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Saudi Aramco Is Taking A Page Out Of The U.S. Shale Playbook
by David Messler
17 Aug 2022 at 5:00pm
Saudi Aramco, (ARMCO) reported Q-2, 2022 earnings this week and set tongues wagging with the sheer amount of cash being generated in its daily operations. Net income of $48.4 bn, Free Cash Flow of $34.6 bn for the quarter, and $65 bn for the first half, substantially eclipsed year-ago numbers of $22.6 bn and $40.9 bn for the same period. All of this was driven by price realizations for crude topping the $113.00/bbl mark for the quarter, exceeding year-ago prices ($67.90) by ~66%. What was noteworthy, and documented in a recent Wall Street Journal?

Energy Sanctions On Russia Have Been A Boon For China And India
by Irina Slav
17 Aug 2022 at 4:00pm
When the UK and the U.S. banned Russian oil imports, and the European Union approved sanctions that made it a lot harder to trade in Russian oil, media reports highlighted the argument that Russian could not possibly replace Europe with Asia as its biggest oil client. What wasn?t so widely reported on was China and India?s dependence on imported oil, any imported oil compatible with their refinery setups, and how important prices were for both, given their size and import dependence. And both countries certainly took advantage of Western?

Israel Planning Clean Energy ?Revolution? In Middle East
by Charles Kennedy
17 Aug 2022 at 3:30pm
Two Israeli energy giants have announced plans to jointly develop major renewable energy projects in the MIddle East and North Africa, as the country works to normalize relations with former enemies.  Israel?s NewMed, former Delek Drilling?the company behind the giant discoveries of gas in the Levant Basin?and Enlight Energy plant to launch a renewable energy ?revolution? across the region, highlighting Saudi Arabia and Oman, two countries with which Israel has not normalized relations formally, the Israeli Times?

Drought Is Driving European Energy Markets Toward Disaster
by Irina Slav
17 Aug 2022 at 3:00pm
Energy markets and nature seem to have it in for Europe. Record-breaking gas prices, rising coal prices, and droughts that interfere with electricity generation in some key markets have combined to push electricity contracts in the EU to record highs as uncertainty about the coming winter deepens. Reuters reported earlier this week that a number of power forward contracts traded in the EU hit highs because of what increasingly looks like a perfect energy storm, affecting every energy source in one way or another. "A number of factors are adding?

Cheap Air Travel May Be A Thing Of The Past
by Felicity Bradstock
17 Aug 2022 at 2:00pm
Expensive flights are likely here to stay as we leave budget flying in the past. As we see rising oil and gas prices around the world, as well as facing energy shortages, the times of low-cost flying may well be left in the past as airlines worldwide put their prices up in line with rising costs and post-pandemic challenges.  Almost every industry has struggled to bounce back in a post-pandemic world, facing supply chain disruptions, rising energy costs, and fewer staff numbers. As companies fight to get back on track, none has been hit so?

How High Will European Gas Prices Go?
by OilPrice.com
17 Aug 2022 at 1:00pm
In recent weeks, there has been increasing mainstream coverage of the impending energy crisis in the UK and across Europe. While this issue is not news to those who are regularly engaged with energy markets, the looming impact on domestic utility bills is steadily being given more press coverage.  In April 2022, regulator Ofgem increased the UK Energy Price Cap by 54% from £1,277 per year to £1,971 per year, based on typical use. In May, Ofgem stated this would rise again up to £2800 per year in October, however, it is widely?

Iran Set To Boost Oil Exports In August
by Charles Kennedy
17 Aug 2022 at 12:30pm
Iran could increase its oil exports in August as its crude is now estimated to be much cheaper than Russia?s in China, the key oil customer for both exporters, oil flows tracking firms told Reuters on Wednesday. Iran, as well as Russia, offer their crude at discounts to China, but the discount of Iranian crude to Russia?s Urals grade has doubled in recent weeks, which could prompt China to buy more oil from Iran, traders and analysts told Reuters. Iran?s crude for August is now being offered at around $8 a barrel below the price?

How The EU Plans To Cut Natural Gas Consumption By 15%
by Felicity Bradstock
17 Aug 2022 at 12:00pm
Last week, European Union ministers accepted major gas cuts across Europe in the face of gas shortage worries going into the winter. So what are countries around the world doing to curb their energy usage as they see shortages and rising prices? Several governments are now introducing measures to ensure they maintain their energy security as the flow of Russian gas begins to slow.  Last week, the European Commission proposed a 15 percent cut in gas usage across member states, starting in August and ending in March 2023 to ease worries of energy?

