The Netherlands’ gas transmission system operator Gasunie has advised the Dutch government to keep Groningen, the EU’s largest gas field, open at minimal production levels until further notice instead of closing it down in October as currently planned. This is to help mitigate security of supply risks as the country’s additional LNG import capacities have not yet replaced all the lost Russian pipeline supplies.
The UK’s North Sea Transition Authority (NSTA) closed its latest round of exploration licenses for offshore gas blocks, among which four priority areas with known reserves could start producing in 18 months. This could limit the UK’s reliance on LNG.
Norwegian producer Equinor will invest in infrastructure upgrades to boost gas production. The firm has been trying to boost exports to Europe, its main export market, which is currently facing a severe gas shortage as it pivots away from Russian gas.
Australia's refined product imports have surged in the first nine months of the year, as our flow data show. However, as the region becomes increasingly import reliant, and trade flows change, we would not be surprised to see the region competing for volumes to ensure its energy needs are met.
With spot LNG prices trading at record highs and roughly three times higher than last winter, plant operators have had a financial incentive to push output at liquefaction plants this winter.
Last week, we gave a webinar that focused on our expectations for US shale, Canadian and Gulf of Mexico oil production in 2022. We then leveraged these projections to forecast US crude exports for this year, as well as where that growth should come from.
The release of a new grade of oil influences supply and demand. Market players and financial players need to plana head of market movements to minimise potential negative impact and maximise profit. In these circumstances there is always a layer of uncertainty with regards to how these events can unfold. Here we will look at Iraq's Basrah Medium as an example and what happened in similar past events and how players can prepare ahead.