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EU Tentatively Agrees to $60 Price Cap on Russian Seaborne Oil
EU countries have wrangled for days over the details of the price cap, which aims to slash Russia’s income from selling oil, while preventing a spike in global oil prices after an EU embargo on Russian crude takes effect on Dec. 5.
INEOS to Tap 1.4 mtpa from Port Arthur LNG over 20 Years
Global manufacturing company INEOS inked a 20-year contract to source 1.4 mtpa of LNG from Phase 1 of Sempra Infrastructure’s Port Arthur LNG facility under development in Texas and an HOA for an additional 0.2 mtpa from Phase 2.
Scholz Welcomes Qatar LNG Deal as 'Building Block' for German Energy Security
In Berlin's pursuit for new energy partnerships away from Russia, QatarEnergy and ConocoPhillips will export 2 million tonnes per annum of LNG to Germany for at least 15 years starting 2026 through two sales and purchase agreements.
Oil Up Over $2 on Tighter Supply While OPEC+ Talks Limit Gains
Capping gains, the OPEC+ decision to hold its Dec. 4 meeting virtually signals little likelihood of a policy change, a source with direct knowledge of the matter told Reuters on Nov. 30.
China’s Xi Looks to Strengthen Energy Ties with Russia
In response to a G7 proposal to cap Russian oil prices, the Kremlin has promised to re-route supplies to countries that do not support the idea, with both China and India increasing oil purchases from Moscow.
Russia has Lost Europe as Its Largest Energy Client ‘Forever,’ IEA’s Birol Says
When asked about the impact of the EU measures, IEA’s Fatih Birol said: “We expect towards the end of the first quarter 2023 that there may be a loss of 2 million barrels per day of Russian oil and there is a need to replace that oil.”
Chevron Awaits Venezuelan Oil Cargoes, but PDVSA Wants Payments
Executives at Venezuelan state firm PDVSA are less enthusiastic after learning of license terms that will not allow Chevron to reimburse operational costs or pay taxes and royalties in Venezuela, according to sources.
EU Fails to Agree on Russian Oil Price Cap, Say Diplomats
The Group of Seven (G7) nations has proposed a softer version of the EU ban to keep oil supply to the global economy steady, because Russia supplies 10% of the world’s oil.
US Lawmakers Weigh Action Against OPEC
Meanwhile, the first days of December bring opportunities that may upend oil economies around the world as Russian sanctions kick in and OPEC reconvenes in Vienna.
US Crude Turns Positive, Brent Pares Losses on Output on OPEC+ Rumors
“The word on the street is there’s rumor that OPEC+ is already starting to float the idea of a production cut on Sunday,” said Matt Smith, lead oil analyst at Kpler. “That’s helped reverse losses that were caused overnight by Chinese protests.”