Patrick Pouyanné, the CEO of the French oil and gas giant Total, predicts that tensions on the European natural gas market will increase in 2023. He stated that the availability of diesel fuel might be Europe's biggest issue. "Europe will receive less Russian gas than it did in 2022, forcing it to purchase LNG in large quantities once more. The situation will grow tense", according to Total’s CEO...

Since the implementation of an energy price cap, the transshipment of Russian Urals oil at sea has increased to record levels, according to Bloomberg, which cited tanker tracking data. Shipments of the Urals might reach a record 14 million barrels by the end of January. In December 2022 and January 2023, 19 million barrels will be transshipped. Five supertankers from the port of Ceuta on...

In 2023, China's economic growth will increase to 4.8% from 3% in 2022, according to a UN report on the state of the world economy and its outlook. China's GDP expanded by 3% in 2022, which was significantly less than the 8.1% growth seen in 2021 and the stated aim of 5.5%, according to the paper. The recurrent lockdowns brought on by COVID-19 are the main cause of the slowness. "However, it...

Head of the European Council called "to lend urgency" to the talks on using the $300 billion in blocked Bank of Russia assets for Ukraine's reconstruction. According to Charles Michel, the president of the European Council, EU leaders must continue talks about using $300 billion in frozen Bank of Russia assets for the reconstruction of Ukraine. He emphasized that "this is a question of fairness...

The biggest gas field in Europe will be shut off by the Netherlands in 2023. Groningen, the largest gas field in Europe, will be shut down by the Dutch government in 2023 because Hans Vijlbrief, state secretary for extractive industries, believes that continuing with production would be "extremely unsafe" due to earthquakes. He stated that although the ultimate choice would depend on whether...

At a summit in Buenos Aires, the presidents of Brazil and Argentina signed accords regarding economic and financial integration. Alberto Fernandez, the president of Argentina, said in a statement following the signing ceremony, "I am certain that a new period of strategic relations for decades to come will begin with the signing of these agreements." In response to a question from a reporter,...

According to NHK TV, the Japanese government has proposed to Parliament a budget of a record 114.4 trillion yen ($880 billion) for the fiscal year 2023 (April 1, 2023–March 31, 2024). The budget has surpassed 110 trillion yen for the first time; it is 6.78 trillion ($52 billion) more than the existing budget. Particularly, defense spending will reach a record 6.79 trillion yen ($52 billion), an...

In the upcoming years, France and Germany will collaborate on shared gas procurement strategies, French President Emmanuel Macron stated on Sunday. "In the upcoming years, we have made the decision to collaborate closely on gas procurement arrangements. In addition to working on shared platforms, we aim to establish long-term procurement processes," Macron stated during a press conference in...

According to data from the official customs office in China, which was cited by Reuters, Russia was the second-largest oil exporter to China, sending 1.72 million barrels per day, or 86.25 million tons, of the commodity to the country. The number of shipments in December increased to 1.52 million barrels per day compared to the same time in 2021. Thus, China purchased eight percent more Russian...