Category: Highlights

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

China will boost the production of more modern coal mines and enhance coal reserve capacity, and aims to increase the government-deployable storage to 5% of local consumption, the country’s state economic planner said on Saturday. The National Development and Reform Commission (NDRC) also said in a statement during the annual parliament gathering that it will guarantee coal transportation and further improve coal pricing mechanisms. The promises follow the central government’s approval of hundreds of new coal mining projects and output expansions at existing mines since the second half of 2021 after tight fuel supplies last year…

Read More