Tom Whipple and Steve Andrews, Editors

Quotes of the Week

“With less than two months to go before a ban on Russian crude oil imports comes into effect, EU countries have yet to diversify more than half of their pre-war import levels away from Russia.”-International Energy Agency

“Europe’s gas inventories are in a strong position ahead of winter thanks to forced stockpiling, but cold weather in the EU or Asia could turn the tables, creating chaos in the LNG markets once again.”-Bank of America Global Research

Stats of the Week

The Freeport LNG export facility continues to be out until at least early November after a fire in June. When it does restart, it would return some 2 billion cubic feet per day to the market. Aside from that, however, experts told NGI that no other expansions of export capability are on the books for two years.-www.Oilprice.com

U.S. production levels are up just 200,000 bpd so far this year and up 600,000 bpd versus a year ago. WTI oil was down more than $6 per barrel since this time last week, erasing all the gains seen from last week’s OPEC+ production quota cut of 2 million bpd.-www.Oilprice.com

Graphics of the Week

Headlines for the week of Oct 10 – Oct 15

The Global Energy Situation

Oil prices fall more than 3% on recession worries
IMF recession warning deals blow to oil prices

Russia

Russia claims it can maintain oil production at 9.9 million Bpd
Russia’s oil revenues drop to the lowest level this year
Russia sanctions spur buying frenzy for ice-breaking tankers

Europe

LNG market facing its most violent year yet
French nuclear approaches 30 GW, minister calls for 50 GW early-January
Spain withdraws from European energy treaty over climate concerns
Putin touts Turkey gas hub while Europe looks to cut consumption

North America

Experts: U.S. LNG growth could slow next year
U.S. refiners are preparing for a potential fuel export ban
Air Products to invest about $500M to build green hydrogen production facility in New York; 94MW hydropower already approved
Exxon’s exodus: Employees have finally had enough of its toxic culture
U.S. oil rig count jumps amid a selloff in crude

Middle East/NA

Israel says ‘historic’ sea border deal struck with Lebanon
Saudi Arabia pushed other OPEC nations into oil cut, White House claims
Iran toughens crackdown as some oil workers reported to join protests
Saudi Aramco to maintain full oil supplies to Asia in Nov despite OPEC+ cuts
Rockets strike Iraq’s Green Zone as deadlocked parliament meets

Asia

Japan’s government will buy LNG if private companies can’t afford to

The Global Economy

Europe

Strikes disrupt power output at French nuclear plants – union

Russia

Nissan takes $687 mln loss as sells Russian business for 1 euro

Middle East

‘A time bomb’: Anger rising in a hot spot of Iran protests
Senior U.S. Senator wants to halt all cooperation with Saudi Arabia
Rockets strike Iraq’s Green Zone as deadlocked parliament meets
OPEC+ oil supply cuts could tip world into recession, IEA says

China

China’s bursting housing bubble will rock the economy for years

Africa

Nigeria: Oil theft – oil thieves, security officials, communities collude to steal crude – Wunti, NAPIMS GGM
Nigeria’s oil production to get boost as Shell export at 400,000bpd Forcados terminal month end

India

India looks to diversify its oil imports following OPEC+ cut

Global Warming

Greenland ice sheet may be more vulnerable to climate change, study finds

North America

Drought-stricken Coalinga, Calif., may soon run out of water
Amid historic drought, California expected to approve $140 mln desalination plant
Chevron CEO blames climate policies for global energy crisis

Europe

Sweden’s incoming cabinet says will build new nuclear reactors
Europe is likely to avoid unusually cold winter, climate model says

Commentary

The Oil Production Story: List of the world’s top 50 oil producers with comments about long-term production trends, prepared by Steve Andrews