Category Archives: Oil

Biden administration angered by Opec+ oil output cut

Posted on by

Senior figures see decision as a slight on the US and a sign that the oil producers club is aligning with Russia

The Biden administration and its supporters have reacted angrily to the Opec+ decision to cut oil production, seeing it as a rebuff to the US president’s efforts to improve relations with Saudi Arabia.

The White House made clear that it viewed the decision by the oil production cartel, in which the plus sign represents the inclusion of Russia, to reduce daily production by 2m barrels, as a geopolitical move, and a slight to Biden who is seeking to cut Russian revenues and keep the petrol price down before November’s congressional elections.

Continue reading...

Fears grow over oil price as Opec+ agrees to bigger than expected output cuts

Posted on by

Cartel curbs production by 2m barrels a day despite strong US pressure, further squeezing supplies

The Opec oil cartel and its allies have agreed to a bigger than expected cut in oil production targets despite significant pressure from the US.

The Opec+ group of oil-producing nations signed up to a cut in output of 2m barrels a day, surpassing predictions earlier in the week of cuts of 1m to 1.5m barrels, squeezing supplies in a tight market.

Continue reading...

Brussels promises to cap price of Russian oil after Putin escalation

Posted on by

European Commission also proposes extra curbs on hi-tech trade as part of sanctions to ‘make Kremlin pay’ over Ukraine war

The EU executive has promised to cap the price of Russian oil and impose further curbs on hi-tech trade, as part of the latest round of sanctions to “make the Kremlin pay” for the escalation of the war against Ukraine.

The president of the European Commission, Ursula von der Leyen, said Russia had ramped up the invasion to “a new level”, listing the sham referendums in Russian-occupied territory, the partial mobilisation order and Vladimir Putin’s threat to use nuclear weapons. “We are determined to make the Kremlin pay for this further escalation,” she said.

Continue reading...

Criticism intensifies after big oil admits ‘gaslighting’ public over green aims

Posted on by

Fury as ‘explosive’ files reveal largest oil companies contradicted public statements and wished bedbugs upon critical activists

Criticism in the US of the oil industry’s obfuscation over the climate crisis is intensifying after internal documents showed companies attempted to distance themselves from agreed climate goals, admitted “gaslighting” the public over purported efforts to go green, and even wished critical activists be infested by bedbugs.

The communications were unveiled as part of a congressional hearing held in Washington DC, where an investigation into the role of fossil fuels in driving the climate crisis produced documents obtained from the oil giants ExxonMobil, Chevron, Shell and BP.

Continue reading...

Germany takes subsidiary of Russian oil giant Rosneft under state control

Posted on by

Three refineries put into trusteeship ahead of partial European embargo on Russian oil later this year

Germany has taken the German subsidiary of the Russian oil giant Rosneft under state control, putting three refineries into a trusteeship ahead of a partial European embargo on Russian oil at the end of the year.

The federal network regulator will become the temporary trust manager of Rosneft Germany and its share of refineries in Schwedt, near Berlin, in Karlsruhe and in Vohburg, Bavaria, Germany’s ministry for economic affairs announced on Friday.

Continue reading...

Energy ministers to gather to thrash out EU approach to gas and electricity price crisis

Posted on by

Talks expected to be complex, with some member states strongly against proposed price cap on Russian gas

EU energy ministers will gather for emergency talks in Brussels on Friday to thrash out common measures in an effort to counter a gas and electricity price crisis that threatens to make energy bills unaffordable for households and businesses and tip Europe into recession.

The European Commission president, Ursula von der Leyen, has set out a five-point plan, which includes a price cap on Russian gas that is likely to draw strong opposition from some member states.

Continue reading...

South African court bans offshore oil and gas exploration by Shell

Posted on by

Judgment is huge victory for campaigners concerned about effect of seismic waves on marine life

A South African court has upheld a ban imposed on the energy giant Shell from using seismic waves to explore for oil and gas off the Indian Ocean coast.

The judgment delivered in Makhanda on Thursday marks a monumental victory for environmentalists concerned about the impact the exploration would have on whales and other marine life.

Continue reading...

Petrol pumps run dry across Malawi as fuel import problems deepen

Posted on by

Motorists forced to pay premium for smuggled black market fuel or drive to service stations at border with neighbouring Mozambique

Motorists in Malawi are having to rely on fuel smuggled in from neighbouring Mozambique as pumps across the country run dry, while some drivers told the Guardian they had to cross the border to get petrol as the country grapples with severe shortages.

“We have been depending on smuggled fuel from Mozambique,” said Allick Pondani, a motorist from the southern Malawi district of Phalombe. “Some entrepreneurs have taken advantage of the situation and are smuggling the scarce commodity, which they are selling at 50% over the normal pump price.”

Continue reading...

Canada invokes treaty with US in push to keep cross-border pipeline open

Posted on by

Canada warns of ‘significant’ economic damage in the event of a shutdown of Line 5, which travels through Michigan

Canada has once again invoked a longstanding treaty with the US as it seeks to keep a controversial cross-border pipeline open, warning of “significant” economic damage to both countries in the event of a shutdown.

Canada’s foreign minister said Line 5, a pipeline operated by Calgary-based Enbridge, was a critical source of energy security.

Continue reading...

European gas shortages likely to last several winters, says Shell chief

Posted on by

Warning raises prospect of continued rationing, as Total boss says Europe has to plan for future without Russian supplies

Gas shortages across Europe are likely to last for several winters to come, the chief executive of Shell has said, raising the prospect of continued energy rationing as governments across the continent push to develop alternative supplies.

