Year: 2022

Russian crude oil and condensate production has been 1.9% lower this month compared to July, and if the trend holds, August will be the first month in four in which Russian production will have dropped from the previous month, according to Russian energy ministry data seen by Bloomberg. Russia has managed to restore its oil and condensate production to the levels from February 2022, just before the Russian invasion of Ukraine. Still, Moscow is way behind in its OPEC+ quota, which calls for monthly increases of 100,000 barrels per day…

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Iran has offered its assistance to Europe in the form of oil and gas deliveries for the winter, per a statement by Iranian Oil Minister Javad Oji. According to a report in Iran Front News, the minister noted that energy prices were out of control, pointing to Germany as an example and saying businesses there might have to shut down because of excessive energy costs. The official said Iran could help relieve the price pressure by exporting more gas to Europe but pointed out that the Europeans had done this…

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The spot prices of liquefied natural gas have gone through the roof this year as Europe suddenly became a major buyer in its attempts to reduce reliance on Russian commodities. Since last year, LNG spot prices were up 267 percent, averaging $57 per million British thermal units in the week to August 19, per Reuters data. However, this price does not reflect the supply situation of LNG. Reuters Clyde Russell noted in a recent column that LNG exports to Asia—the biggest market for the superchilled fuel—are seen at 20.59 million…

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