Eni announced that it has made a significant gas discovery in the Cronos-1 well, which was drilled in Block 6 in 2,287 meters of water depth, 160 kilometers off the coast of Cyprus. Eni Cyprus, the operator of The Block, has a 50% stake, and TotalEnergies is a partner.
China bought discounted coal while Western nations avoided Russian cargoes due to Russia's invasion of Ukraine, causing China's coal imports from Russia to increase by 14% in July from a year earlier to their highest level in at least five years.
The cost of light crude oil, heavy crude oil, and Forouzan crude for sale in September has been fixed by the NIOC's international affairs division at $9.50, $6.30, and $6.40, respectively, over the average oil price between Oman and Dubai.
Swiss Energy Minister Simonetta Sommaruga stated that her country could potentially avoid an energy shortage by agreeing to and following the European Union's plan to cut gas use by 15% this winter.
Prime Minister Mostafa Madbouly has met with several ministries and officials in the mining sector with attendance of the Minister of Petroleum and Mineral Resources Tarek El Molla to discuss maximizing the added value of mineral resources in Egypt.
Saudi Aramco has assured at least four North Asian consumers that it will supply all contracted volumes of petroleum in September, Reuters reported referencing unidentified sources who have knowledge of the matter.
The more we can rationalize the quantities of natural gas that serve the power stations, the more we will have an opportunity to export a more significant part of this natural wealth, thus bringing more foreign currency.
After Russia temporarily banned Western investors from selling shares in key energy projects, Japan's minister for economy, trade and industry Koichi Hagiuda stated that the country intends to keep a stake in the Sakhalin-1 oil and gas project,
With the Russia-Ukraine war raging on, economists have been thrown into unchartered waters as the conflict rewrites all the energy market’s financial equations. The war has forced global energy prices to go through the roof, creating one of the most daunting economic crises the world has ever seen. With the world’s economy in flux and gas-starved Europe bracing itself for a long winter, corporate leaders, government officials, and the world’s top experts have been hard at work to implement a strategy that can help navigate the world out of this deep abyss, but crisis management is a complex science with its different opinions and approaches. In the world of energy economics, taking the right measures to counter a negative trend is a key part of mitigating its fallout. And for many economists, hedging does just that.
