Editors: Tom Whipple, Steve Andrews
A new format for The Energy Bulletin Weekly
Dear readers,
In the last two months the energy world has changed radically, and this change is likely to continue for many months, if not years. In response, Tom and Steve are changing the format of TEB Weekly:
- Curating essential headlines, instead of providing commentary. With so much changing so quickly, TEB Weekly will now select for you the most important stories of the week that are being underreported by mainstream media.
- Organizing headlines under the categories of the global energy situation, the global economy, and global warming. While TEB Weekly will of course continue to cover topics like geopolitical instability, the coronavirus pandemic, and the impacts of new technologies, we hope this grouping will provide some structure to the content being highlighted.
As always, we are extremely grateful to Tom and Steve for the countless volunteer hours they put into TEB Daily and TEB Weekly.
Daniel Lerch
Education & Publications Director
Post Carbon Institute
Quotes of the Week
“I have taken a decision to switch to ruble payments for our natural gas supplies to the so-called hostile states.” Russian President Vladimir Putin
“Nobody will pay in rubles.” Slovenian Prime Minister Janez Jansa
“There are fixed contracts everywhere, with the currency in which the deliveries are to be paid to be part of these contracts. In most cases it says euros or dollars, this is the basis we are working on.” German Chancellor Olaf
Graphic of the Week
Headlines for the week of March 28-April 3
The Global Energy Situation
Oil Demand Showing Signs of Weakness
Rationing looms as diesel crisis goes global
World’s top banks pumped $742 bln into fossil fuels in 2021
Russia
Russia says it won’t cut off gas supplies yet in rouble payment row
What’s next for Europe’s natural gas during war?
Analysis: In Russia-Europe gas standoff, both sides lose
Russian oil production has already begun to decline
Russian pipeline operator Transneft restricts oil intake as storage builds
Russian oil refiners signal deeper cuts to refinery runs amid overstocking
Excess fuel oil weighing on Russian refinery runs
Russia’s Arctic gas ambitions at risk as sanctions imperil LNG icebreakers
Russian tankers going dark raises flags on sanctions evasion
Sanctions are forcing Russian companies to consider moving to Kazakhstan
Who is buying Russian crude oil and who has stopped
Europe
Germany triggers emergency plan to manage gas supplies amid ruble standoff with Russia
Germany will not accept breach of gas supply contracts by Russia -econ min
What would paying for natural gas in rubles mean?
Germany girds for gas rationing in ruble standoff with Russia
Israel-Turkey gas pipeline an option for Russia-wary Europe
Poland to end Russian oil imports; Germany warns on gas
Lithuania ceasing all Russian gas imports for domestic needs
Moldova will pay double for Russian gas in April -Moldovagaz chief
Netherlands asks citizens to restrict gas consumption
BASF says it would stop output if gas supplies fell to half its needs
Europe woos Qatar for an alternative to Russian gas
North America
U.S. crude oil production rises for first time in 10 weeks
American motorists press the accelerator despite oil shortfall
U.S. gasoline demand drops for third-straight week shale growth constrained
U.S. oil demand has been vastly overestimated
New vehicles must average 40 mpg by 2026, up from 28 mpg
US LNG WEEKLY: Liquefaction facilities near full utilization amid robust demand
U.S. oil exports surge, drawing crude away from storage hub
U.S. liquefied natural gas exports rise 16%, to new record
A new EU partnership could triple U.S. exports of liquified natural gas
Some states suspend their gas taxes, looking to ease pain at the pump
Biden mulls lifting ethanol caps in a bid to lower gasoline prices
New York Harbor jet fuel differential, outright price reach record highs
Steel shortage adds to U.S. shale drillers’ woes
Mexico suspends gasoline subsidy as U.S. drivers cross border for deals
Middle East-North Africa-Central Asia
Iran nuclear talks at stalemate over terrorism issue
Is Russia obstructing the Iran nuclear deal?
