Britain's largest energy supplier Centrica (CNA.L) has signed new gas contracts with two of the world's largest producers, Russia's Gazprom and Norway's Statoil, reflecting the UK's growing dependence on gas imports as its production declines.
Russia is preparing to sell his recently purchased North Sea gas fields.
While analysts speculate just how low prices have to drop before Saudi Arabia cuts production longtime Saudi oil minister Ali al-Naimi said he has the answer: It’s up to Allah.
Iran’s Oil Minister Bijan Namdar Zanganeh will visit Germany on May 7th after a large German economic delegation of more than 100 businessmen arrived in Tehran in late April to spur bilateral ties.
Condensate is especially important now because it’s not covered by sanctions on Russia’s oil industry that have targeted Arctic drilling and shale projects. Production of the ultra- light crude will swell as much as 17% this year, according to estimates by Gazprombank. That makes it a key factor driving growth, said Alexander Nazarov, an analyst at the country’s third biggest lender.
The gas war between Russia and the West has been limited to the verbal so far and not seen any casualties except for the cancellation of the South Stream project.
U.S. show the potential to eliminate net energy imports sometime between 2020 and 2030. This reflects changes in both supply and demand, as continued growth in oil and natural gas production and the use of renewables combine with demand-side efficiencies to moderate demand growth. The United States has been a net importer of energy since the 1950s.