Tom Whipple and Steve Andrews, Editors
Quote of the Week
“I don’t think that we’re going to see continued downward pressure on oil. I think what we’re seeing in the last couple of weeks in the oil market is this selloff as oil has got swept up in broader market sentiment as we’ve seen a selloff in equities, etc. It’s a risk appetite thing…This is very much a supply-side story, and we should remain above triple digits here.”
– Matt Smith, Kpler’s head of sweet crude analysis
Graphics of the Week
Headlines for the week of June 27 – July 3
The Global Energy Situation
OPEC oil output again misses target in June as outages weigh, survey says
Goldman Sachs: Upside risk in oil is “tremendously high”
Shell warns spare oil capacity is running very low
The G7 has paved the way for increased oil and gas spending
Russia
G7 agrees to study Russian energy price caps, raise $5 bln to tackle hunger
Gazprom cancels dividend for first time since 1998, shares dive
Russia’s oil production jumps by 5% in June
Putin orders transfer of Sakhalin-2 gas project to Russian entity
Western companies in Russia’s oil and gas sector
Europe
The Great European Energy Market Bailout is only getting started
G-7 latest: Leaders to commit to indefinite support for Ukraine
IEA: Europe will have to cut gas usage by nearly one-third
European gas prices rise as supply risks add to storage concerns
Germany’s energy crisis could worsen amid low wind power output
EU imports more U.S. LNG than Russian pipeline gas for the first time ever
North America
Delayed EIA inventory report shows crude draw, products build
U.S. power companies face a supply-chain crisis this summer
A shale booster shot: ‘Re-fracs’ rise as a cheap way to lift U.S. oil output
U.S. regulator bars restart of Freeport LNG plant amid unsafe conditions
U.S. LNG exports fall to lowest since Feb after Freeport explosion -data
U.S. Gulf Coast crude oil exports to touch record high this quarter
US Interior proposes up to 11 offshore oil, and gas lease sales in 2023-2028
Exxon says quarterly profit could hit $18 billion
Middle East
OPEC+ meets with little prospect of pumping more oil
Macron tells Biden that UAE, Saudi can barely raise oil output
OPEC+ trims 2022 market surplus projection to 1 mln bpd -report
Libya halts oil exports from key port
Oil services companies bow to Baghdad blacklist
India
Monsoon rains, European demand set to keep India’s gasoil exports robust
Russia muscles in on Indian oil market at expense of OPEC titans
The Global Economy
Markets head toward worst start to a year in decades
Agriculture
Rice is saving Asia as Ukraine war drives up food prices
One of world’s major wheat buyers to trim imports as prices rise
Russia
G7 to impose ban on imports of Russian gold
Russia defaults on foreign debt for first time since 1918
Russian industry faces code crisis as critical software pulled
Putin still wants most of Ukraine, war outlook grim -U.S. intelligence chief
US
Tesla, Ford and GM raise EV prices as costs, demand grows
U.S. emergency oil reserve draws by 6.9 mln barrels to lowest since 1986
Consumer spending gains likely cooled in May, economists say
U.S. factory activity slows to two-year low as clouds gather over the economy
Europe
Eurozone inflation hits record 8.6% in June
Russian gas cuts threaten world’s largest chemicals hub
Gas jumps as Europe struggles to fill a Russian supply gap
China
China’s heatwaves drive power consumption to record highs
Covid in China: Xi’s fraying relationship with the middle class
China to cut industrial energy intensity by 13.5% from 2021-2025
China’s world-beating stock rally is forecast to strengthen more
Middle East
Iran, U.S. nuclear-deal talks end without progress
Asia
Asia-Pacific economies face escalating energy crisis
Global Warming
World methane emissions are heading in the wrong direction, study says
G-7 leaders just made success at COP27 even harder
North America
Court decision leaves Biden with few tools to combat climate change
EPA isn’t ‘knocked out,’ but doing its job just got much harder
New regulations in Permian could deter drilling
UCL-led study finds climate impact caused by growing space industry needs urgent mitigation
Peak hurricane season looms with no room for U.S. refining outages
Europe
