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Fossil fuel sources accounted for 79% of U.S. consumption of primary energy in 2021

Fossil fuels—petroleum, natural gas, and coal—accounted for 79% of the 97 quadrillion British thermal units (quads) of primary energy consumption in the United States during 2021. About 21% of U.S. primary energy consumption in 2021 came from fuel sources other than fossil fuels, such as renewables and nuclear, according to data in our Monthly Energy Review. The 4-quad increase in U.S. primary energy consumption last year was the largest annual increase on record and was mostly attributable to a gradual return to pre-pandemic levels of activity. The increase in 2021 ...

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Canada sees Repsol LNG as fastest way to boost gas supply to Europe

Canada’s East Coast has only enough natural gas supply to accommodate one new liquefied natural gas (LNG) export facility, and the project that would boost shipments to Europe the fastest is Repsol’s, Canada’s environment minister told Reuters. In May, Canada said it was in talks with Spanish company Repsol’s LNG facility in New Brunswick and Pieridae Energy, which has proposed building an LNG facility in Nova Scotia, about increasing exports to Europe. “The amount of gas that is available would be available only for one facility at this point,” Environment ...

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Saudi refining capacity rises 14% in 2021

Saudi Arabia’s refining capacity rose 13.7% in 2021, one of the biggest increases among its peers, as the world’s largest exporter for crude continues to expand its downstream capabilities, according to the latest OPEC Annual Statistical Bulletin. The OPEC+ kingpin added 400,000 b/d of refining capacity in 2021, raising its overall capacity to refine crude to 3.327 million b/d. The increase was largely due to the addition of the 400,000 b/d Jizan refinery in the country’s Red Sea-facing western coast. Jizan is currently operating at a “little over 200,000 b/d”, ...

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Oil and gas investments need to rise to $525bln every year until 2030 to meet demand – IEF official

Oil and gas investments would need to increase to and sustain at the pre-COVID level till 2030 just to meet demand, a top official of the International Energy Forum (IEF) said. Secretary General Joseph McMonigle said IEF’s 2020 and 2021 investment reports, and recent mid-year assessment had highlighted the underinvestment crisis vis-à-vis pre-COVID levels. “We think investment needs to rise to about $525 billion every year until 2030 just to meet demand,” he said during a virtual interview with energy consultancy Gulf Intelligence. He said capex cuts in 2020 and ...

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Azerbaijan to boost daily crude oil output in August within OPEC+

Azerbaijan will boost its daily crude oil output by 11,000 barrels in August 2022, the country’s Energy Minister Parviz Shahbazov has said. He noted that crude oil production in OPEC+ countries will be increased by 648,000 barrels. “In August, large-scale commitments under the #HistoricAgreement of more than two years ends with an increase in daily crude oil output in #OPECPlus countries by 648,000 barrels, including 11,000 barrels in #Azerbaijan. #OPECPlus has successfully fulfilled its historic mission of stabilizing the global oil market through a #BalancedApproach, #FlexibleRegulation, and #HighSolidarity,” he wrote ...

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The Commodities Feed: OPEC struggling

Energy The oil market has held up relatively well when considering the deteriorating macroeconomic picture. Data released on Friday saw the US ISM manufacturing index come in below expectations for June, while new orders fell into contraction territory, which is not a great sign for production over 2H22. Despite this, ICE Brent still managed to settle almost 2.4% higher on Friday, which also saw the market settle higher over the week. Constructive oil fundamentals continue to counter the weakening macro environment at the moment. The prompt ICE Brent spread continues ...

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Oil slips as recession fears balance tight supply

Oil edged lower on Monday as fears of a global recession that would hit demand overshadowed concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia. Figures on Friday showed Euro zone inflation hit yet another record high in June, firming the case for rapid European Central Bank rate hikes starting this month. U.S. consumer sentiment hit a record low in June. Brent crude fell 33 cents, or 0.3%, to $111.30 a barrel at 0815 GMT, after falling over $1 in early trade. U.S. West ...

