Category: Highlights

U.S. crude oil output from shale basins could peak in 2024, a new note from Energy Aspect’s Amrita Sen cautioned. The note referenced five crude oil producers in the United States that are considering cutting rigs at the start of the year due to inflation. The news comes as the United States shows signs of desperation for alleviating high gasoline prices at the pump by releasing millions and millions of barrels of crude oil from the Strategic Petroleum Reserve and by attempting—and failing–to strongarm OPEC+ into keeping production steady. Those…

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As Europe prepares for a winter without Russian gas, the Kremlin is looking to move its natural gas sales farther to the east. Although China and India remain Moscow’s most important export destinations in Asia, Russia seems to have found a new buyer, the Islamic Republic of Iran. Why would a country that holds some of the world’s largest proven reserves of oil and natural gas purchase energy from the Russian Federation? Iran needs new gas pipelines to send its own energy products abroad, as the existing routes to Turkey…

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The U.S. should set a price cap on U.S. LNG going to Europe, as American gas is being delivered to Europe at prices four times higher than the price for domestic consumption, Russian Deputy Prime Minister Alexander Novak said in an interview with Russian state television. “We would advise our US partners to set a certain cap price for the resources they are supplying to Europe. This only pushes Europe toward energy poverty,” said the Russian official who represents the country at the OPEC+ meetings. Novak, commenting on the U.S.-proposed price cap…

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President Malpass expressed his condolences for the loss of lives and livelihoods due to the devastating floods. President Malpass highlighted that Pakistan is among the countries most affected by climate change causing devastating damage to infrastructure and agriculture production. President Malpass reaffirmed the World Bank Group’s (WBG) ongoing commitment to support urgent needs in health, food, shelter, and cash transfers, as well as accelerating the preparation of new operations to rebuild in a more resilient way. President Malpass noted the WBG’s active engagement in raising assistance from bilateral donors. President…

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Oil falls on fe Oil prices fell about 2% on Tuesday, extending the previous session’s almost 2% decline, as recession fears and a flare-up in Covid-19 cases in China raised concerns over global demand. World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remained a continuing problem. Brent crude was down $1.62, or 1.7%, to $94.57 a barrel by 1614 GMT. US West Texas Intermediate crude dropped $1.72, or 1.9%, to $89.41. “There…

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