to 6.84 million tonnes in January compared to the prior month as cold weather boosted domestic demand and as producers sent less gas to European customers.

U.S. LNG exports fall 5% as shipments to Europe slip

So far, an energy crisis has been somewhat averted in Europe. But policy and political risk remain. Oil bulls shouldn’t have a hard time forecasting energy prices to rise, thanks in part to the EU.

Forbes

Europe Didn’t Escape An Energy Crisis Just Yet

Europe has proved surprisingly resilient, but high global gas prices are punishing parts of northern China amid record low temperatures.

The Wall Street Journal

Russia’s ‘Energy Weapon’ Is Hurting China Too

Russia supplied Europe with some 17 million tonnes of liquefied natural gas (LNG) last year, up about 20% from 2021 volumes, Refinitiv Eikon data showed on Tuesday, partially offsetting a steep decline in Russian pipeline gas exports.

Russia boosts LNG exports to Europe by 20% in 2022 

Energy development and investment was one of the many important topics addressed in the Africa Leaders Summit, which took place in the context of the continuing war in Ukraine, high energy and commodity prices, and a serious debt problem in many countries of the region. As was the case in the first Africa Summit eight years ago, the US government emphasized renewable energy development and improved energy access.

Atlantic Council

Africa and the global LNG crunch: Balancing energy security, development, and decarbonization

U.S. natural gas futures on Tuesday posted their second-biggest monthly drop ever, holding near a 21-month low, as a decline in output from extreme cold offset forecasts for warmer weather and less heating demand next week.

U.S. natural gas posts second-biggest monthly drop ever, holds near 21-month low

The green-gas market at this point is a Wild West frontier filled with mudslinging and smoke and mirrors — and the gunslingers are deciding the rules as they go along.

Inside the high-dollar race to sell natural gas as low-carbon

It’s widely accepted that turning away from Russian energy has committed Europe to long-term dependence on costly imports of liquefied natural gas, raising questions about the competitiveness of its industry for many years to come.

Europe’s Growing Dependence on Costly LNG Isn't Inevitable

Brunei LNG will start supplying liquefied natural gas (LNG) to Japan Petroleum Exploration Co. (JAPEX) from April as the company seeks to stabilise finances by boosting shipments to its largest export destination, reported Nikkei Asia.

Brunei set to expand long-term LNG supply to Japan

The government has been in talks with friendly governments in the Middle East, including Qatar, for the sale of at least two out of four LNG-based power plants, the most efficient so far, on a G2G basis to raise more than $2 billion direly needed to support fast diminishing foreign exchange reserves. 

Dawn 

Divestment of LNG plants

Minister of State for Energy Affairs, leader and Chief Executive of QatarEnergy H E Saad bin Sherida Al Kaabi approved that QatarEnergy saw unprecedented expansion in the energy industry and mainly in the Liquified Natural Gas (LNG), particularly in the past two decades.

Menafn

QatarEnergy experiences massive expansion in LNG during last 20 years

The Philippines' Department of Energy said on Friday it has approved a $67-million LNG import terminal project, the country's seventh such facility, as it gears up for the launch of its liquefied natural gas industry this year.

Philippines greenlights seventh LNG project

Buyers from across Europe are turning to long-term supply deals with U.S. liquefied natural gas exporters to mitigate an energy crisis. The trend shows how countries are moving past earlier wariness to enter long-term gas agreements due to their commitment to achieving net-zero greenhouse gas emissions.

Washington Examiner

Europe is scooping up future US liquefied natural gas supplies to prevent crisis

Algeria, Europe’s third largest natural gas supplier, is planning to boost LNG and pipeline exports to the continent this year as it continues to wean off Russian supplies.

Algeria Makes Ambitious Plans to Nearly Double LNG, Pipeline Exports

Natural Gas World

Philippines greenlights seventh LNG project, gears up for gas imports

Australian liquefied natural gas (LNG) producers have sufficient uncontracted gas to prevent a domestic shortfall, but the country's east coast gas market could see a supply deficit if the producers export all their gas.

Australia flags supply worries if LNG producers export all uncontracted gas

The majority of energy and industrial companies are making or planning to make investments in natural gas or liquefied natural gas (LNG), according to the Baker Hughes Energy Transition Pulse 2023 report.

Gas World

Majority of companies planning investments in natural gas or LNG

Russia's Sakhalin 2 liquefied natural gas (LNG) project could generate twice the revenue this year that it did before the Ukraine conflict thanks to long-term deals with Asian buyers and higher prices, according to analysts and Reuters calculations.

Russia's Sakhalin 2 may double LNG revenue as top buyers stay despite Ukraine crisis

European natural gas prices fell sharply after a major, shuttered LNG export facility on the U.S. Gulf Coast asked regulators for permission to restart operations.

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