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Hurricane Erick bears down on Mexico's Pacific coast
Hurricane Erick has rapidly intensified as it approaches Mexico's southwestern Pacific coastline, with meteorologists warning it could develop into a major hurricane before making landfall on June 19.
Nigeria’s PETROAN fights back against Dangote distribution plans
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has pushed back against plans by the 650,000 barrels per day (bpd) Dangote refinery to start distributing its petroleum products to outlets across the country.
Algeria set to invest $7bn in petrochemical & refining projects
Algeria is set to invest $7bn into new petrochemical and refining projects to move away from exporting raw hydrocarbons – aiming to produce quality chemical products instead, according to Zawya.
Mitsubishi reportedly in talks to buy Aethon’s shale assets
Japan’s Mitsubishi is reportedly in talks to buy the US shale production and pipeline assets of Aethon Energy Management.
Equatorial Guinea leads regional greener development effort for oil and gas sector
Gabonese President Brice Clotaire Oligui Nguema visited Equatorial Guinea’s Golden Swan industrial complex, a testament to the country’s effort to lead greener development of its oil and gas sector.
XGS Energy and Meta to Partner on $1bn advanced geothermal project in US
XGS Energy, Inc. and Meta Platforms, Inc. – formerly known as Facebook – have formed a partnership to advance a 150-MW, $1bn geothermal initiative in New Mexico in the southwestern US.
World has spent $18.5 trillion globally for climate damage since 2000
Climate disaster-related spending globally has reached $18.5 trillion since 2000, according to a new analysis by Bloomberg Intelligence.
Pakistan considers new oil routes from UAE, Saudi Arabia
Pakistan is considering importing its crude oil from Saudi Arabia and the UAE through pipelines if the Strait of Hormuz is shut down due to the ongoing war between Iran and Israel.
SPP flags up risk of getting sued by Gazprom if it breaks gas supply contract
Slovakia’s state-owned gas importer SPP has raised concerns that Gazprom could demand up to €16bn in compensation if Bratislava terminates its long-term gas contract early.
ISRAEL-IRAN WAR: Tehran petrol queues persist despite stable fuel supplies
Tehran continues to experience petrol queues caused by unnecessary visits from residents, whilst fuel supplies remain stable throughout Iran and queues have cleared in all other cities.
What the Iran-Israel war could mean for much of Asia
From energy security and trade disruptions to political polarisation and rising tensions among Muslim-majority nations such as Indonesia, Malaysia and nuclear armed Pakistan, the consequences for Asia could reshape regional dynamics.
ISRAEL IRAN WAR: is the war good news for the Russian budget?
The outbreak of full-scale conflict between Israel and Iran caused oil prices to jump that will provide the Kremlin with a welcome fresh infusion of cash at a time when military spending continues to balloon.
Number of recorded disasters up 50-fold since 1970 – OWID
Tracking the occurrence of natural disasters can save lives by helping countries prepare for future ones, Our World in Data (OWID) reports.
Hungary to veto 'von der Leyen-Zelenskiy energy plan' over Russian import restrictions, foreign minister says
The European Commission is set to unveil a June 17 that would legally prohibit imports of Russian pipeline gas and liquefied natural gas into the European Union by the end of 2027.
Iranian mines in the Straits of Hormuz could shut down a fifth of oil flows in a week
Iran has somewhere between 5,000 and 6,000 naval mines, according to US intelligence estimates, which it could use to block the Straits of Hormuz and halt the flow of a fifth of the world’s oil traffic in a week.
New IMO rules pose serious problems for sanctioned Russian shipping
The International Maritime Organisation’s adoption of its Net-Zero Framework in April has raised significant compliance hurdles for Russia’s shipping industry.
US resists EU and UK push to cut Russian oil price cap at G7 summit
The US is resisting calls from European governments to reduce the G7 price cap on Russian oil from $60 to $45 per barrel, frustrating efforts by the EU and UK to increase financial pressure on Moscow as leaders meet for a G7 in Canada.
COMMENT: Israel-Iran conflict intensifies with limited macro fallout but mounting geopolitical risk
The recent escalation in hostilities between Israel and Iran has signalled a shift from earlier, more calibrated exchanges to a broader and more sustained confrontation.
Chevron CEO urged staff to improve safety days before fatal Angola platform fire
In an internal video message on April 29, Chevron CEO Mike Wirth urged employees to reinforce safety standards following a rise in serious incidents.
Higher oil prices pose risk to Egypt’s strained budget
Officials from Egypt’s government said on June 16 that every $1 increase in global oil prices above the budgeted level adds roughly $76.9mn-$89.5mn per year to public spending and exerts more pressure on the fiscal policies.
ING: Oil in focus as Israel-Iran conflict escalates
Commodity markets are focused on escalating geopolitical tensions between Israel and Iran, with the Middle Eastern conflict sparking a surge in oil prices.
Petredec to build first VLGC-ready LPG terminal in Tanzania's Tanga Bay
Privately owned liquefied petroleum gas (LPG) shipper Petredec has announced plans to build Tanzania’s first large-scale, open-access LPG terminal at Tanga Bay, in partnership with Tanzanian conglomerate ASAS Group of Companies.
Hungary reiterates veto threat over new EU sanctions on Russian energy
Hungary to initiate the removal of a recommendation to phase out Russian energy imports from the agenda of EU energy ministers' summit in light of the situation in the Middle East.
Kazakhstan awards Russia, China one nuclear plant project each, Uzbekistan revises its plan to include large facility
Solution favoured by Astana will help balance relations with Moscow and Beijing.
Slovak PM Fico wants EU leaders to postpone vote on new sanctions against Russia
Fico had previously criticised the plan to phase out Russian fossil fuel imports by 2027, which the EU introduced last month.
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