Oil and Gas
Gas giant Uniper submits bailout application to German government as Russia squeezes supplies
Uniper has been in talks with the German government about a possible bailout. Picture Alliance | Picture Alliance | Getty Images Embattled German gas giant Uniper on Friday submitted a bailout application for government support after running into extreme financial distress, Finnish majority owner Fortum said in a statement. Uniper was the first German energy […]
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Gasoline futures are dropping, which could mean more relief at the pump
Brie Olootu pumps gas at an Exxon Mobil gas station on June 09, 2022 in Houston, Texas. Gas prices are breaching record highs as demand increases and supply fails to keep up. Brandon Bell | Getty Images Prices at the pump have retreated from June’s never-before-seen levels but remain stubbornly high. Some relief could be […]
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Shell to build Europe’s ‘largest’ renewable hydrogen plant to help power Dutch refinery
On Wednesday, Shell said the Holland Hydrogen I facility would be “Europe’s largest renewable hydrogen plant” when operations start in 2025. Shell is one of several big firms looking to lay down a marker in the sector. Ina Fassbender | AFP | Getty Images Plans to build a major hydrogen plant in the Netherlands will […]
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European gas prices fall after Norway’s government steps in to end oil and gas strike
Norway’s government said that based on the announced strike numbers, it had been feared that more than half of the country’s daily gas exports would have been lost by the weekend. Joe Klamar | Afp | Getty Images European gas prices on Wednesday fell away from four-month highs after Norway’s government intervened to bring an […]
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OPEC Secretary General Mohammad Barkindo dies at age 63
Mohammad Sanusi Barkindo, secretary general of the Organization of Petroleum Exporting Countries. Aaron M. Sprecher | Bloomberg | Getty Images Mohammad Barkindo, a Nigerian politician and the secretary general of oil group OPEC, has died at the age of 63. The head of Nigeria’s National Petroleum Corporation, Mele Kyari, announced the news in a tweet Wednesday, which was confirmed by two sources at OPEC. “We lost our esteemed Dr Muhammad Sanusi Barkindo,” a tweet early Wednesday morning from his verified Twitter handle read. “He died at about […]
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Oil tumbles more than 8%, breaks below $100 as recession fears mount
Oil well pump jacks operated by Chevron Corp. in San Ardo, California, U.S., on Tuesday, April 27, 2021. David Paul Morris | Bloomberg | Getty Images Oil prices tumbled Tuesday with the U.S. benchmark falling below $100 as recession fears grow, sparking fears that an economic slowdown will cut demand for petroleum products. West Texas […]
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Germany’s much-vaunted trade surplus disappears as import prices surge
Germany trade entered negative territory in May, raising questions about the stability of its economy in the wake of Russia’s invasion of Ukraine. Picture Alliance | Picture Alliance | Getty Images Germany is no longer exporting more than what it buys from other countries, highlighting the strains that the nation and other European economies are […]
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Russia is set to switch off the gas for work on a key pipeline — and Germany fears the worst
Russia says it stands ready to supply gas to Europe, describing ongoing disruption concerns as a “man-made crisis” created by Europe. Bloomberg | Bloomberg | Getty Images Russia is poised to temporarily shut down the Nord Stream 1 pipeline — the European Union’s biggest piece of gas import infrastructure — for annual maintenance. The works […]
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Bezos slams Biden’s call for gasoline stations to cut prices
Amazon founder Jeff Bezos arrives for his meeting with British Prime Minister Boris Johnson at the UK diplomatic residence on September 20, 2021 in New York City. Michael M. Santiago | Getty Images News | Getty Images Amazon.com founder Jeff Bezos renewed his spat with the White House over the weekend, as the world’s third-richest person […]
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The G-7 is considering a price cap on Russian oil. But energy analysts think it’s impossible
The G7 has floated the idea of an oil price cap, but experts are doubtful about how effective this would be. Picture Alliance | Picture Alliance | Getty Images The world’s seven-largest industrialized economies have floated the idea of a price cap on Russian oil to further squeeze the Kremlin’s ability to fund its onslaught […]
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