Crude oil prices began to fall on Friday after Federal Reserve Chair Jerome Powell spoke for just 8 minutes, warning of pain ahead.
Friday, August 26, 2022
Oil prices have remained steady this week, with ICE Brent trending around $100 a barrel, as markets have rallied on the prospect of an Iranian deal. As the Biden administration broadcasts its response to the European Union as a broker between the two sides that refuse to negotiate directly, rumors suggest that the proposed terms are lower than Tehran’s expectations, effectively a “take it or leave it” dilemma for the Iranian leadership. Unless there is a sudden breakthrough on Iran, it will be the Fed’s Jackson Hole Symposium driving oil prices.
The White House wants US refiners to cut exports. In a letter to the United States’ leading refiners, US Energy Secretary Jennifer Granholm urged US refiners to curb exports to Europe and South America and begin building inventories, despite both gasoline and diesel curves being sharply backward.
Iraq threatens Kurdish sellers and buyers. There are Iraqi officials Threat of legal action It used a February ruling by the Baghdad Supreme Court against anyone buying or selling crude from the breakaway region of Kurdistan as confirmation that Kirkuk’s sales are “illegal”.
Introduction FLNG breaks strike deadlock. After a nearly two-month hiatus in production, the UK energy major Shell (LON:SHEL) is Managed Australia’s 3.6 mtpa Prelude FLNG project to work out a labor deal with unions, potentially opening up a temporary idle source of liquefied gas.
Peru takes Spain’s Repsol to court. Peru’s consumer protection agency Indecopi is taking over Spanish oil company Repsol $4.5 billion in court the caseRepsol denied the claim, blaming the spill on a volcanic eruption, arguing that the January oil spill caused $3 billion worth of environmental damage and $1.5 billion in local damages.
Texas Bans ESG-Aggressive Investors Texas Comptroller Glenn Hager Claimed The state could ban companies like BlackRock (NYSE:BLK) and European banks. Credit Suisse (SWX:CSGN) Or BNP Paribas (EPA:BNP) From doing business in the state as a result of the boycott of investments in the oil and gas industry.
Germany flag coal supply problem. According to Reuters, the German government has voiced Concerns about the sustainability of coal supplies for power plants along the Rhine River in the autumn as low water levels hamper river navigation and reduce coal stocks ahead of winter.
US majors find common ground with Nigeria. US oil major ExxonMobil (NYSE:XOM), Chevron (NYSE:CVX) as well as European energy companies Shell (LON:SHEL) And Equator (NYSE:EQNR) Nigeria’s state-controlled oil company has agreed to end its US lawsuits against NNPC after it succeeded in renewing its respective PSA contracts. Related: Oil rig count climbs as Permian drilling ramps up
Japan has come full circle behind nuclear again. The Japanese government will Start again Consider building more idle nuclear plants (there are currently only seven operating reactors) and new next-generation nuclear capacity, as rising fuel prices change the nation’s public opinion.
Indian refiners feel the pressure of Russian approval. Indian refiner Naira Energy, 49% of which is owned by Russia’s state-controlled oil company Rosneft, has seen several leading international banks and oil companies refuse to deal with it for fear of sanctions, presumably as it scrambles to get more oil from Russia.
Energy Transfer secured another offtake deal. US pipeline operator Energy Transfer (NYSE:ET) Signed Agreement with UK energy chief Shell (LON:SHEL) For 20 years of supply of 2.1 million tonnes of LNG from its proposed Lake Charles LNG plant, to see first deliveries by 2026.
Another Suriname Discovery Buoys Offshore Drillers. US upstream firms Apache (NASDAQ:APA) announced Oil discoveries in Suriname, including Suriname’s Baja-1 well, found light oil in good-quality reservoirs, adding to the 180 million barrel reserve tally of the Krabdagu prospect drilled this April.
Mexico established a national lithium company. By nationalizing all lithium resources in April 2022, Mexican authorities created A state-controlled company (Litio para México) will produce the ore, which is expected to be operational within the next six months.
Freeport delays limit US LNG export growth. The 15 mtpa US liquefaction terminal is Freeport LNG Delayed It aims to restart in a month in hopes of resuming the partial production shutdown after the June explosion, by early November and reaching full capacity exports by March 2023.
French Major Sells Russian Subsidiary. French newspaper Le Monde then ran a story Total Energy’ (NYSE:TTE) Terneftegaz, the French flagship of the Russian joint venture that sells kerosene to the Russian military, almost immediately sold its stake to its Russian partner Novatek.
By Tom Cool for Oilprice.com
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