Spain’s electricity network administrator is primed to make unprecedented capital investments in response to a recent power outage. Meanwhile, a dramatic event has occurred off the coast of Libya, as an oil tanker has erupted in a fiery explosion.
Moving across the Atlantic, American natural gas powerhouses are evaluating probable new pipeline projects across Appalachia. In related industry news, hedge funds have started divesting from energy assets due to a present downturn in oil prices.
In a notable move, Poland’s Orlen has decided to suspend its purchases of Russian oil. Concurrently, Norwegian energy company Equinor has struck oil at a vast field in the Arctic region, a discovery which promises substantial potential.
In the Australian context, the East Coast is grappling with an unforeseen scarcity of natural gas. Over in the west of the United States, California is experiencing a man-made gas crisis, prompting some questionable steps towards resolution.
Canada’s oil-rich province, Alberta, has outperformed economic forecasts by projecting an unexpected budget surplus. Conversely, Saudi Aramco is facing a disconcerting social media onslaught originating from Iran.
In terms of the automobile industry, Chinese electric vehicle manufacturer BYD is reducing production in spite of robust sales. Amidst corporate activity, ADNOC has been given six weeks by Santos to contemplate a takeover deal worth $19 billion.
Shell, the global oil corporation, has increased its natural gas output at Ormen Lange, one of Norway’s key gas fields. In international trade news, China seems to be relying more on Iran as its oil imports hit an all-time high.
The British multinational, Centrica, is watching a significant share in a prospective nuclear power project in the UK. On the geopolitical risk front, the potential for oil supply disruption in the Middle East has fallen to a low of 4%.
The United States has delayed its plans to restore its oil reserves by around seven months. Simultaneously, the UK has decided to cancel a $34 billion subsea power cable mega-project linked with Morocco.
The rates for oil tankers have declined as tensions in the Middle East show signs of abating. Following U.S.-Israeli assaults on Iran, no uranium leakage has been detected, alleviating fears over a potential nuclear disaster.
Russia has moved to expand its lithium supply, seizing a Ukrainian village near a critical supply venue. Adding to the oil industry upheaval, Sudan and South Sudan have come into conflict over the fees associated with oil exports.
Despite sanctions, Russia’s Arctic LNG 2 Project appears to be progressing with discernible signs of activity. In parallel, an American company is discussing the potential of providing Iraq with its inaugural LNG terminal.
As speculations surrounding a potential merger swirl, Shell has formally responded to the rumors about merging with BP. Despite a recent incline in Asia’s oil imports, caution is urged as it might not be indicative of a broader, stronger demand.
As per the Canada-based company Enbridge, the country can’t proceed with new pipeline projects without legislative amendments. Across the Pacific, the U.S. has simplified its ethane export regulations for China, potentially encouraging further trade between the two nations.