Category: Highlights

President Joe Biden has imposed an immediate ban on Russian oil and other energy imports in retaliation for Russia’s invasion of Ukraine, while the United Kingdom said it would phase out imports by the end of 2022. The latest sanctions are likely to push up oil prices — resulting in even higher prices at the pump. Russia is the world’s top exporter of crude and oil products combined, producing about 7 million barrels per day (bpd), or 7 percent of global supply. In 2021, the US imported an average of…

Read More

With Western allies considering expanding sanction against Russia over its invasion of Ukraine, Deputy Prime Minister Alexander Novak warned of “catastrophic” consequences of a ban on Russian oil imports, including a potential rise in oil prices to $300 per barrel. “A ban on Russian oil will lead to catastrophic consequences for the global market. The surge in prices will be unpredictable – more than $300 per barrel, if not more,” Novak said in remarks carried by Russian news agencies. Novak added that it would be “impossible” to quickly replace Russian…

Read More

Russia’s dramatic invasion of Ukraine has given liquefied natural gas, or LNG, the spotlight like never before, as several European countries scramble to replace their main natural gas supplier. It is also helping emphasize the benefit that LNG export terminals in Mexico could provide for natural gas, especially in Asia. The idea of exporting LNG from Mexico has been gaining traction in recent years. It has become more attractive as some LNG originally intended to meet its demand is now being rerouted to Germany and other Russian clients. Even though…

Read More

A western embargo on Russian oil and gas is no longer unthinkable after the US secretary of state, Antony Blinken, revealed that the idea was gaining traction in the White House and had been the subject of “very active discussion” with allies. The reaction was dramatic, with Brent crude oil hitting levels not seen since 2008, while gas soared to all-time highs as traders considered whether it could be thrown into the mix too. Pushback from Germany’s new chancellor, Olaf Scholz, came as no surprise given his country’s heavy reliance…

Read More

Environmentalists say government regulators should take a pass on any liquefied natural gas proposals in Nova Scotia, and that efforts to expand alternative energy resources should be stepped up. Calgary-based Pieridae Energy recently confirmed it is looking at pursuing a floating LNG terminal near the coast of Goldboro in Guysborough County. The move follows a decision by the company last summer to abandon plans for a land-based facility due to financing problems. With gas prices on the rise, the company is now examining the smaller, cheaper idea of using a leased barge, which it…

Read More