Tom Whipple and Steve Andrews, Editors

Quote of the Week

“We have at least four crises, which are interwoven. We have high inflation … we have an energy crisis… we have food poverty, and we have a climate crisis. And we can’t solve the problems if we concentrate on only one of the crises.” German Vice Chancellor Robert Habeck, at the Davos Economic Forum

Graphics of the Week

Headlines for the week of  May 23-30

The Global Energy Situation

Oil settles at highest in 11 weeks amid tight global market
Oil inventories down to the dangerously low point
Brent could push past $150 per barrel if Russian oil exports shrink, Bank of America says
IEA warns against energy crisis deepening fossil fuel reliance
Global LNG markets brace for unknowns ahead of winter

Russia

Europe

EU plans for gas supply interruptions
Europe’s push to punish Putin is falling short of the rhetoric
The EU needs more than $1 trillion for plan to ditch Russian oil and gas
EU working on gas deal with Egypt, Israel to shore up supplies
EU cracks widen over Ukraine as Italy, Hungary urge truce
Europe’s largest LNG unit restarts

North America

Natural gas tops $9 in US as supply crunch concerns mount
Oil climbs as report shows tightening US gasoline stockpiles
ExxonMobil selling shale assets for $750MM
Rystad: oil and gas investment to rise 20% in 2022
AAA on gasoline prices: nowhere to go but up?
US drivers begin to balk at record gas prices
EIA US natural gas storage report likely to post the widest deficit yet for 2022
FID for $13.2B Louisiana LNG project

China

China’s economic recovery faces new hurdle in rising power costs
China’s LNG imports set for first big decline as demand wanes

Middle East

U.S. sees chances of Iran nuclear deal as slim
OPEC+ set to stick to modest output hike for July, sources say

South America

U.S. renews Chevron’s Venezuela license through November under same restrictions

The Global Economy

Economic outlook has ‘darkened’, business and government leaders warn in Davos

Agriculture

India to limit sugar exports in risk to global food prices
Fertilizer prices drop 30% following demand destruction

Russia

Russia ready to set up the corridor for ships leaving Ukraine with food, with conditions
Russia’s whipsaw week ends with default clock ticking

U.S.

US NOAA sees above-average Atlantic hurricane season with up to six major hurricanes
Covid-weary Americans enter Memorial Day with little effort to contain a still-raging pandemic

Europe

UK faces growing risk of recession as firms buckle under soaring costs
Britons’ disposable income falling by most since 2008, Asda Group Says

China

China’s bet on homegrown mRNA vaccines holds the back nation
China economy worse off in some ways than in 2020, Premier says
China industrial profits fall as lockdown pain spreads

Asia

N.Korea mobilizes army, steps up tracing amid COVID wave
North Korea receives aid from China as covid outbreak spreads
Japan nuclear regulator grants initial nod to Fukushima water release plan
Sri Lanka can’t find cash to pay even one ship for petrol

Asia 

India to continue buying ‘cheap’ Russian oil, discount to be finalized – source
India seen facing wider coal shortages, worsening power outage risks
In home of world’s biggest nuclear plant, a vote may shape Japan’s atomic future

Global Warming

Europe

Germany, US sign energy, climate partnership, reiterate 30% global methane cut goal 2030

North America

Most of U.S. West is in severe drought as peak wildfire season looms

Asia

Early arrival of monsoon rains in India brightens crop outlook

Middle East

Severe water shortages strain wheat harvest in Iraq