Category: Highlights

The total petroleum and lubricant sales clocked-in at 1.51 million tons in December 2021, depicting a decline of six percent on year-on-year basis and 14 percent on month-on-month basis on account of significant decline in Furnace Oil (FO) volumes. FO volumes clocked-in at 0.13 million tons, down by 47 percent on YoY and 28 percent on MoM basis as compared to 0.24 million tons in December 2021 and 0.18 million in November 2021, respectively. The decline in sales volumes is attributable to lower Furnace Oil (FO) requirement amid slowdown in…

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The sudden and steep hike in the prices of liquefied petroleum gas (LPG) used widely in vehicles in Kazakhstan coupled with the government’s response, or “lack of response,” prompted citizens to flock to the streets in protest as 2022 was just beginning, in a rare outburst for the Central Asian country in its recent history. The protesters’ questions are clear: What was the reason behind the hike, and who is to blame? The price per liter of LPG jumped to 120 tenge (28 U.S. cents) at gas stations in hydrocarbon-rich…

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The U.S. became the world’s No. 1 exporter of liquefied natural gas for the first time ever last month, as deliveries surged to energy-starved Europe. Output from American facilities edged above Qatar in December after a jump in exports from the Sabine Pass and Freeport facilities, according to ship-tracking data compiled by Bloomberg. Cheniere Energy Inc. said last month that a new production unit at its Sabine Pass plant in Louisiana produced its first cargo. A shale gas revolution, coupled with billions of dollars of investments in liquefaction facilities, transformed…

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Venezuela doubled its crude oil exports to reach an average of 619,000 barrels a day during December despite US sanctions, Bloomberg reported. The US has imposed sanctions prohibiting its citizens from doing business with the Venezuelan oil sector — a move which saw exports from the South American country hit a 77 year low in 2020. The recent increase in exports were helped by Iran, which provided assistance to help with oil production under a deal struck in 2021.The increase in exports is attributed to the 50 percent surge of…

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Germany and Austria came out strongly against the European Union proposal to classify some natural-gas and nuclear projects as sustainable investments, with both countries accusing the bloc of “greenwashing.” In Berlin, the Greens — who joined Germany’s new ruling coalition following September’s election — criticized the regulatory plan as damaging the credibility of the EU green rulebook, known as taxonomy, and threatening to divert investment away from renewables. The country is phasing out nuclear energy and wants to shut all its atomic power plants by year’s end. “It’s a kind…

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