GRAINS-Chicago Wheat slips as harvest pressure begins; soybeans to gain weekly
Chicago wheat futures retreated on Friday following a rally to cover shorts before the holiday season in the U.S. as harvest pressure in Europe and Black Sea region looms. As of 0211 GMT the most-active contract for wheat fell 0.59%, to $5.87 per bushel. However, it remains close to a four-month-high and is expected to gain weekly.
Russian Urals Oil Prices Rise Above Western Price Cap
Russia's Urals crude oil price rose above the $60 per barrel limit imposed by Western nations as the Brent price jumped last week, fuelled by rising tensions in the Middle East, Reuters calculations based on traders' data showed on Monday.Oil prices jumped on Friday and settled 7% higher as Israel and Iran traded air strikes…
Orban, Orban: EU's plan to ban Russian imports of energy must be stopped
Viktor Orban, the Hungarian prime minister, told state radio that the European Union's plan of banning Russian energy imports should be stopped "by any means". EU executive announced earlier this month that the European Commission would propose next month legal measures to phase-out the EU's imports for all Russian gas, including liquefied gas, by the end 2027.
There Is An Estimated 6 Billion Barrels of Shale Oil Reserve in Southeast Turkey
U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey's southeastern Diyarbakir Basin, the Turkish energy minister said.If confirmed, such reserves would place Turkey above some OPEC members such as Congo or Gabon, and other major producers such as the UK.Continental…
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be a shale-oil reserve of 6.1 million barrels in Turkey’s southeast Diyarbakir Basin. If confirmed, these reserves would put Turkey ahead of some OPEC countries such as Gabon or Congo, as well as other major producers like the UK.
Minister: Estimated 6 billion-barrel shale oil reserves in southeast Turkey
The Turkish Energy Minister said that U.S. oil company Continental Resources estimated there to be 6.1 billion barrels of shale-oil reserves in Turkey's southeast Diyarbakir Basin. Continental Resources and the Turkish National Oil Company TPAO signed a Joint Venture Agreement in March for the development of shale-fields in this basin.
TASS: Gazprom is working on a new gas contract with Serbia.
The Kremlin's energy giant Gazprom has been working on a gas supply contract for Serbia, according to TASS. Alexander Novak, Russia's Deputy Premier was quoted as saying this on Monday. Serbia, which has historically had close ties with Moscow, but aspires also to join the European Union is heavily dependent on Russia for its natural gas. It has been trying to renew the contract that expired in March.
Romania: OMV Petrom signs a three-year gas supply contract with Moldova
Romanian oil-and-gas group OMV Petrom signed a contract for three years to deliver gas to Moldova from the Black Sea offshore Neptun Deep project, Romania's Energy Ministry announced on Wednesday. Neptun Deep, a joint venture between OMV Petrom, the Romanian state-owned Romgaz and OMV Petrom, is estimated to contain 100 billion…
TurkStream gas pipeline may slow down EU-Russia decoupling
May 7 - While the European Commission has announced a revised plan to wean Europe off Russian energy completely by 2027, some parts of Europe have taken the opposite approach. The TurkStream pipeline is not only still operating, but has expanded its gas supply. Since the beginning of the conflict in Ukraine, Russian gas exports have dropped dramatically.
Austrian OMV expects the gas production at Neptun Deep to begin in 2027
Austrian oil-and-gas group OMV announced on Wednesday that gas production is expected to begin in the Black Sea in 2027 as part of their Neptun Deep Project. The company stated that drilling for the first ten wells began in March. It is expected to take between two and three months. Neptun Deep is a project that OMV Romania's Romanian subsidiary OMV Petrom…
Turkey looks to regional energy expansion as Black Sea Gas output increases
Alparslan bayraktar, the Energy Minister, said that the daily production of natural gas in Turkey's flagship Sakarya Field, located on the Black Sea, has reached 9.5 million cubic meters. The country is ramping up its energy ambitions at home as well as abroad. Bayraktar, a Turkish minister of energy, told reporters in Giresun…
Shell and Bulgaria sign a contract for Black Sea oil and gas exploration
Shell signed with the Bulgarian government a contract on Tuesday that gives the oil giant the rights to explore a Black Sea field for oil and natural gas. Shell will be able to explore 4,00 square metres of the Block 1-26 Khan Tervel Field. Bulgaria, a member of the European Union, was totally dependent on Russian Gas until 2022. It has sought to diversify and find cheaper gas sources.
Trump tariffs are set to worsen the woes in the petchems industry
Industry officials and analysts warned that the new U.S. import duties will further reduce demand for global producers of petrochemicals and increase capacity cuts in a sector plagued with low margins. The tariffs announced on Wednesday by President Donald Trump are expected to increase prices for electronic goods, appliances, and packaging.
OPEC+ will discuss Kazakhstan's output at the Thursday meeting, sources claim
Two delegates said that eight OPEC+ nations meeting on Thursday, will focus on convincing Kazakhstan to stop exceeding their output quota as well as its plans to compensate overproduction while the group increases gradual production. Sources have said that the record Kazakh production has angered other members of OPEC+, including Saudi Arabia.
The drilling of the offshore gas project in Romanian Black Sea has begun.
On Tuesday, the owners of Romania's Neptun Deep offshore project announced that drilling had begun in the Black Sea. This could lead to the production of one the EU's biggest gas deposits in 2027, which would ease the transition from Russian gas. Neptun Deep is jointly owned by the oil and gas company OMV Petrom, and Romania's Romgaz. It holds approximately 100 billion cubic metres of recoverable gas.
Sources: Turkey and Slovakia receive US waiver extensions for gas payments to Russia
Sources told reporters on Thursday that the United States has extended waivers to Turkey and Slovakia for gas payments made to Russia. The extensions will be valid until the end of May. Washington imposed sanctions on Russia's Gazprombank in November over the Ukraine conflict. Gazprombank is one of Russia's largest banks and receives payments from Gazprom customers in Europe for natural gas.
Romanian government extends the energy price cap
Marcel Ciolacu, Romania's Prime Minister, announced on Thursday that the coalition government would extend the price cap for electricity to households and businesses up until June, and for gas, for one year. This is in order to protect consumers from recent increases in energy prices. Since November 2021, Romania caps gas and electricity bills for households…
Ukraine looks for investment in Davos to recover from the recession as Trump calls for peace
While U.S. president Donald Trump called for an end to the three-year war and Ukraine's President discussed peacekeeping forces, Ukrainian officials courted private investors to help rebuild their country this week. Oleksiy Sbolev is the first deputy minister of economy. He described a $500-billion reconstruction project that would bring both financial and strategic dividends to Western Investors…
Palm oil falls on Dalian crude oil, weakening it
Malaysian palm futures dropped on Thursday, ending a five session rally. Pressured by lower Dalian oil and lower crude oil prices, sparked by the talks to end Ukraine-Russia's war, they were pushed down by weaker Dalian oil. At midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for April delivery fell 63 ringgit or 1.36% to 4,558 Ringgit ($1,023.35) per metric ton.
OMV Petrom operating profit falls 57% due to lower prices and regulatory pressures
The Romanian oil-and-gas group OMV Petrom announced a 57% drop in its adjusted operating profit for the fourth quarter on Tuesday. It cited lower commodity prices as well as the impact of regulations for gas and electricity. Bucharest listed company reported an operating profit adjusted of 955 millions lei ($197.61) down from 2.24 milliards lei a year ago.
