Energy

Kazakhstan’s pipeline operator, Kaztransoil, announced on Tuesday that oil supplies to Germany via the Druzhba pipeline will be slightly raised to 135,000 metric tons (approximately 32,000 barrels per day) this month, up from the initially planned 130,000 tons. Key Highlights:Easing Supply Concerns: Recent reports indicate that the Druzhba pipeline, which transports Russian and Kazakh oil […]

Indian state refiners are exploring the Middle Eastern crude market as spot supplies from their primary supplier, Russia, have diminished significantly. This shift could potentially bolster prices for high-sulphur oil. Key Highlights:Supply Shortages: Three major state refiners—Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL), and Hindustan Petroleum (HPCL)—are facing a shortfall of 8-10 million barrels […]

President-elect Donald Trump has stirred controversy by threatening to reassert U.S. control over the Panama Canal, accusing Panama of imposing excessive fees for its use. This statement prompted a strong response from Panamanian President Jose Raul Mulino. Key Highlights:Trump’s Accusations: Speaking at an event in Arizona, Trump claimed, “We’re being ripped off at the Panama […]

Russia has characterized its gas sales to European countries as increasingly complicated, particularly as the current transit agreement with Ukraine approaches its expiration at the end of the year. This situation follows discussions between President Vladimir Putin and Slovak Prime Minister Robert Fico. Key Highlights:Ukraine’s Decision: Ukraine has announced it will not renew the five-year […]

Oil prices closed higher on Wednesday following a decline in U.S. crude inventories, although gains were moderated by the Federal Reserve’s cautious stance on future interest rate cuts. Key Highlights:Price Movements: Brent futures settled up 20 cents (0.27%) at $73.39 a barrel.U.S. West Texas Intermediate (WTI) crude rose by 50 cents (0.71%) to $70.58. Both […]

The Energy Information Administration (EIA) reported a decrease in U.S. crude and distillate inventories for the week ending December 13, driven by a significant rise in exports. Meanwhile, gasoline stockpiles saw an increase. Key Highlights:Crude Inventory Changes: Crude inventories decreased by 934,000 barrels, bringing the total to 421 million barrels. This drop was smaller than […]

On Tuesday, the British government announced sanctions against 20 ships suspected of transporting illicit Russian oil, as part of ongoing efforts to counteract Russia’s so-called shadow fleet following the invasion of Ukraine in 2022. Key Highlights:Sanctions Overview: The UK imposed sanctions on 2Rivers DMCC and 2Rivers PTE LTD, accusing them of facilitating the trading of […]

The U.S. Department of Energy announced on Tuesday a conditional loan offer of up to $15 billion to California’s Pacific Gas and Electric Company (PG&E) aimed at bolstering climate resilience projects and strengthening the power grid. Key Highlights:Loan Purpose: The loan is part of President Joe Biden’s administration’s efforts to expedite financing from the Loan […]

Phillips 66 announced on Monday that it will sell its 25% stake in the Gulf Coast Express pipeline in Texas to an affiliate of ArcLight Capital Partners for $865 million. This move is part of the U.S. refiner’s strategy to exceed its asset sale target amid declining refining profits. Key Highlights:Asset Sale Strategy: Despite a […]

Australia’s competition watchdog, the Australian Competition and Consumer Commission (ACCC), has initiated legal action against Exxon Mobil’s local brand, Mobil, alleging that the company misled customers regarding the fuel sold at six of its petrol stations in Queensland. Key Highlights:Allegations: The ACCC claims that Mobil falsely represented its “Mobil Synergy” fuel as containing specific additives […]