Another week has passed with the ecu Union unable to agree on a comprehensive oil embargo on Russian crude, hindered by internal disagreements on the timeline of the phasing out. Should the draft see adoption, we would be sure another supply squeeze as OPEC+ has clearly indicated it values consistency over abrupt moves. Should the us thrust ahead with its NOPEC bill, the willingness of the oil group to satiate global demand might fall even further.
OPEC+ Rubberstamps Another 432,000 b/d Deal. in an exceedingly meeting that lasted only 13 minutes, OPEC+ countries have agreed to extend their June 2022 production target by 432,000 b/d, avoiding any discuss sanctions on Russia and indicating global supply/demand picture is more or less balanced.
Russia Oil Ban Hinges on CEE Pushback. Despite Germany coming to embrace a Russian oil embargo, the EU Union has still been unable to agree on a phase-out of Russian crude imports as most dependent countries like Hungary or Slovakia keep it up soliciting for exemptions.
US Senate Committee Passes NOPEC Bill. A United States Senate committee passed the NOPEC bill that was presented with bipartisan support, potentially revoking the immunity protecting OPEC countries and geographical area NOCs from lawsuits, as high gasoline prices and inflation compel US lawmakers to require more aggressive action.
Vale Clinches Tesla Nickel Supply Deal. Brazil’s Vale (NYSE:VALE), the world's largest producer of ore and nickel, signed a long-term handle EV carmaker Tesla (NASDAQ:TSLA) to produce it with nickel coming from its Canada operations.
India Stands by Its Increased Russian Buying. The Indian government defended its continued purchases of Russian crude, having bought more crude in April 2022 than over the totality of 2021, saying they were an element of a wider strategy to diversify faraway from the center East and keep fuel prices cornered.
Venezuela’s Crude Exports Drop Amid Quality Issues. in keeping with media reports, crude exports of Venezuela’s national company PDVSA fell 8% month-on-month in April to some 650,000 b/d as poor crude quality and limited upgrading capacity were limiting further upticks.
China Doubles Down on Its LNG Tanker Fleet. China’s state-controlled CNOOC (SHA:600938) has reportedly awarded 2.5 billion worth of contracts to create 12 liquefied gas tankers at the Hudong Zhonghua shipyards, seeking to grab a better share of the LNG freight market in Asia.
Nordic Power Prices Rise to All-Time High. Front-year electricity prices in Europe’s Scandinavia have raised to an all-time high in the week of €92 per MWh, driven by low hydro storage available within the south of Norway with the country’s total water reservoirs being only 22% full.
Wind Turbine Makers Looking Forward to Forgetting Q1. turbine makers like Vestas (CPH:VWS), GE Renewable Energy (NYSE:GE), and Siemens Gamesa (BME:SGRE) all reported losses for the primary three months of 2022, drawing near the rear of soaring stuff costs and increasing competition.
Petrobras Sees a brand new Guyana in Its Northern Frontier. Brazil’s state-controlled company Petrobras (NYSE:PBR) is hoping to recreate the oil exploration success of Guyana in its northern offshore frontier, having decided to take a position 2.5 billion in drilling the Equatorial Margin.
EU Countries Starts Replenishing Gas Inventories. Gas inventories within the international organisation and therefore the uk have seen steady increases over the past weeks with total stocks increasing to 380 TWh by 01 May as exceptionally high prices of gas are discouraging consumption by power generators.
LME Bans Russian Lead from Market. The London Metal Exchange announced in the week that it might stop trading Russian-produced lead and allowing it to its warehouses, stoking fears that an analogous decision might happen on aluminum and nickel where its impact would be way more severe than the two uptick in lead.
Germany Charters 2 FSRUs to address Russian Supply Risk. German utility firm Uniper (ETR:UN01) will charter two large FSRUs from Greek shipping firm Dynagas, each having a gas-send-out capacity of seven.5 bcm per annum, to address a possible Russian gas supply cutoff.
India Pushes for max Coal Supply. India is aiming to reopen over 100 coal mines previously considered financially unsustainable as heatwaves still batter power generation across the country, potentially staving off-peak consumption later into the late 2020s.
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