Crude supply cuts from Russian sanctions just a 'drop in the ocean:' Vitol's Muller
Western economic and financial sanctions on Russia have reduced its crude supply by an estimated 1 million...
Western economic and financial sanctions on Russia have reduced its crude supply by an estimated 1 million b/d, a "relative drop in the ocean compared to the intended impact," the head of Vitol Asia said on May 8.
"If only one million b/d has gone missing so far before the EU shuts the door on Russia crude if they indeed succeed in getting unanimity over there, that's indeed not the intended consequence of sanctions," Mike Muller told the Gulf Intelligence daily energy markets podcast.
The Department of Energy will provide $2.25 billion in funding over the next five years to support the...
The Department of Energy will provide $2.25 billion in funding over the next five years to support the development of carbon storage technologies and evaluate various carbon capture and storage approaches, as well as potential onshore and offshore storage sites. "The goal here is that at the end of the day, you do actually have commercially available facilities for storage," said DOE Deputy Assistant Secretary for Carbon Management Emily Grubert.
Cheniere Energy posts $3.1B derivatives loss in Q1
Cheniere Energy incurred a $3.1 billion loss on derivatives indexed to international...
Cheniere Energy incurred a $3.1 billion loss on derivatives indexed to international LNG prices it uses to hedge its risk in the first quarter. Cheniere noted that "the long-term duration and international price basis of our [integrated production marketing] agreements make them particularly susceptible to fluctuations in fair market value from period to period."
The Department of Energy will launch a bidding process this fall for the purchase of 60 million barrels of crude oil to replenish about one-third of the 180 million barrels of Strategic Petroleum Reserve crude President Joe Biden pledged to release to address rising energy prices. The SPR repurchase program is also intended to spur domestic production.
Wells Fargo Set Emissions Reduction Targets for Oil, Gas, Power Clients
Wells Fargo & Co. unveiled new targets to reduce greenhouse gas emissions,...
Wells Fargo & Co. unveiled new targets to reduce greenhouse gas emissions, including goals to reduce the "absolute emissions" related to its financing of companies in the oil and gas sector, an executive said May 5.
Wells is the latest big U.S. bank to set targets to reduce the emissions it finances through lending, in line with the United Nations-convened Net Zero Banking Alliance.
The details, which follow similar targets from rival bank Citigroup Inc., move the bank toward an overall goal of achieving net-zero greenhouse gas emissions by 2050.
