Europe and North America are sanctioning the Russian economy, including its energy exports, while Russia is retaliating by cutting key resources, in particular natural gas flows to Europe. This is massively disruptive

That should help to make future decision making easier. But it is not going to help keep us warm this winter or indeed even in winter 2024.

The growing emphasis on ESG is a key component in the upstream oil and gas industry.

The Worldwide Rig Count for August was 1,825, up 50 from the 1,775 counted in July 2022,and up 391 from the 1,434 counted in August 2021.

U.S. Rig Count is down 5 from last week to 760, Canada Rig Count is up 7 from last week to 208.

Brent settled down $3.28 at $92.36 a barrel, WTI fell $2.94, or 3.3%, to $86.61 per barrel.

Brent fell $2.10, or 2.2%, to $93.54 a barrel, WTI slid $1.86, or 2.1%, to $87.69 a barrel.

India has emerged as a key buyer of Russian energy in the wake of the invasion, scooping up millions of barrels of discounted crude shunned by Europe and the US.

Germany, which has the European Union’s biggest economy, and other countries intend restarting mothballed coal-fired power plants and extending the life of their nuclear power plants to reduce their reliance on Russian gas and coal following its invasion of Ukraine.

The EU’s energy agency, Acer, has warned against tearing up the market structure. In a report in April, it said that the EU’s wholesale electricity markets work well under normal conditions, ensuring secure electricity supply.