February 2022

U.S. commercial crude oil inventories decreased by 4.8 million barrels from the previous week to 410.4 million barrels.

Brent down 8 cents, or 0.1%, to $90.70 a barrel, WTI was at $89.18 a barrel, down 18 cents, or 0.2%.

This dynamic leads to rising global oil inventories from 2Q22 through the end of 2023, and the Brent spot price will fall to an average of $87/b in 2Q22 and $75/b in 4Q22. The Brent price will average $68/b for all of 2023.

We are targeting our production capacity to become 13.4, 13.5 million barrels a day by 2027.

“When it comes to the Vienna talks on the lifting of sanctions, one of the key issues is to get the necessary guarantees, especially from the Western parties, about the fulfilment of their commitments,”

Throughout the West’s diverse energy resource portfolio, in recent years there has been a shift away from large baseload resources (e.g., coal, nuclear) toward more renewable and largely variable resources.

USNC's MMR - a 15 MW thermal, 5 MW electrical high-temperature gas-cooled reactor - is currently undergoing licensing in Canada and the USA.

The eastern Chinese coastal province of Zhejiang has approved the construction of a new 7 billion yuan ($1.10 billion) coal-fired power plant with 2 gigawatts (GW) of generating capacity

Brent was down 73 cents, or 0.8%, at $91.96 a barrel, WTI fell 52 cents, or 0.6%, at $90.80.

European Commission Vice President Josep Borrell said Russia was using Europe's reliance on its energy exports for "geopolitical gain in the middle of a surge of energy prices worldwide."