Energy Trading & Markets

Billpayers struggle as UK winter energy tariffs rise by 80% to £3,549

August 26, 2022 | Commodities & Oilprice, Energy Trading & Markets

The UK’s energy regulator, Ofgem, will likely raise its tariff cap again in January UK, London | UK energy regulator Ofgem has announced its next energy tariff price cap, showing that energy bills may rise by 80% from October. Since January 2022, the tariff cap has now risen by 179%. On Friday, Ofgem announced that the energy tariff price cap will rise to $3,549 per year for gas and electricity for an average household paying via direct debit from the start of October. Many energy businesses currently …

US Slaps Sanctions On Russian Oil Major Rosneft

February 19, 2020 | Company Operations, Energy Trading & Markets, South America

London, UK | – The United States on Feb. 18 ramped up pressure on Venezuela by blacklisting a subsidiary of Russian state oil major Rosneft that President Donald Trump’s administration said provides a financial lifeline to President Nicolas Maduro’s government. The U.S. Treasury Department imposed sanctions on Rosneft Trading SA, the Geneva-based trading unit of Rosneft, as Washington targeted Moscow over its backing of Maduro’s government. The move further complicates already-fraught U.S.-Russian relations. Russia condemned the sanctions, saying they amounted to unfair competition and would …

Tullow reduces oil production outlook again on Ghana faults

July 24, 2019 | Company Operations, Energy Trading & Markets, Ghana

London, UK | –  Tullow Oil reduced its 2019 production forecast for the second time in three months as technical glitches in Ghana continued to cast a shadow. Full-year output is now seen at 89,000 to 93,000 bpd, reflecting delays in well completion at the African country’s TEN project, Tullow said Wednesday. It’s a further setback for a company that relies on the continent for more than 90% of its revenue. “The main issue is down to these last couple of wells at Enyenra, which …

Kenya to offer electricity to South Sudan in exchange for gas

July 03, 2019 | Energy Trading & Markets, Kenya, Sudan & South Sudan

• Kenya and South Sudan are pursuing a deal that would open up the export of electricity to the latter in exchange of gas. • Kenya will offer electricity from geothermal in exchange for gas from the tens of oil fields in South Sudan Nairobi, Kenya | – Kenya and South Sudan are pursuing a deal that would open up the export of electricity to the latter in exchange for gas. Kenya will offer electricity from geothermal in exchange for gas from the tens of …

Chinese firms skip Iran oil purchases for May to avoid U.S. sanctions

May 10, 2019 | Company Operations, Energy Trading & Markets, Terminals & Storage

London, UK | –  China Petrochemical Corp (Sinopec Group) and China National Petroleum Corp (CNPC), the country’s top state-owned refiners, are skipping Iranian oil purchases for loading in May after Washington ended sanction waivers to turn up pressure on Tehran, three people with knowledge of the matter said. The United States has not renewed any exemptions from sanctions on Iran, taking a tougher line than expected on the expiry of the waivers. The waivers were granted last November to buyers of Iranian oil. China is …

Oil drops more than 1 percent as China slowdown bites

January 22, 2019 | Commodities & Oilprice, Energy Trading & Markets

London, UK | –  Oil prices fell more than 1 percent on Tuesday on signs that an economic slowdown in China was spreading, stoking concerns about global growth and fuel demand. The gloomy news from the world’s second-largest economy and top importer of oil pulled down financial markets across Asia. International Brent oil futures LCOc1 were at $61.94 per barrel at 0950 GMT, down 80 cents or 1.28 percent. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.16 per barrel, down 1.19 percent …

OPEC, Russia reach deal to slash oil production from January 2019

December 07, 2018 | Commodities & Oilprice, Energy Trading & Markets, OPEC

London, UK |  – OPEC and its Russia-led allies agreed on Friday to slash oil production by more than the market had expected despite pressure from US President Donald Trump to reduce the price of crude. The producer club will curb output from January by 0.8 million barrels per day (bpd) versus October levels, while non-OPEC allies will contribute an additional 0.4 million bpd of cuts, in a move to be reviewed at a meeting in April. Oil prices jumped about 5 percent to more …

Iran says U.S. sanctions will have “severe consequences” for world order

October 30, 2018 | Economy, Energy Trading & Markets, Government & Regulations

London, UK | –  U.S. sanctions against Iran will have “severe consequences” for the world order, Iranian Foreign Minister Mohammad Javad Zarif said on Tuesday, days before new sanctions on Tehran’s oil exports take effect. Washington reintroduced sanctions against Iran’s currency trade, metals and auto sectors in August after it pulled out from a multinational 2015 deal that lifted sanctions in return for limits on Iran’s nuclear programme. A new set of sanctions on Iranian banking and energy sectors are to take effect Nov. 5, …