Trump urges NATO nations not to buy Russian oil
Nations stop purchasing Russian oil and take similar measures. Trump wrote on social media that he was ready to impose major sanctions against Russia once all NATO countries agreed to the same and stopped buying Russian oil. The United States has increased pressure on NATO nations to tighten energy restrictions on Russia to help end the war in Ukraine. Trump has faced criticism in the United States for setting deadlines of two weeks for Russia to deescalate, and then letting them pass without any concrete action.
Interior secretary: US wants to strengthen energy ties with Greece
Interior Secretary Doug Burgum told reporters in Athens that the U.S. is looking to strengthen its energy relations with Greece. This comes as the Trump Administration works to reduce Russia's gas and oil supplies to Europe. Burgum was in Europe this past week to sign energy deals that the U.S. believes will increase its influence in Europe while reducing Russia's. Greece announced on Wednesday that a consortium, including the oil giant Chevron, had bid for exploration of natural gas in their waters.
US Looks to Expand Energy Ties with Greece
The United States wants to expand its energy ties with Greece, U.S. Interior Secretary Doug Burgum said during a visit to Athens on Thursday, as the Trump administration works to further reduce Russia's oil and gas supplies to Europe.Burgum has been in Europe this week aiming to seal energy supply deals, which the U.S. hopes will strengthen its influence in the region while weakening Russia's.On Wednesday, Greece announced that a consortium including oil major Chevron had bid to explore for natural…
Interior secretary: US wants to strengthen energy ties with Greece
U.S. officials say that the United States is looking to strengthen its energy relations with Greece. While visiting Athens, Interior Secretary Doug Burgum stated that the Trump administration is working to further reduce Russia’s oil and natural gas supplies into Europe. Burgum was in Europe to sign energy deals that the U.S. hopes can strengthen their influence in the area while weakening Russia’s. Greece announced on Wednesday that a consortium, including the oil giant Chevron, had bid for exploration of natural gas in their waters.
Draft shows that EU countries are trying to limit the ways in which Russian gas can be circumvented by EU countries.
A draft of the latest negotiation proposal for the rules seen by revealed that the European Union is trying to block any way Russian gas can still enter Europe after the phase-out. The European Commission proposed legislation in June to phase out EU oil and gas imports from Russia by January 1, 2028. This is because Brussels wants to end its decades-old relationship with Russia after its invasion of Ukraine in 2022. The EU is negotiating these plans and considering proposals that would make it more difficult for companies to "transit" Russian gas through Russia, after having been produced in another country.
Russian Seaborne Diesel Exports Fall in August
Russia's seaborne diesel and gasoil exports fell 6% on the month in August to about 3.1 million metric tons as damage from Ukrainian drone strikes hit production, data from market sources and LSEG showed.Last month Ukraine intensified drone attacks on Russian oil facilities, targeting major refineries and oil depots mainly in southern and central Russia daily ahead of a meeting between U.S.
Russian energy exports disrupted since the start of Ukraine War
One of the bargaining chips that Donald Trump will use to convince Vladimir Putin to progress towards a ceasefire agreement in Ukraine when he meets him on Friday is to reduce U.S. restrictions on Russia's exports and energy industry. Trump has also warned of tougher sanctions in the event that there is not progress. See how the sanctions have affected Russian energy exports. Before the war, Russia was Europe's largest natural gas supplier. The majority of gas was transported via four pipeline routes…
Gulf Keystone oilfield in Iraqi Kurdistan resumes production following drone attack
Gulf Keystone Petroleum said that it has resumed oil production at the Shaikan field in Iraq's semiautonomous Kurdistan Region, which had been halted by drone attacks last month. Last month, officials from the energy sector said that repeated drone attacks on oilfields across the region reduced crude production, and the output of other companies, by between 140,000 and 150,000 barrels a day. Gulf Keystone signed a production-sharing contract with the Kurdistan Regional Government of Iraq, which gives it an 80% interest in Shaikan. Shaikan is located 60 km (37 miles), northwest of Erbil.
