President Joe Biden announced the drawdown of an additional 15 million barrels of oil from US emergency reserves, as well as what he called a “ready and release plan” aimed at driving down gasoline prices.
A “bazooka” of oil from the US reserve, lockdowns in China and a “surprising durability” of production in Russia are preventing Brent Crude oil from hitting $200 a barrel.
Oil headed for a back-to-back weekly loss, burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves.
Australia’s Woodside Energy (ASX:WDS) will take up to 2.5 million tonnes per year of liquefied natural gas (LNG) exports from Commonwealth’s LNG export facility under development in Cameron Parish, Louisiana, after confirming a 20-year deal.
Progress toward an Iranian nuclear deal has thrown the spotlight onto a sizeable cache of crude held by Tehran that could be swiftly dispatched to buyers in the event an agreement gets hammered out.
Danish offshore wind developer Orsted (CPH:ORSTED) is at risk of getting caught up in a potential Taiwan Straits crisis as tensions in the region rose steeply following the visit of US House of Representatives Speaker, Nancy Pelosi, to Taipei, on 2-3 August.
Centrica has signed up to purchase LNG from a new US supplier, working on an ambitious offshore project, in a move backed by Secretary of State for Business and Energy Secretary Kwasi Kwarteng.
Keppel O&M will start floating production contracts worth around S$75 million (US$54 million) for MODEC, as it prepares a floater for Woodside Energy’s Senegal project, and a separate unit for LLOG Exploration Offshore in the US.
TotalEnergies has reported net income of $5.69 billion, up more than two and a half times from the first quarter, driven largely by its downstream and chemicals operations.
Cheniere will supply 1 million tonnes per year (t/y) of LNG to Thailand’s PTT from its Corpus Christi export terminal in the US after the pair signed a 20-year contract starting in 2026. Significantly, it marks the first US liquefied natural gas (LNG) deal agreed with PTT, Thailand’s largest state-owned, multinational energy company.
Cheniere Energy, the largest US exporter of liquefied natural gas (LNG), signed a deal with PetroChina that lays that the groundwork for another expansion of Cheniere’s Texas export terminal as global demand for the fuel surges.
Saudi ministers insisted that oil policy decisions would be taken according to market logic and within the OPEC+ coalition, just as US President Joe Biden wrapped up a landmark trip to the kingdom.
Freeport LNG has provided an update on the circumstances of the June 8 fire at its facility on Quintana Island, Texas, warning that a return to full operations will not come until late 2022.
Trafigura has warned of further challenges for the energy, and metal, markets, with higher prices for some time, although also reporting record profits.