Day: March 8, 2022

Oil prices to hit $300 per barrel if US, EU ban imports: Russia

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With Western allies considering expanding sanction against Russia over its invasion of Ukraine, Deputy Prime Minister Alexander Novak warned of “catastrophic” consequences of a ban on Russian oil imports, including a potential rise in oil prices to $300 per barrel. “A ban on Russian oil will lead to catastrophic consequences for the global market. The surge in prices will be unpredictable – more than $300 per barrel, if not more,” Novak said in remarks carried by Russian news agencies. Novak added that it would be “impossible” to quickly replace Russian…

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Short-Cutting Texas LNG To Asia – Mexico Is The Key

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Russia’s dramatic invasion of Ukraine has given liquefied natural gas, or LNG, the spotlight like never before, as several European countries scramble to replace their main natural gas supplier. It is also helping emphasize the benefit that LNG export terminals in Mexico could provide for natural gas, especially in Asia. The idea of exporting LNG from Mexico has been gaining traction in recent years. It has become more attractive as some LNG originally intended to meet its demand is now being rerouted to Germany and other Russian clients. Even though…

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How important is Russian oil and how high could prices go?

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A western embargo on Russian oil and gas is no longer unthinkable after the US secretary of state, Antony Blinken, revealed that the idea was gaining traction in the White House and had been the subject of “very active discussion” with allies. The reaction was dramatic, with Brent crude oil hitting levels not seen since 2008, while gas soared to all-time highs as traders considered whether it could be thrown into the mix too. Pushback from Germany’s new chancellor, Olaf Scholz, came as no surprise given his country’s heavy reliance…

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ran Energy Ministry Plans to Use Gas Condensate in Power Plants

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ne of the programs of the Energy Ministry in the current fiscal year (started March 20) is to use gas condensates for gas turbines in power plants, Energy Minister Reza Ardakanian said in a video conference with the provincial power officials on Monday. The advantages of using gas condensates in turbines instead of natural gas is that it has lower emissions and is more environmentally-friendly, Mehr News Agency reported. A lean, premixed, pre-vaporized (LPP) combustion technology has been developed that converts liquid fuels into a substitute for natural gas. This…

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Iran envoy leaves as EU says time to decide on nuclear talks

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Iran and the United States must take a political decision within days to prevent the failure of indirect talks on reviving the 2015 nuclear deal after 11 months of negotiations rocked by a last-minute Russian demand of a sanctions exemption. The European Union’s top envoy Enrique Mora, who coordinates the talks, tweeted: “Just to clarify. There are no longer ‘expert level talks.’ Nor ‘formal meetings.’ It is time, in the next few days, for political decisions to end the #ViennaTalks. The rest is noise.” Mora’s Twitter post followed the departure…

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