Oil production at Norway’s huge Johan Sverdrup 1 oilfield was halted on Monday due to a technical fault...
Oil production at Norway’s huge Johan Sverdrup 1 oilfield was halted on Monday due to a technical fault and reduced power supply, the operator of the field, Norwegian energy major Equinor, said.
Production at the field, which can pump up to 535,000 barrels per day (bpd), was stopped after a technical fault in a cooling system occurred, a spokesperson for Equinor told Reuters on Monday. Johan Sverdrup alone can meet 6-7% of the daily oil demand in Europe.
Powerful Earthquakes Hit Turkey and Syria, Killing More Than 1,000 People
A first 7.7 magnitude earthquake struck before dawn with an epicenter...
A first 7.7 magnitude earthquake struck before dawn with an epicenter near the city of Gaziantep, killing nearly 1,000 people in Turkey and almost 250 in Syria. A second earthquake registering 7.5 hit Turkey’s southeast later Monday.
“We’ve been shaken by the strongest disaster in a century,” Turkish President Recep Tayyip Erdogan said, just before the second quake. He was referring to the 1939 disaster that killed about 33,000 people. He said it was impossible to say what the death toll would rise to.
U.S., G7 announce new price caps on Russian petroleum products
The U.S., along with the G7, is slapping two more price caps...
The U.S., along with the G7, is slapping two more price caps on Russian refined petroleum products after implementing a cap on Russian oil prices last year. Officials agreed to set two different price levels for petroleum products.
The first cap will be implemented for "premium-to-crude" petroleum products, including diesel, kerosene, and gasoline, which will be set at $100 per barrel.
The second cap will be placed on "discount-to-crude" petroleum products, such as fuel oil, which will be set at $45 per barrel.
These price caps go into effect Sunday, Feb. 5, or very soon thereafter.
U.S. oil & gas rig count falls by the most in a week since June 2020
U.S. energy firms this week cut...
U.S. energy firms this week cut the total number of oil and natural gas rigs by the most since June 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday.
The total oil and gas rig count, an early indicator of future output, fell by 12 to 759 in the week to Feb. 3, the lowest since September.
Despite this week’s rig decline, Baker Hughes said the total count was still up 146 rigs, or 24%, over this time last year.
U.S. oil rigs fell 10 to 599 this week, their lowest since September, while gas rigsdropped by two to 158.
