The price of OPEC basket of thirteen crudes stood at $104.86 a barrel

Adjust upward the production level for OPEC and non-OPEC Participating Countries by 0.1 mb/d for the month of September 2022

While the U.S. and European Union have already moved to ban imports of Russian oil into their ports, officials are now scrambling to curb Russia’s revenue from its oil sales globally and also avoid soaring energy prices during a time of high inflation.

Energy consumer prices are rising at an annual rate of nearly 40 per cent in the eurozone and 57 per cent in the UK, reflecting the surge in wholesale gas and oil prices after Russia’s invasion of Ukraine. That is drastically eating into households’ disposable income.

The incentive to reduce gas consumption is huge after Putin reduced supplies to Germany via the Nord Steam 1 pipeline. The Dutch TTF gas contract, a European benchmark, is trading above 205 euros ($209) per megawatt hour, 10 times its average in the decade through 2020 and equivalent to about $350 per barrel of oil.

TotalEnergies said it would boost spending on short-cycle projects this year to help ease Europe's growing energy supply crunch. It expects its full-year capital spending to hit $16 billion in 2022 as it hopes to increase its sources of European natural gas and produce more LNG in the coming months.

“Nuclear cogeneration has an enormous potential to contribute to sustainable development while reducing carbon emissions, by taking advantage of the carbon free heat of nuclear power plants to provide fresh water, district heating, process heat and hydrogen,”

Indeed, by 2025, companies in the steel, building materials, petrochemicals, non-ferrous metals, consumer goods, equipment manufacturing and electronics sectors with an annual revenue of CNY20m (US$2.9m) or more will have to cut their energy use by 13.5% from 2020 levels.

U.S. commercial crude oil inventories increased by 4.5 million barrels to 426.6 million barrels.

Brent were down $1.34, or 1.3%, at $99.20 a barrel, WTI fell $1.28, or 1.4%, to $93.14 a barrel.