INDUSTRY NEWS
Western Midstream and Occidental Sign Letter of Intent to Explore Carbon Capture
“WES and Oxy are uniquely positioned to continue leveraging our extensive asset base to satisfy growing global energy demand while creating a world-class carbon capture management system.”
White House cops to pushing Saudi Arabia to postpone oil cuts until after midterms
The Biden administration admittedThursday it had asked Saudi Arabia to delay the OPEC+ vote to cut oil production until the cartel’s next meeting – after the midterm elections.
OPEC Returns Fire, Takes Aim At Biden’s SPR Release With Clear Message
Last week, Saudi Arabia’s Minister of Energy, Prince Abdulaziz bin Salman Al Saud, reiterated the longstanding Saudi stance that they don’t focus on price; it’s all about supply and demand for OPEC’s leading swing producer. But that’s not the whole story.
Sweden Boots Russia From Nord Stream Investigation
Swedish Prime Minister Magdalena Andersson said on October 10 that while Russia would not be allowed to join the investigation, Stockholm would invite a joint EU probe and Moscow was free to carry out its own inspections of the Nord Stream 1 and 2 pipelines.
Biden’s Options To Counter OPEC+ Are Limited
Just a day before the OPEC+ meeting, CNN reported that all available human resources in the administration had been mobilized, with the White House “having a spasm and panicking,” per one unnamed official.
Record gas prices, electricity woes show California’s worsening energy vulnerabilities
At least five plants have recently faced maintenance-related stoppages or slowdowns, limiting supplies of California's special blend of gasoline mandated to reduce pollution.
Only One EU Member Is Still Receiving Russian Natural Gas
With three of the four pipelines delivering Russian natural gas to Europe out of commission, Hungary is now the only EU member state still receiving Russian gas, Forbes Hungary writes. There are four pipelines that could supply Russian natural gas to Europe:
OPEC+ Cut Poses New Threat to Biden
Amid what would become a 98-day streak of declines, President Joe Biden was quick to take credit in August over one of his most serious political foes: high gasoline prices.
Oil Prices Are About To Reverse Course
Despite these statements that suggested oil prices should move higher, oil fell for much of the week. Yet it wasn’t dragged down by fundamentals. Oil prices are down because many traders and investors are bracing for a recession.
OPEC Raises Oil Production To Highest Level In Years
As widely expected, Saudi Arabia managed to raise its production by 50,000 bpd for September, reaching its 11 million bpd target. The UAE and Kuwait also hit their targets.
U.S. Planning New Sanctions On Iran’s Oil Sales
For months now, a new nuclear deal with Iran has kept the market on edge and has been routinely touted as “imminent.” A deal, however, has yet to be struck. In just the last couple of weeks, the hope of reaching a deal seemed less certain.
EU vows to protect energy network after ‘sabotage’ of Russian gas pipeline
The European Union believes sabotage probably caused the leaks detected on Monday, Josep Borrell said, echoing views aired by Germany, Denmark and Sweden.
How Big A Problem Is America’s Shrinking Oil Reserve?
In December 1975, with memories of gas lines fresh on the minds of Americans as a result of the 1973 OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR). The law was designed “to reduce the impact of severe energy supply interruptions” such as that caused by the embargo. Over time the U.S. government began to fill the reserve. At its high point in 2010, the level reach 726.6 million barrels. Since December 1984, the level has never been lower than 450 million barrels — until now.
Dregs of Texas Oil Patch More in Demand Than Crude Itself
In the hydrocarbon-rich fields of Texas, natural gas was always treated like the dregs that crews had to deal with as they pulled oil out of the ground. The two often emerge from wellheads together, and so for decades drillers would simply burn off the gas or sell it at cost. Oil, and all the riches that came with it, was always the big prize.
California seeks to ban sales of diesel commercial trucks
The California Air Resources Board staff is proposing a measure that would require medium and heavy-duty trucks entering ports and rail yards must be zero emission by 2035 and that state and local government fleets do so by 2027, the Los Angeles Times reported.
Russia Losing Gas War
“The EU gas market appears well-supplied after six months of reduced demand and increased imports,” the analysts stated in the report, adding that “prices reflect an improving outlook”.
Carbon Recycling Breakthrough Converts 100% Of CO2 Into Ethylene
The University of Illinois Chicago researchers new system uses electrolysis to transform captured carbon dioxide gas into high purity ethylene, with other carbon-based fuels and oxygen as byproducts.
Senators Seek Secondary Sanctions on Russian Oil Purchases
Senators Chris Van Hollen, a Maryland Democrat, and Pennsylvania Republican Pat Toomey are working on legislation that would impose secondary sanctions on foreign firms that facilitate the trade of Russian oil and on countries that increase their purchases of the commodity.
Why Europe Won’t Exploit Its Huge Gas Reserves
As energy prices continue to soar across Europe, with gas prices surging 26% on Monday after Russia stopped pumping via Nord Stream 1, the highly contentious fracking debate is now re-emerging on the continent, led by a new British prime minister with fossil fuels on her mind.
U.S. on track to use record amount of natural gas for electricity in 2022, according to EIA
The U.S. is a major producer of natural gas with Texas leading the way and much of that gas is being sent to Europe in the wake of Russia's invasion of Ukraine. The war has slashed the amount of Russian gas available to Europe and caused prices there to skyrocket.