Russian oil shifts to accommodate Asia instead of Europe
Asia wins Russian oil while Europe suffers major cut-backs.
Germany, the biggest importer of Russian oil in the European Union, has purchased 19 billion euros worth of Russian fossil fuels from February through August of 2022. Last week, Russia abruptly shut off natural gas flow to the European Union and claimed that it would not be returned until sanctions were removed. Sanctions were originally put in place as condemnation for invading Ukraine earlier this year.
Argentina is gearing up to connect its Vaca Muerta shale play with the Punta Colorada port through a new pipeline, enabling supertankers to load crude oil.
Wildfires in northern Alberta are causing some oil sands operations to take precautions.
Oil prices fluctuated within a tight range on Friday, as investors weighed mixed signals from the world's top oil consumers, China and the U.S. Brent crude slipped 13 cents to $83.75 per barrel, while West Texas Intermediate (WTI) fell 4 cents to $79.22.
Former President Trump is collaborating with the oil industry to overturn President Biden's fossil fuel regulations if he wins in 2024.
South Korea has welcomed the U.S. decision to extend electric vehicle tax credits for cars containing Chinese graphite until 2026.
In a bid to further pressure Russia over its war in Ukraine, the U.S. Senate has unanimously passed a bill to prohibit Russian uranium imports.
China and Russia recently committed to maintaining stability in their industrial supply chains.
A massive 7.2-magnitude earthquake rocked Taiwan's eastern coast last Wednesday, causing not only tragic loss of life but also significant ripples in the semiconductor industry.
Taiwan's biggest quake since 1999 could jolt the semiconductor supply chain across Asia.
in a recent development, BlackRock, the world's largest asset manager, is challenging Texas' move to pull out about $8.5 billion from the Texas Permanent School Fund (PSF), alleging it's a boycott against energy companies.
Kering, a renowned French luxury brand, witnessed a significant decline in its shares, marking its worst performance to date.
The world's top oil forecasters, OPEC and the International Energy Agency (IEA), are at odds over future oil demand, creating uncertainty for traders and investors.
PayCargo, a US-based logistics payment platform, backed by Blackstone, is entering the Asian market via Hong Kong, leveraging its status as a major air cargo hub.
The U.S. is ramping up defense industrial cooperation with Indo-Pacific partners like Japan, India, and others to bolster supply chain resilience amid threats, particularly from China.
Central Asia is making strides in combating climate change with the construction of its first green hydrogen-wind plant in Uzbekistan.
Lazada, the Southeast Asian e-commerce platform owned by Alibaba, has initiated a new round of layoffs that will be affecting employees across all Southeast Asian markets.
Russia is aiming to increase its share of the liquefied natural gas (LNG) market to 20% by 2030, but its plans face challenges due to sanctions and a shortage of ice-class LNG tankers.
BP has decided to halt all shipments through the Red Sea due to recent attacks on trade vessels by Houthi rebels in Yemen.
The OPEC oil cartel has expressed concerns in leaked letters about the potential for a "fossil fuels phase out" being discussed at Cop28, the UN climate summit.
OPEC+ oil producers have agreed to voluntary output cuts totaling approximately 2.2 million barrels per day (bpd) for early next year, with Saudi Arabia continuing its existing voluntary cut.
Estonia's foreign minister, Margus Tsahkna, has accused Moscow of orchestrating a "blatant hybrid attack" by facilitating a surge in migrants from Africa and the Middle East arriving at the EU's eastern frontier.
Venezuela is holding a referendum on whether to establish a new state in the disputed Essequibo territory, which has significant oil reserves and has been a source of tension with Guyana for over a century.
The OPEC+ coalition, comprising 23 oil-producing nations, has postponed a meeting to finalize output levels for 2024 by four days to November 30.
Oil prices dipped ahead of the scheduled OPEC+ meeting where discussions about potential supply cuts were expected.
Finnish President Sauli Niinisto has stated that it has become "impossible" to deport asylum seekers who do not meet the criteria for protection.
Eight years after the Paris Agreement, the oil industry is thriving, with rising profits and record production levels, especially in the United States.
China Petroleum & Chemical Corporation (Sinopec) has achieved the first oil and gas flows from Asia's deepest onshore well, the Yuejin 3-3XC well in the Tarim Basin, Xinjiang Uygur autonomous region.
Oil prices rose by approximately 2% as Iraq expressed support for OPEC+'s oil production cuts ahead of an upcoming meeting.
Workers in San Francisco are preparing the city for the Asia-Pacific Economic Cooperation (APEC) conference, where politicians, executives, and journalists from around the world are expected to gather.
Oil traders have cut their net long positions in Brent and WTI due to concerns over China's economy.