Cuts to the supply of Russian gas since the invasion of Ukraine have plunged European countries into a devastating energy crisis, driving up wholesale prices to leave consumers facing huge bills and the highest rates of inflation since the 1980s.

Continue reading...

Anglo-French oil firm threatens Amazon reserve for isolated Indigenous people

Posted on by

Perenco sues Peru government for repeal of law that offers recognition to proposed Napo-Tigre reserve

Isolated Peruvian tribes face a threat to their existence from a push to scrap a planned Indigenous reserve led by an Anglo-French oil company, Indigenous groups say.

The firm, Perenco, whose slogan is “Oil remains an adventure”, filed an injunction in May for the repeal of a law offering preliminary government recognition to a proposed Napo-Tigre reserve. The first hearing is scheduled on 7 September.

Continue reading...

Just Stop Oil activists stage protests at Essex and Midlands oil terminals

Posted on by

Essex police arrest 18 people at three locations as protesters try to disrupt distribution of fuel

Dozens of environmental protesters have blocked critical oil infrastructure in Essex and the Midlands as they revived a campaign to “just stop oil”.

At daybreak on Tuesday, about 50 people took part in protests targeting three oil terminals, from where fuel is distributed to petrol stations, the activist group Just Stop Oil said.

Continue reading...

Conflict in South China Sea would threaten 90% of Australia’s fuel imports

Posted on by

The country would run out within two months of a major disruption. Here are five ways to reduce vulnerability

China’s sabre-rattling about Taiwan underlines the need for Australia to be prepared for conflict in the South China Sea.

With its growing navy and air force, and the bases it has built throughout the area, China is increasingly capable of disrupting shipping lanes crucial to Australia’s exports and imports.

Continue reading...

Oil prices hit lowest level since Ukraine invasion on China growth fears

Posted on by

Chinese recovery from lockdowns shows signs of fizzling out as central bank cuts interest rates

Global oil prices have dropped amid concerns over weaker growth in the Chinese economy caused by repeated Covid lockdowns and a downturn in the property sector.

A barrel of Brent crude fell by about 5% to below $94 (£78) on Monday, hitting the joint lowest levels since the Russian invasion of Ukraine as traders reacted to weaker figures from the world’s second-largest economy.

Continue reading...

Saudi Aramco profits soar by 90% as energy prices rise

Posted on by

The $48bn figure from world’s biggest oil firm is thought to be one of largest quarterly profits in history

Saudi Arabia’s largely state-owned energy firm has highlighted the colossal profits made by gas and oil-rich nations during the energy crisis by revealing profits in the three months to the end of June up 90% to $48bn (£40bn).

Saudi Aramco recorded what is believed to be one of the largest quarterly profits in history to easily beat the near $26bn it made a year earlier.

Continue reading...

Revealed: BP’s ‘greenwashing’ social media ads as anger over fuel costs rose

Posted on by

Oil company spent £800,000 on social media influence ads after Labour proposed windfall tax

BP has spent more than £800,000 on social media influence ads in the UK this year that champion the company’s investments in green energy, it can be revealed.

On Tuesday, BP announced a 14-year high profit of £7bn for the second quarter of this year. In the previous eight days, the company paid about £570,000 to Facebook and Instagram for influence ads that reached tens of millions of viewers in the UK.

Continue reading...

African nations expected to make case for big rise in fossil fuel output

Posted on by

Exclusive: leaders expected to say at Cop27 they need accesss to their oil and gas reserves despite effect on global heating

Leaders of African countries are likely to use the next UN climate summit in November to push for massive new investment in fossil fuels in Africa, according to documents seen by the Guardian.

New exploration for gas, and the exploitation of Africa’s vast reserves of oil, would make it close to impossible for the world to limit global heating to 1.5C above pre-industrial levels.

Continue reading...

EU urges member states to slash gas use by 15% to counter ‘Russian blackmail’

Posted on by

Call for voluntary cut until March 2023 with binding reduction targets possible when Moscow ‘likely’ halts supplies

The European Union’s executive body has urged member states to slash their gas consumption by 15%, as it warned that a complete shutdown of Russian supplies was “likely”.

The EU has been scrambling to wean itself off Russian gas since the invasion of Ukraine, but is alarmed about a potential energy crisis this winter.

Continue reading...

Fist bumps as Joe Biden arrives to reset ties with ‘pariah’ Saudi Arabia

Posted on by

Oil markets top of the agenda for US president who receives subdued welcome three years after Jamal Khashoggi comments

Three years after Joe Biden vowed to make Saudi Arabia a pariah state over the assassination of a prominent dissident, the US president greeted Crown Prince Mohammed bin Salman with a fist bump as his administration attempts to reset relations and stabilise global oil markets.

Donald Trump was personally welcomed to the conservative Gulf kingdom on his first presidential visit by King Salman. Biden, however, was met on the tarmac on Friday evening by the governor of Mecca and the Saudi ambassador to the US in a subdued ceremony. He then travelled to the city’s al-Salam palace, where he held talks with the 86-year-old king and his powerful heir, Prince Mohammed, before a working meeting.

Continue reading...

Europe could face energy rationing as ‘really tough winter’ looms, Shell boss warns

Posted on by

Ben van Beurden says Ukraine war fallout means big rise in bills and possible need to ration supplies

European consumers could face the prospect of energy rationing this winter as costs continue to soar amid the risk of Russia cutting off gas supplies, Shell’s chief executive has said.

“It will be a really tough winter in Europe,” said Ben van Beurden, speaking at the Aurora spring conference in Oxford on Thursday. “We will all face very significant escalation in energy prices. In the worst case, Europe will need to ration its energy consumption.”

Continue reading...