Lack of availability

Asian spot prices rise to record high

Asian spot prices for liquefied natural gas (LNG) jumped nearly 50% this week to a record high, based on available data going back to 2009, as logistical issues disrupt supply to the world’s top consuming region

On LNG storage ships

GTT fined over unfair sales practices in S. Korea

Seoul - South Korea's antitrust regulator said Wednesday it has fined a French engineering company 12.5 billion won (US$11 million) for its unfair tie-in sales to South Korean shipbuilding clients

In step towards emissions target

Gabon signs hydropower deal

Libreville - Gabon and Paris-based asset manager Meridiam signed a $210 million deal to build a hydroelectric dam as part of the central African nation's international commitment to reduce greenhouse gas emissions. Once operational in 2023, the Kinguele Aval project on the Mbei River is slated to have production capacity of around 205 gigawatt hours per year, or 13% of the current consumption of the capital Libreville, 100 kilometres to the west

To help cut budget deficit

Sudan doubles domestic fuel prices

Khartoum - Sudan doubled domestic fuel prices on Tuesday, a move that should help reduce a gaping budget deficit but is sure to anger many of the country’s impoverished citizens. The government, which has long fixed fuel prices at some of the lowest levels in the world, raised the price at the pump of locally produced diesel to 46 Sudanese pounds ($0.8364) a litre from the previous 23 pounds

Green policy

France to rein in export guarantees for oil and gas industry

Paris - France will stop providing state export guarantees to projects involving dirty forms of oil such as shale from next year, followed by all types of oil from 2025 and gas from 2035, the finance ministry said on Monday. The French state stopped giving export guarantees, which companies often need to get bank credit, to projects this year where fracking and flaring were involved and also dropped its financial support for coal developments

Backed by the EU

New gas pipeline could heat up Azeri-Russian rivalry

Azerbaijan’s ties with Russia, already strained by conflict in Nagorno-Karabakh, face further pressure from the launch later this year of a gas pipeline that is poised to squeeze Moscow’s diminished gas sales to Europe and Turkey

Northern Africa

How strongly can Libya's oil rebound? / ANALYSIS

Cairo - A blockade on Libya's oil facilities has been partially lifted, allowing a gradual reopening of some ports and fields, but obstacles and uncertainties complicate a full recovery

Geopolitics

Tankers carrying Iranian fuel begin entering Venezuelan waters

Teheran - The first of a group of three tankers carrying Iranian fuel for gasoline-starved Venezuela entered the waters of the South American nation on Monday, according to Refinitiv Eikon data, in the most recent sign of the countries' expanding trade. The two OPEC members have increased cooperation this year by exchanging crude, fuel, food, equipment for refineries and other industrial goods

Energy

Trump extends drilling ban off North Carolina

The Trump administration, which has worked to expand U.S. oil and gas drilling and roll back Obama-era rules on pollution from fossil fuels, originally wanted to expand offshore drilling off many of America's coasts, including Florida

Energy transition

Shell launches major cost-cutting drive

London - Royal Dutch Shell is looking to slash up to 40% off the cost of producing oil and gas in a major drive to save cash so it can overhaul its business and focus more on renewable energy and power markets. Shell's new cost-cutting review, known internally as Project Reshape and expected to be completed this year

Inventory glut

Oil refiners worldwide struggle with weak demand

London - Global oil refiners reeling from months of lackluster demand and an abundance of inventories are cutting fuel production into the autumn because the recovery in demand from the impact of coronavirus has stalled

Trade war

China only fulfils 5% of Sino-U.S. energy trade deal in first half of 2020

Beijing - China bought only 5% of the targeted $25.3 billion in energy products from the United States in the first half of 2020, falling well short of its trade deal commitments at a time when relations between the two top economies are already sour. China's imports of crude oil, liquefied natural gas (LNG), metallurgical coal and other energy products totalled around $1.29 billion this year through June