US investors target strategic Bulgarian gas storage
Five people with knowledge of the matter report that two American financiers with the support of a former campaign manager for U.S. president Donald Trump approached Bulgarian authorities about a potential investment in a government-owned underground gas storage facility stocked primarily with Russian natural gases. The group, led by Stephen P. Lynch (a Florida financier trying to purchase a gas pipe linking Russia to Germany) and Fei Wang (another U.S.-based investor), is looking at ways to…
Clean Crude Oil Arrives at BTC Ceyhan After Chloride Contamination
Crude oil arriving at the BTC Ceyhan terminal in Turkey is returning to normal specifications following organic chloride contamination, BP said on Thursday, though some tanks still hold tainted oil.Organic chloride was detected in Azeri BTC crude cargoes last week, pushing price differentials to a four-year low and delaying loadings.Loadings resumed after a pause from July 20-24, with shipments now proceeding from tanks cleared of contamination, subject to testing and charterer approval, sources told Reuters.Azeri BTC loadings from Ceyhan totalled 423…
BP Takes Quality Samples of BTC Oil Before Each Loading at Terminal
BP, the operator of the Baku-Tbilisi-Ceyhan (BTC) oil pipeline, said on Wednesday it was continuing its extensive quality assessment of Azeri BTC oil by taking samples before each loading at the terminal.Organic chloride contamination in Azeri BTC crude cargoes was discovered last week, sending price differentials to a four-year low and causing several days' delay in loadings from Turkey's BTC Ceyhan terminal.Delays have been caused in part by the additional testing, sources told Reuters.After enough oil to form a cargo arrives in the shore tank at the BTC Ceyhan terminal…
Russian Urals Oil Prices For Indian Port Delivery Firm
Prices for Russia's flagship Urals crude oil for delivery to Indian ports in late August/early September firmed further, while discounts to Brent were the narrowest since 2022 amid firm demand in India and Turkey and low supply of the grade, three sources said.Spot discounts for Urals crude narrowed to between $1.50 and $1.60 per barrel to dated Brent on a delivery ex-ship (DES) basis on average for cargoes arriving in India in late August/early September, from between $1.70 and $2 per barrel to dated Brent on a DES basis about a month ago, the traders said.That is the narrowest discount for Urals oil cargoes to
UN urges Australia and Turkey to resolve host dispute for COP31
On Monday, the UN climate chief urged Australia to settle its long-running dispute with Turkey over hosting next year's COP31 Summit. He called the delay unhelpful. Both Australia and Turkey have submitted bids for the highly-publicized conference in 2022, but neither has conceded to the other since. Simon Stiell said that the deadlock undermined preparations. He is the executive secretary of UN Framework Convention on Climate Change which oversees COP Summits. He said that a decision must be taken very quickly at an event of the Smart Energy Council in Sydney.
Russian FSB Allow Foreign Tankers to Access Black Sea Ports; Kazakh Oil Exports Resume
Russia's FSB security service has started handing out clearance for foreign tankers to access the Black Sea ports, allowing for Kazakhstan's oil exports to resume after they were halted for nearly a day, four industry sources said on Thursday.The suspension led to the disruption of around 2% of global supply and drove international oil prices to almost $70 a barrel on Thursday before they pared gains. Russian regulations mean foreign ships require the approval of Russia's FSB security service…
Greece invites Libya for maritime zone talks in order to improve strained relations
KyriakosMitsotakis, the Greek Prime Minister, said late Wednesday that Greece had invited Libya's internationally recognized government in Tripoli for talks to begin on delineating exclusive economic zones on the Mediterranean Sea. The move aims to repair the strained relations between the two neighbors, caused by the controversial maritime agreement signed in 2019 between Libya's government and Turkey, Greece’s longtime enemy, which defined a sea zone near the Greek island Crete. Mitsotakis…
Azeri BTC oil loads at Ceyhan resumed after contamination scare
Azeri BTC crude oils loadings from Turkish port of Ceyhan resumed Wednesday after an increase in checks due to contamination issues had delayed loadings for the past few days, according to several industry sources. A port agent confirmed that the Aframax tanker Searanger was loaded on one of the berths of the BTC Ceyhan Terminal Wednesday morning, after it was determined that the tank storage had been cleaned of contaminants. Port documents show that Searanger arrived in Ceyhan, Turkey on July 19. Another tanker, scheduled to load yesterday, was still at anchor, waiting for clearance.
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package approved by the European Union on Friday against Russia for its war in Ukraine. This package is aimed at further damaging Russia's energy and oil industry. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without causing global markets to be disrupted by cutting off Russian supply. EU diplomats have said that the EU will set a price cap for Russian crude oil at 15% less than its average market value. This means that a cap of approximately $47.60 per barrel is in place at the moment…
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package of sanctions against Russia for its war in Ukraine were approved by the European Union on Friday. It is aimed at further damaging the Russian oil and energy industries. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without causing global markets to be disrupted by cutting off Russian supply. EU diplomats have said that the EU will set a price cap for Russian crude oil at 15% less than its average market value.
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package of sanctions against Russia for its war in Ukraine are listed below. This package was approved by the European Union on Friday, and is aimed at further damaging Russia's energy and oil industry. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues from energy without disrupting the global markets. EU diplomats have said that the EU will set a price cap for Russian crude oil at 15% less than its average market value. This means that the cap is currently around $47.60 a barrel…
BP will sell its US onshore wind business for an undisclosed amount to LS Power
BP announced on Friday that it had agreed to divest its U.S. Onshore Wind business to U.S. based power grid operator LS Power as part of its ongoing strategy to divest. The energy giant did not disclose the deal's value. Investors have criticized BP for its poor performance in recent months. This has led to a new strategy that promises to reduce debt, increase cashflow and a pivot to oil and natural gas following a disastrous foray into alternative energy. The company aims to dispose of $3 billion to $4 million in assets by the end this year.