Category: Highlights

European governments have been racking their brains to come up with a realistic way of reducing energy consumption with a sharp and quite understandable focus on natural gas. But now, a group of NGOs is proposing cutting oil consumption by as much as a third. And it believes it can be done quickly. Transport & Environment, or rather, the European Federation for Transport and Environment, is a group of non-governmental organizations campaigning for what they describe as “a zero-emission mobility system that is affordable and has minimal impacts on our…

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Despite raising its crude oil production in July by 500,000 barrels per day, the OPEC+ group was still well below its collective quota, pumping 2.75 million bpd below targeted output, an Argus survey found on Wednesday. OPEC+ saw its combined crude oil production at 38.70 million bpd last month, with Saudi Arabia, OPEC’s top producer and de facto leader, raising its supply to the market the most. According to the survey and preliminary tanker-tracking from Argus, Saudi Arabia’s crude oil shipments jumped by more than 550,000 bpd in July compared…

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Rates for mid-sized oil tankers sailing from the U.S. Gulf of Mexico to Europe hit the $57,000-per-day level this week, a figure representing a 12X increase since January and a two-year high, according to Bloomberg citing Aframax vessel data. The dramatic increase in shipping rates from the U.S. to Europe reflects a shortage of vessels and a diversion of product to different markets due to sanctions and Russia’s war on Ukraine. On Tuesday, Bloomberg’s initial review of new shipping data showed that overall, fuel tankers carrying refined fuel were seeing…

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The supply of Russian oil to three European countries through Ukraine has been halted as the transit payment cannot be processed due to sanctions, Russian firm Transneft said. “On August 4, the delivery of Russian oil via the territory of Ukraine was halted,” the oil pipeline operator said in a statement, adding that this had affected deliveries to Hungary, Slovakia and the Czech Republic. The company said the Ukrainian side stopped the oil transport “due to not receiving funds for these services”. Oil holds near multi-month lows on demand worries…

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Nearly two years after Turkey halted offshore gas explorations in contested waters in the eastern Mediterranean, a Turkish drillship has departed from the port of Mersin to search for gas in the region. The Abdullhamid Han drillship set sail on Tuesday with the blessing of President Recep Tayyip Erdogan, who said that the ship would operate 55km (34.2 miles) off Turkey’s coast in an area within the country’s sovereign territory. The survey and drilling work we are conducting in the Mediterranean are within our sovereign territory. We do not need…

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