Sri Lanka Asks Russians For Help, Suspends Fuel Sales Amid Economic Collapse

Sri Lanka Asks Russians For Help, Suspends Fuel Sales Amid Economic Collapse

A broken and extremely cash-strapped Sri Lanka halted all fuel sales except for essential services in a desperate attempt to manage a severe fuel shortage — allowing the government to buy some time and send two government officials to Russia...
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Siemens confirms it failed to return turbines to Gazprom

Siemens confirms it failed to return turbines to Gazprom

Russian gas supplies to Germany had to be reduced as a result. German conglomerate Siemens has confirmed that Ukraine-related sanctions imposed on Russia have made it impossible for the equipment supplier to return gas turbines to Gazprom after they were...
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Saudi Arabia reportedly pressured to pump more oil

Saudi Arabia reportedly pressured to pump more oil

Saudi Arabia may agree to boost oil production to cool skyrocketing prices if Russia’s output falls significantly under the new EU sanctions, the Financial Times reported on Thursday. The Kingdom, the world’s largest oil producer, has repeatedly rejected d...
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Exxon Triples Buyback To $30 Billion As Energy Giant Swim In Free Cash Flow

Exxon Triples Buyback To $30 Billion As Energy Giant Swim In Free Cash Flow

The best performing market sector of 2022 by a giant margin: energy. XOM remains the largest refiner of all the global integrateds and looks set to benefit the most from the recent run in refining margins. This morning, the two...
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Oil From Emergency SPR Release Is Heading For Europe

Oil From Emergency SPR Release Is Heading For Europe

Joe Biden’s decision to release 180 million barrels of oil from the US Strategic Petroleum Reserve was meant to help lower US gasoline prices “because Putin price hike.” Instead, it is heading for Europe. According to Bloomberg, citing a pers...
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Latest Climate-Policy Capitulation

Latest Climate-Policy Capitulation

Biden Opens More Public Land To Oil & Gas Drilling In Latest Climate-Policy Capitulation Following a punishing surge in natural gas prices this past week (in defiance of cooling demand for heat as the spring arrives, and despite China’s ongoing...
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Russia To Demand Hostile States Pay In Rubles For NatGas

Russia To Demand Hostile States Pay In Rubles For NatGas

During an address to the nation moments ago, Vladimir Putin said that Russia will demand that countries it has labeled “unfriendly” (which includes U.S., U.K., and European Union countries) must pay in rubles for Russian gas, Interfax reported.  As a r...
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Warren Buffett accumulated another $1 billion in Occidental shares

Warren Buffett accumulated another $1 billion in Occidental shares

In total, Berkshire now reports owning 136.4 million common shares of the oil giant, currently valued at $7.2 billion. That represents more than 13% of OXY’s outstanding shares. Berkshire also holds warrants to buy nearly 84 million more shares at...
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Banks Inject $1.5 Trillion In Coal Sector

Banks Inject $1.5 Trillion In Coal Sector

Despite pledges from many banks that they would review, limit, or phase out coal financing in the energy transition, lenders have financed the coal industry globally with $1.5 trillion since 2019, a report from Germany-based NGO Urgewald cited by Bloomberg sh...
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Even OPEC Said Oil Prices Are Too High

Even OPEC Said Oil Prices Are Too High

OPEC’s head, Mohamed Barkindo, said the cartel was making an effort to ensure supply. “There’s no doubt that we are concerned with ensuring that the security of supply is also guaranteed,” he said during the same event, EGYPS 2022. OPEC and its...
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U.S. Overtakes Qatar To Become The Largest LNG Exporter

U.S. Overtakes Qatar To Become The Largest LNG Exporter

The United States became the world’s largest exporter of liquefied natural gas in December as deliveries of the superchilled fuel to energy-starved Europe surged. According to Bloomberg calculations, the U.S. dethroned Qatar as the top LNG exporter in the w...
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Collapse of Energy Suppliers

Collapse of Energy Suppliers

“Since the beginning of September, a total of 24 energy suppliers have now failed following a spike in gas prices.” “As suppliers continue to fall like dominoes, it’s clear the market is not functioning as it should and there are...
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Biden Orders “Immediate Halt” Of US Federal Aid For Oil, Gas And Coal Projects Overseas

Biden Orders “Immediate Halt” Of US Federal Aid For Oil, Gas And Coal Projects Overseas

Biden finds himself in a bind: having (finally) realized that any aggressive crackdown on domestic oil producers means sharply higher energy prices, the president is also jugging an increasingly displeased contingent of “green new deal” progressive...
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Ukraine Naftogaz: Russia won’t extend gas transit deal

Ukraine Naftogaz: Russia won’t extend gas transit deal

Russia does not want to extend its gas transit contract with Ukraine after 2024 when the current deal ends, the head of the Kiev-based state-run oil and gas company Naftogaz claimed on Monday. Speaking to Reuters, Yury Vitrenko said that...
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Exxon Mobil Beating Q2 Earnings

Exxon Mobil Beating Q2 Earnings

Earlier this week analysts predicted Exxon will likely beat expectations largely thanks to surging plastic prices and that precisely what happened. As the company reported moments ago, while prices and margins for crude, nat gas and downstream were all in the...
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