Inflationary pressures and the lack of gas in their storage tanks ahead of winter left little choice but to relax sanctions in the hope of bringing Russia to the negotiating table
After remaining a loss-making provision for several quarters, Reliance's gas exploration business has begun reaping rewards of a global surge in energy prices that have already pushed the rates to a record high.
The German government also expanded the credit it granted the company to 9 billion euros and offered up to 7.7 billion euros in equity, for a total package worth the equivalent of $17 billion.
Europe fears Moscow could keep the gas pipeline shut till sanctions are eased on Russia.
It sounds like a story for the local press, at most — except that more than three weeks later, financial and political shockwaves are still reverberating across Europe, Asia and beyond.
The second half will be about how consumers, businesses and governments cope with the shockwaves to commodity flows. Either the global economy can withstand the sky-high prices needed to maintain tight supplies -- especially for energy -- or soaring prices will be cured by recessions.
Europe starts filling up its storage tanks with gas from the middle of the year to sustain itself in winter. Russia’s cut has impacted the incremental flow which was meant for storage.
With energy suppliers piling up losses by being forced to cover volumes at high prices, there risks a spillover effect for local utilities and their customers, including consumers and businesses, Economy Minister Robert Habeck said Thursday after raising the country’s gas risk level to the second-highest “alarm” phase.
The largest gas marketing and transportation company in the country, GAIL (India) Ltd, announced on Wednesday that it intends to start a distributed liquefied natural gas (LNG) production to deliver the fuel to consumers.
A statement released by the Centre read: “Cumulative crude oil production during April-May 2022 was 5019.72 TMT, which is 2.86 percent and 1.79 percent higher than the target for the period and production during the corresponding period of last year, respectively."
Fourth-quarter performance was better than September’s as international gas prices eased from $50/MMBtu to $20-25/MMBtu. However, the shortage of APM gas continued in the quarter
GAIL will commission 10 MW Hydrogen plant in the next 18 months, significantly increasing the capacity by FY30
The conglomerate, controlled by billionaire Mukesh Ambani, expects the price cap for its KG-D6 gas sales to rise over the current $9.92 per million British thermal units, Sanjay Roy, senior vice-president for exploration and production, said in an investor call following the announcement of its quarterly earnings on Friday.
Russia has cut off gas supplies to Poland and Bulgaria after the countries refused to pay for their supplies in roubles.
India was encouraging an expensive expansion of fuel networks in its cities with make-believe prices. Then the war happened
Besides the shortfall in the allocation, the prices of APM gas for CNG and PNG have been revised from USD 2.90 per million British thermal unit to USD 6.10, an increase of 110 per cent.
Commodity bulls are charging the way ahead. Natural gas has surged to fresh 13-year highs on April 7. The demand is expected to increase despite high prices. Manisha Gupta and Karunya Rao decode the bull run in commodities
This is the eighth such hike in CNG prices after five consecutive increases in March this year and the last hike on April 4. Check prices here
This is the seventh such hike in CNG prices after five consecutive increases in March this year and the last hike on April 1. Check prices here
Gas producers such as Oil & Natural Gas Corporation, Oil India and Reliance Industries will be the key beneficiaries of the hike in natural gas prices
Putin's decree on Thursday leaves Europe facing the prospect of losing more than a third of its gas supply
Even if the 2030 target is achieved, which is a tall order, the US will be able to replace only 30 percent of Russia’s supply.
In the latest revision in September 2021, the government had raised natural gas prices by 60 percent to $2.9 per mmBtu for the October-March period.
Crude oil production failed to meet target while also lower in terms of year-on-year (YoY) data for the period; while natural gas production was higher in YoY terms, but still lower than the monthly target
Moody’s Investors Service Managing Director Michael Taylor said trade effects are likely to arise from import diversion and diversification, although there may be opportunities for commodities producers in Central Asia to increase supply to China.