U.S. crude oil supply will surpass the 10-million-barrels-per-day (MMBPD) mark this year, overtaking Saudi Arabia and rivalling Russia, the International Energy Agency (IEA) said Friday on its monthly oil report.
Oil prices rose for a sixth day on Friday after Russia's oil minister said global crude supplies were "not balanced yet," alleviating market concerns about a wind-down of the OPEC-led deal to reduce production, Reuters reported.
Russian oil producer Gazprom Neft has completed construction of the first-ever multilateral well with four horizontal cased-hole side tracks in the country, at its Novoportovskoye field, onshore Siberia.
Norwegian natural gas exports to continental Europe and the UK have reached an all-time record last year, with shipments via pipeline hitting 117.4 billion cubic meters (Bcm), Kallanish Energy learns.
European natural gas traders are poised to lose over $1 billion in sales to Ukraine, once the country’s state-owned gas firm, Naftogaz, resumes gas imports from Russia’s Gazprom under their long-term contract valid until 2019.
Polish state-run oil and gas company, PGNiG, is consolidating its role in the Central and Eastern European gas market, with sales to Ukraine via a direct interconnector hitting a record-high of 700 million cubic meter (MMcm) in 2017.
Spanish gas transmission operator, Reganosa, said on Monday it’s the best place for liquefied natural gas (LNG) exports from Russia’s Yamal region, as it received the first cargo from the Yamal LNG project to be consumed in Continental Europe.
Russia’s liquefied natural gas (LNG) produced by the Yamal LNG project in Siberia, which arrived in the UK late last month, is now reportedly heading to meet growing gas demand in the U.S.’s northeast.
Oil prices fell Friday, dropping from highs last seen in 2015, as soaring U.S. production undermined a 10% rally from December lows that were driven by tightening supply and political tensions in OPEC member Iran, Reuters reported.