Category: Highlights

The production pact OPEC+ struck in April 2020 is set to end a month earlier than initially planned, in August 2022. The oil-producing group, however, is already facing its next dilemma—it has been facing it since the alliance’s key member, Russia, invaded Ukraine in February, sending oil prices above $100 a barrel.     The war premium and the sanctions and bans on Russian oil in the West are keeping prices so elevated that inflation in developed economies, including in the United States, has surged to a four-decade high, also driven up…

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Despite repeated commitments to emission reduction and a switch to cleaner energy sources on the part of governments in Europe and North America, oil investment is about to start growing again. The clearest sign yet was the G7 meeting this week, where the members of the rich club negotiated a delay in the complete halt of investments in fossil fuels in third countries as their own countries grapple with energy shortages that have no recent precedent. Per media reports, Britain, Canada, France, Germany, Italy, Japan, and the United States—although reiterating their…

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Indian cement maker importing fuel valued at 172.7 mn yuan from SUEK. India’s biggest cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters, a rare payment method that traders say could become more common. UltraTech is bringing in 157,000 tonnes of coal from Russian producer SUEK that loaded on the bulk carrier MV Mangas from the Russian Far East port of Vanino, the document showed. It cites an invoice dated June 5 that values…

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Latin America’s largest economy Brazil is experiencing a massive offshore energy boom which has seen the country overtake Venezuela and Mexico in little over a decade to become the region’s largest oil producer. This is driven by pre-salt petroleum discoveries in offshore Brazil, with the first being made by national oil company Petrobras in the Santos Basin in 2006. First oil was pumped two years later, in 2008, from the Jubarte field in the Campos Basin. After nearly two decades and a swath of multiple high-quality mega oil discoveries, Brazil’s…

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Iran has applied to join the BRICS group of major emerging economies, which includes China, Russia, and India, Reuters reported on Tuesday, a move that would help to secure an alternative alliance to the West. Iran is a major oil and gas resource holder, as is Russia, while China is the world’s top oil importer and one of the biggest gas importers. BRICS, an acronym of its members Brazil, Russia, India, China, and South Africa, is what China and Russia pitch as the emerging markets alternative to the West. The term for…

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