There is no way to trace whether there is Russian crude oil or how much crude from Russia will go into the refined products market globally, Shell’s chief executive Ben van Beurden said on Thursday. “We do not have systems in the world that trace back whether that particular molecule originated from a geological formation in Russia…. that doesn’t exist,”…
Read MoreDay: May 5, 2022
Germany Will Have First LNG Import Capacity By Year’s End
Germany has begun construction on its first LNG import terminal, and in the meantime, has rented four mobile floating tankers as it scrambles to rid itself of the need for Russian natural gas. Construction of the LNG import terminal has been fast-tracked, with German Economics Minister Robert Habeck hoping to complete this at “Tesla speed”, in less than a year.…
Read MoreLibya’s Zueitina Port Receives First Oil Tanker After Lifting Force Majeure
Libya’s Zueitina port has received its first oil tanker after temporarily lifting force majeure last week to free up storage space. While Libya’s National Oil Company (NOC) did not issue a statement, NOC sources told LIbyan media that the Melos 21 oil tanker had docked at Zueitina for loading, after which it will sail to China. Libya’ declared force majeure…
Read MorePakistan’s National Interests Must Protected at All Cost
Certainly that Pakistan is passing through the worst economic and political crisis in its history of more than seven decades. Current challenges are unprecedented. Foreign debt has reached its peak, inflation, price hike, political turmoil, etc., all are reinforcing difficulties for Pakistan. Under such a critical scenario, the nation has to think smartly, and wisely. Without compromising national interests, Pakistan…
Read MoreQueensland commits to not closing any coal power plants under net zero plan
Queensland’s energy minister has declared that none of the state’s eight coal-fired power stations will be closed as part of its 10-year energy transition plan, raising doubts about the government’s climate change and energy targets. Mick de Brenni said later this year he would present a plan to generate 50% of the state’s electricity from renewable energy sources, cut carbon…
Read MoreFeature: Chinese CPEC employees sow seeds of love in Pakistan during Eid al-Fitr
The multibillion-U.S. dollar China-Pakistan Economic Corridor (CPEC), a mega project that can help Pakistan overcome its socio-economic challenges, has helped sow the seeds of love among young Pakistanis. During the ongoing festival of Eid-al-Fitr, Chinese workers at various CPEC projects across the Asian country felt the delight their Pakistani colleagues did and made the day very special for them. Syed…
Read MoreWhat Europe’s ban of Russian oil could mean for energy markets – and your gas prices
It’s going to get even more volatile in energy markets – and hence for gasoline prices. Crude prices jumped on Wednesday after the European Union proposed a ban on oil imports from Russia as part of a new round of sanctions targeting the country after its invasion of Ukraine. The details are still being hammered out, and the proposal needs…
Read MoreOil Prices Drop On Unexpected Crude Inventory Build
Crude oil prices fell slightly today after the U.S. Energy Information Administration estimated oil inventories had added 1.3 million barrels during the week to April 29. At 415.7 barrels, the EIA said, inventories were 15 percent below the five-year average for this time of the year. Last week’s build compared with a modest build of 700,000 bpd reported for the…
Read MoreDiesel Prices Hit New Record On Wednesday
Diesel prices hit yet another new record on Wednesday at $5.43 per gallon, now some $1.2 more than a gallon of gasoline, according to AAA. While high prices at that pump for gasoline have somewhat leveled off, diesel continues to steadily rise, causing an increase in prices of consumer goods because it fuels the trucks that transport an estimated 70%…
Read More