Tom Whipple and Steve Andrews, Editors
Quote of the Week
“Between 2006 and 2019, the top 50 U.S. oil producers spent $170 billion more in capital expenditures (capex) than they collected from operations, using debt and equity to cover the deficit. ‘Effectively, there were no returns’ for shareholders.”– Paul Sankey, independent oil analyst, cited in Reuters article
Graphic of the Week
Headlines for the week of June 13 – June 19
The Global Energy Situation
OPEC sees global oil demand growth slowing in 2023, sources say
OPEC+ begins grappling with next move as US presses for more oil
IEA warns global oil supply could struggle to match demand in 2023 on Russia, OPEC constraints
Oil supply fears mount as OPEC underperforms
IEA: Fuel crunch to persist despite solid refining recovery
Russia
Russia steps up energy wars with gas cuts to Europe’s top buyers
Russia steps up pressure on European gas supplies
Russia’s seaborne oil exports at 3-year highs despite sanctions shake-up
Europe
Outages and reduced Russian flows send European gas prices soaring
Italy’s Eni says Russian gas supply cut by half
Russian gas flows to France via Germany halted, says pipeline operator
Ukraine to start power trading with EU in June
Divisive ‘green’ gas investment rules, about gas and nuclear. face EU lawmaker vote
North America
EIA: Listed oil and gas firms spent significantly less on exploration in 2021
High U.S. fuel exports are contributing to $5-a-gallon gas
What does extended Freeport LNG outage mean?
American shale drillers set to boost production by 143,000 b/d in July
Drilling vs returns: U.S. oil producers’ tradeoff as windfall tax threatens
U.S. drillers add oil and gas rigs (+7) for second week in a row, Baker Hughes says
The U.S. proposes higher standards (95% efficiency) for home gas furnaces
U.S. natural gas rises over 4.5% amid pre-summer heat wave
China
China’s May gasoline exports plunge, LNG imports slide
Middle East
Iraqi crude output falls 79,000 bpd in May
OPEC+ is 2.7 million bpd below oil production target
Libyan oil output collapses after wave of closures
EU looking to step up energy cooperation with Israel: von der Leyen
Oil companies face huge risk as legal dispute in Kurdistan escalates
South America
Venezuelan oil exports to Europe set to resume after two years
Africa
Nigeria’s oil production fell to record 1.024m bpd low in May – OPEC
India
India and China growing markets for shunned Russian oil
India proposes settling Russia’s trade in rupees as purchases rise
The Global Economy
Agriculture
Ukraine’s besieged farmers fear war-time harvest ‘hell’
Ukraine grain exporters carve out new route via Baltic Sea
Russia’s bumper wheat exports may be capped as large vessels shun Black Sea ports
Russia
Russia’s economy in for a bumpy ride as sanctions bite
U.S.
US set for recession next year, economists predict
U.S. economy has 40% chance of being in recession next year, Bank of America says
U.S. economic growth shows signs of slipping
Europe
UK to end plug-in vehicle grant to focus on expanding EV charging network
Some European factories, long dependent on cheap Russian energy, are shutting down
Covid hospitalizations rise in Europe as sub-variants fuel new wave
France, Germany, Italy, Romania back Ukraine’s bid for EU membership
Middle East
Fears grow over Iran’s nuclear program as Tehran digs a new tunnel network
With no nuclear deal in sight, U.S. slaps extra sanctions on Ira
Asia
Australians face threats of blackouts as power crisis worsens
Pakistan blackouts widen as energy crisis deepens, fuel prices soar
Global Warming
Tense mid-year climate talks raise concerns of COP27 flop
North America
A string of climate disasters strike before summer even starts
Triple-digit heat possible for East Coast, Southeast next week
Europe
Spain, France to see historic June heatwave through weekend
India
Millions stranded as floods ravage parts of Bangladesh, India, more rain forecast
