Editors: Tom Whipple, Steve Andrews

Quote of the Week

 “While China and India are not shying away from Russian crude—which sells at hefty discounts attracting price-sensitive buyers—the logistics of shipping oil from Russia’s Black Sea and Baltic ports to Asia and the scarce tanker availability, bank guarantees, and insurance for Russian cargoes would limit the amount of oil that Asia could take and compensate for lost barrels that are no longer going to Europe. –Tsvetana Paraskova, www.oilprice.com

Graphic of the Week

Headlines for the week of April 11-17 

The Global Energy Situation Oil posts a weekly gain as EU considers a ban on Russian oil Oil slumps as China’s worsening outbreak raises demand concerns OPEC raises oil production by just 57,000 Bpd in March Russia Putin tells Europe: you still need Russian gas but we’re turning east Putin says Western sanctions have disrupted the Russian oil industry Russia’s April gas exports fall on spot price drop, warmer weather Russia oil supply drop to double in May -IEA: could be down 3 mb/d Shipping Russian oil gets costlier, plus Russian oil discounted $35/b What’s keeping China from buying more Russian crude? Austrian leader says Putin told him gas payments in euros can continue Europe EU embargo on Russian oil could be “months away” Europe gas rises with lower orders for Russian flows via Ukraine Germany faces $240 billion hit if Russian energy cut off Top oil merchant Vitol will stop trading Russian crude Russian trucks stuck in long queues to leave Poland as EU ban deadline looms North America US gas storage deficit likely to widen in anemic start to injection season U.S. natural gas prices to spike as exports boom New York clears $4.5 billion plan to bring hydropower to Big Apple 13-Year Shell journey to first oil from Vito oilfield shows why USA output is flat US coal exports to reach 3-year high amid war in Ukraine: EIA Low production, strong demand to buoy US summer gasoline prices U.S. oil rig count ticks 4 higher to 693 amid rebound in oil prices U.S. to resume oil, gas drilling on public land despite Biden campaign pledge China China’s banks are the last big players in coal company financing IEA cuts oil demand forecast as China reimposes lockdowns Latin America Can Maduro meet his wildly ambitious crude oil production targets?

The Global Economy Agriculture Rising food costs push Arab world’s vulnerable to breaking point Russian war worsens fertilizer crunch, risking food supplies The fertilizer shock might change agriculture—for the better Russia U.S., allies plan for long-term isolation of Russia A Russian default is looming. a bitter fight is likely to follow. Russia may be in default, Moody’s says Moscow’s central banker dismantles what she built, works to shield the impact of sanctions Ruble falls sharply as Russia relaxes some capital controls Companies size up their losses on Russian operations U.S. cannot ‘take lightly’ threat Russia could use nuclear weapons – CIA chief North America U.S. gives Ukraine $800 million more in military aid, adds heavy weapons U.S. inflation accelerated to 8.5% in March, hitting four-decade high

California considers the four-day workweek
U.S. factory output rises more than forecast in broad advance

Europe

U.K. job market missing almost 600,000 people since Covid hit

China

More Chinese cities impose COVID curbs as Shanghai cases rise
Anti-virus shutdowns in China spread as infections rise
China’s Covid outbreak worsens as Shanghai cases top 26,000
Covid China: Elderly deaths contradict Shanghai figures
The pandemic statistics from China—no recent deaths?–are too good to be true
China port congestion worsens as 477 bulk ships waiting to berth
China’s Li issues third growth warning as Covid takes toll

India

India is stalling the W.H.O.’s efforts to make global Covid death toll public

Africa

Nigeria’s oil production dips to 1.24m bpd, lowest this year

Global Warming

United States

Wind passed coal, nuclear power in U.S. on March 28^th for first time on record

Europe

Europe’s sanction on Russian coal fosters call of duty toward energy transition

Africa

Heaviest downpour in six decades shuts key South African port