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Changing the way Asia’s oil and gas companies raise capital

Climate criteria is playing an increasing role in determining which projects move forward The energy crisis has put bankers in a bind. War in Ukraine has provided a stark reminder that the world remains dependent on hydrocarbons and that supply and demand must move in tandem. To ensure this, companies need access to capital to support new production. As Blackrock CEO Larry Fink put it in his 2022 letter to shareholders, efforts to limit investment in new oil and gas supply will only result in “greater polarisation around climate change” ...

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G7’s Russia cap could send oil prices up, not down

What’s not to like in the idea of setting a price cap on Russian oil exports? It limits the revenue here Moscow has been amassing since the beginning of the war in Ukraine, cuts the European Union’s energy bill and helps control inflation, while avoiding a major disturbance of the global oil market. The G7 has launched a study of the concept. Considering the risks of a boomerang effect on prices, it needs to be rigorous. The scheme contemplated would ban insurance on Russian oil cargo sold at a certain ...

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Europe on the brink going into Q3 as Russian gas cuts bite, prices surge

The European gas market has never been in a more precarious state, with curtailed Russian supplies prompting numerous EU states to trigger emergency gas plans, a first step toward rationing. With Russian supply via Nord Stream at just 40% of capacity, and deliveries to be halted completely for annual maintenance on July 11-21, the outlook for near-term Russian gas supply to Europe appears bleak. Germany has also warned of the risk that Nord Stream may not return at all following the maintenance. Russian supply to Europe is at record lows ...

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Saudi Arabia walks oil policy tightrope between Biden and Putin

Saudi Arabia’s push for swifter oil production hikes by OPEC+, which were agreed in June, involved behind-the-scenes diplomacy to ensure Russia backed the move that followed U.S. appeals for more supply, two sources familiar with the discussions said. The OPEC+ group of oil producers made a larger-than-expected output rise when its ministers met on June 2, a step welcomed by the administration of U.S. President Joe Biden, who will next month visit the kingdom for the first time since taking office. The backroom diplomacy, described by the sources to Reuters, ...

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Oil market unconvinced by Russian oil price cap proposal

Analysts and traders have raised serious doubts over the effectiveness of a potential price cap on Russian seaborne crude purchases in an attempt to disrupt oil revenue from one of the world’s biggest producers. Details on the proposed price cap following the 26-28 June G7 meeting in Bavaria remain sparse but the essential outline is for a coalition of global buyers to agree a maximum price to purchase Russian seaborne crude. If transactions are conducted below the “price cap” buyers will be able to access US, EU and UK shipping, ...

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OPEC oil output again misses target in June as outages weigh – survey

OPEC in June did not deliver on an oil output increase pledged under a deal with allies, a Reuters survey on Friday showed, as involuntary declines in Libya and Nigeria offset supply increases by Saudi Arabia and other large producers. The Organization of the Petroleum Exporting Countries (OPEC) pumped 28.52 million barrels per day (bpd) in June, the survey found, down 100,000 bpd from May’s revised total. OPEC had planned to boost June output by about 275,000 bpd. OPEC plus Russia and other allies, known as OPEC+, are unwinding 2020 ...

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Asia spot prices jump amid stronger demand, concerns over Russia

Asian spot liquefied natural gas (LNG) prices continued to rise this week amid stronger demand on the back of a blistering heatwave in Japan and a return of competition with Europe which is gearing up for possible disruption of Russian gas. The average LNG price for August delivery into north-east Asia was estimated at $39 per million British thermal units (mmBtu), up $2 or 5.4% from the previous week, industry sources said. “Demand from Japan on the back of a heatwave was evident as some utilities purchased prompt cargoes this ...

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Westwood Insight – Will onshore pipeline demand take off with rocketing oil prices and new energies?

Onshore pipeline installations have dropped dramatically in recent years, with the industry badly impacted by public opposition, political decisions and depressed oil and gas (O&G) prices. As a result, Westwood’s outlook appeared relatively flat in the last edition of World Onshore Pipelines Market Forecast 2021-2025, published June 2021. Global onshore O&G pipeline installations However, as we reach the midpoint of 2022, this narrative is looking less clear. The shock of oil futures trading negative in 2020 has been replaced by rocketing O&G prices. As we look ahead to the next ...

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