Gulf of Mexico Oil Leases Up in the Air Amid Another Court Ruling
by Charles Kennedy
17 Aug 2022 at 11:30am
A U.S. court of appeals has ruled that President Joe Biden?s pause on oil and gas leases on public land can be reinstated, just days after the passage of a landmark Inflation Reduction Act that calls for hastening fossil fuel production on federal lands. The 5th Circuit Court of Appeals on Wednesday ruled against an injunction that had stopped the Biden administration?s pause on new oil and gas leasing. The injunction will now be sent back to a lower court for more proceedings.  The appeals court decision was based on what it called?

Germany Will Have Less Than 3 Months Of Gas If Russia Halts Supply
by Tsvetana Paraskova
17 Aug 2022 at 11:00am
Despite faster storage builds than usual, Germany will only have enough natural gas to cover two and a half months of consumption this winter if Russia completely suspends deliveries, Klaus Müller, the president of Germany's energy regulator, the Federal Network Agency, told Bloomberg this week. Germany targets storage to be 85% full by the beginning of October and 95% full gas storage sites by the start of November. Even at 95% full storage by November, Europe's biggest economy will have two and a half months to cover heating, power, and?

German Uniper Says It?s Facing Insolvency Amid $12 Billion Loss
by Charles Kennedy
17 Aug 2022 at 10:30am
Giant German utility Uniper has reported first-half 2022 losses of some $12.5 billion amid a mounting energy crisis that has seen natural gas supplies from Russia decline significantly over the past few months.  According to Uniper, the losses were incurred due to the necessity of buying natural gas on the spot market as Russia cut flows to Germany. Uniper said the losses were related to anticipated future gas shortages.  ?Uniper has, for months, been playing a crucial role in stabilizing Germany?s gas supply ? at the?

Why Aramco Is Nothing Like The Other Oil Majors
by Tsvetana Paraskova
17 Aug 2022 at 10:00am
The world?s biggest oil company by production and market capitalization, Saudi Aramco, joined this week many of the international oil majors in reporting record second-quarter profits amid soaring oil and gas prices.  Yet, the similarities between the Saudi state oil giant and Big Oil end with the record earnings this year.   Aramco, the world?s top crude oil exporter, is not your ordinary listed oil major. Its strategic choices and actions are not made in the board room or at shareholders? meetings?they are?

Al Ghais: OPEC Isn't Responsible For Inflation
by Julianne Geiger
17 Aug 2022 at 9:30am
While OPEC often finds itself the usual suspect when it comes to high crude oil and gasoline prices, it is not behind the current inflation trend, OPEC Secretary General Haitham Al Ghais said on Wednesday. "There are other factors beyond OPEC that are really behind the spike we have seen in gas [and] in oil. And again, I think in a nutshell, for me, it is underinvestment ? chronic underinvestment," OPEC's new Secretary General told CNBC's Hadley Gamble. The new Secretary General's denial that the group is responsible for inflation comes alongside?

Natural Gas Demand Outpaces Production
by Charles Kennedy
17 Aug 2022 at 9:00am
Natural gas demand in major consuming countries stood in June at 104 percent of year-ago levels, but production was flat compared to 2021 levels, new data from the Joint Organisations Data Initiative (JODI) showed on Wednesday. While U.S. natural gas production has been rising in recent months alongside LNG exports, Russian gas production has plummeted since Russia invaded Ukraine at the end of February. In June, Russian gas production plummeted 18 percent month on month, falling for three consecutive months. Russia?s gas output in June was?

Pemex Board Balks At Cost Overruns At Mega Oil Refinery
by Tsvetana Paraskova
17 Aug 2022 at 8:30am
Some members of the board of directors at Pemex have expressed concerns about the huge overruns the Mexican state oil giant faces in building its flagship mega refinery Dos Bocas, sources familiar with the board deliberations told Bloomberg. While Pemex?s board approved an increase in the budget for the refinery project last week, the vote wasn?t unanimous. Three board members were against raising the budget, according to Bloomberg?s sources who spoke on condition of anonymity. Moreover, at least one board member expressed concerns?

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