OPEC sees smaller oil supply surplus for Q1 2022
OPEC+ considers snubbing IEA oil data as political rift deepens
Saudi-led coalition strikes Yemen after Aramco depot attack
Gulf oil producers seek U.S. military support against Yemen attacks
Iraq gets renewed 120-day U.S. waiver for Iranian energy imports
Baghdad outlines plan for takeover of Kurdistan oil sector
OPEC looks beyond politics, focuses on long-term production plans
India
U.S. warns India against buying more Russian oil
The Global Economy
Global supply lines brace for ‘menacing’ economic storm to widen
Agriculture
The threat of a global food crisis is growing
How war, oil and ships are building a hunger crisis
UK military intelligence says Russia maintains distant blockade of Ukraine’s Black Sea coast
Egypt wheat imports may fall to 9-year low as war disrupts trade
India’s farmgate fertilizer prices may see sharp increase amid severe shortage
Food delivery stocks lose $24 billion in just three months
Drought-struck California wants to pay farmers to cut plantings
Russia
Russia set for steep slump and long stagnation in wake of Ukraine war
Russian supply chains next in line for sanctions
EU is considering new Russian bank sanctions, diplomats say
Russian steel demand may slump 30% in 2022: steelmakers association
Russia steadies ruble with harsh capital controls and investment curbs
Ukraine: Russians leaving Chernobyl after radiation exposure
In Russia’s economic crisis, small businesses bear much of the burden
Drug shortages persist in Russia after start of Ukraine war
North America
U.S. march jobs report shows strong hiring momentum
Russia sanctions threaten to chip away at dominance of US dollar, says IMF
US yield curve inverts in possible recession signal
As trade with Russia halts, countries turn to Canada for commodities
Europe
The price for Europe to wean off Russian gas keeps going up
German industry sounds alarm over energy rationing plan
Benchmark gigafactories Europe paints grim raw material supply picture; “Auto OEMs will need to become miners”
Charting the global economy: European inflation soars to record
Volkswagen prepares for a deglobalized world
War knocks French, German consumer morale back more than expected
French power grid operator asks users to cut consumption on Monday
Britain could build seven nuclear power stations, minister says
China-Asia
Covid-19 Outbreaks Slow Factory Activity in China
China PMI contracts as Covid outbreaks spark lockdowns
Shanghai Covid-19 lockdown poses fresh test to supply chains
Maersk warns Shanghai city lockdown to boost transport costs further
In China’s Wall Street, bankers and traders sleep in offices to beat Shanghai COVID lockdown
Shanghai residents plead for food and medicine as authorities lock down city
China’s cooling economy takes some heat out of commodity prices
China’s Sinopec plans its biggest capital expenditure in history
Shanghai starts China’s biggest COVID-19 lockdown in 2 years
Shanghai moves to 2nd part of lockdown as testing lines grow
COVID cases in Asia surpass 100 million – Reuters tally
China: Panic buying in divided Shanghai under lockdown
Shanghai introduces a staggered lockdown by district in an effort to test the entire city.
China is less likely to back Russia while facing troubles of its own
India
India’s March electricity shortage is the worst since coal crisis in Oct
India’s annual coal output up 8.6%, supply up 18.4%
Latin America
LNG voyages could face significant impacts from new Panama Canal toll structure
Argentina’s retail stations begin rationing diesel amid price controls
Russia-Ukraine war may benefit Latin America crude producers in short term: panel
Venezuela’s March oil exports slip amid struggles with returned cargoes
Africa
Nigeria: Akwa Ibom govt sues ExxonMobil over attempt to sell assets without consent
Global Warming
Antarctica heat wave brings enormous temperature jump
In the ocean, it’s snowing microplastics
North America
As gas prices soar, Biden’s climate ambitions sputter
Biden embraces oil as Ukraine war overwhelms his climate agenda
Biden invokes cold war powers to boost ev battery production
Atlantic set for another wild hurricane season, AccuWeather says
Europe
Climate change: Wind and solar reach milestone as demand surges
Global wind and solar growth on track to meet climate targets