Asia

GasCo, Singapore's state-owned gas buyer, will be seeking offers for the supply of liquefied gas for delivery in 2028 in order to fill a supply gap expected in the country. This company was established earlier this year in order to centralise Singapore’s gas supply and procurement after LNG prices spiked due to the Ukraine-Russian war. Alan Heng, in an interview with The Straits Times on Thursday, said that existing contracts will cover Singapore’s demand for the next two-years, but the gap in supply is expected to reach around 3 million metric tonnes in 2028-2029 and about 6 million in 2035....

The Asian spot price of liquefied gas was flat for the second week in a row, due to steady supplies and weak demand throughout the region. Average LNG price for delivery to northeast Asia in December Industry sources estimate that the price per million British Thermal Units (mmBtu) is $11.10. Estimated price for January deliveries was $11.05/mmBtu. "Short-lived cold snaps in Asia may have triggered a little spot interest, but the overall picture of the market is still weak." The economic situation has not improved in the past weeks, said Klaas Dozeman of Brainchild Commodity Intelligence. He said that the...

One would not expect a CEO of a large oil company to brag that he is more confident than ever when warnings are rife about the imminent collapse of oil prices. Mike Wirth, CEO of Chevron, announced the updated strategy on Wednesday. He dismissed concerns about an oversupply of oil in the short term, and expressed confidence in the long-term prospects for the sector. This was a far cry from the doubts that surrounded the industry a few decades ago when the momentum began to build towards the shift away from fossil fuels to low-carbon energy. The strong support for...

The latest International Energy Agency outlook indicates that oil demand could continue to rise into 2050. This is a dramatic shift from previous reports, and it serves as a reminder of the importance of black gold in the global economic system. The IEA published its annual World Energy Outlook on Wednesday. It outlines different paths for energy demand up to 2050. This is a fairly routine release, but this year it has become a political issue. The U.S. administration of President Donald Trump has accused the Paris-based energy watchdog of politicising its report that suggests fossil fuel demand could plateau...

The International Energy Agency’s latest outlook indicates that oil demand could continue to rise into 2050. This is a dramatic shift from previous reports, and it serves as a reminder of the importance of black gold in the global economic system. The IEA published its annual World Energy Outlook on Wednesday. It outlines different paths for energy demand up to 2050. This is a fairly routine release, but this year it has become a political issue. The U.S. administration of President Donald Trump has accused the Paris-based energy watchdog of politicising its report that suggests fossil fuel demand could plateau...

Venture Global announced on Tuesday that it had signed a long term agreement with Japanese trading company Mitsui for the supply of LNG at 1.0 million tons per year. Japan, which is the second largest LNG importer in the world after China, seeks stable and flexible energy sources to support its growing data center construction. Wood Mackenzie analysts estimate that these facilities will use the same amount of electricity as 15 to 18 million Japanese households by 2034. This is responsible for 60% of Japan's growth in power demand. Venture Global has now signed its third agreement with a Japanese...

In recent months, oil prices have fluctuated within a relatively small range between $60 and $70 per barrel. This reflects both concerns over rising supplies of oil as well as trade wars or geopolitical conflict. This may be a sweet corner for U.S. president Donald Trump but it's a "no-man's land" for oil producers. The low end of the range was reached in mid-October. This allowed Trump to carry out his promise to impose severe sanctions against Russia's two largest oil companies, Lukoil & Rosneft. These two giants account for 5% of world output. Trump calculated that escalating the economic...

Petronet LNG, India's largest gas importer, will receive 500,000 tonnes of LNG in 2026 as part of its 1.2 million tons per year supply agreement with ExxonMobil under Australia's Gorgon Project. This was announced by its managing director on Friday. Petronet imports 1,42 million tonnes of LNG per year from the Gorgon Project, in which ExxonMobil holds a stake. This is part of a long-term agreement with the U.S. energy giant. A.K. Singh, the Managing Director, said that the first cargo, under a new 15-year contract, agreed upon in 2017, should arrive between March andApril next year. Singh said at...

The Asian spot price of liquefied gas was flat this week due to ample supplies and a soft demand. Average LNG price for delivery to northeast Asia in December Industry sources estimate that the price per million British Thermal Units (mmBtu) is $11.10. Martin Senior, head LNG pricing at Argus said that the spot demand in Northeast Asia was weak. There were ample inventories, and forecasts did not deviate too much from seasonal averages. He said that "Spot charter prices have continued to increase, which is the primary reason behind the wider spread between Asian-European prices. Asian prices must hold...

The U.S. industry is on track to sign the second highest number of contracts this year, despite concerns over rising costs and increased capacity. U.S. LNG companies signed sales and buy agreements (SPAs), totaling 29.5 million metric tons of LNG annually, in the first ten months of 2025. This is more than four-times the 7 mtpa of LNG signed by the entire year 2024. The SPAs can be used by project developers as a tool to raise funding by demonstrating the ability of planned projects to generate a positive cash flow, with customers being locked into long-term contracts lasting up...

LSEG data on Saturday showed that Russia's liquefied gas exports in January-October decreased by 3.4% compared to a year ago to 25.2 millions metric tons (mmt), but jumped 21% in October to new records due to the start of Arctic LNG 2. U.S. sanctions against Ukraine have slowed down the export of LNG from Russia, particularly the new Arctic LNG 2 facility. These sanctions have also significantly reduced the use by the fleet of tankers for fuel transportation. Ship-tracking data provided by Kpler and LSEG revealed that China received its LNG cargo at the end August from the sanctioned Russian...

The Asian spot price of liquefied gas held steady in this week's market, despite a tepid global demand and healthy stocks. Average LNG price for delivery to North-east Asia in December Industry sources estimate that the price per million British Thermal Units (mmBtu) was $11.10, a slight drop from $11.20/mmBtu in the previous week. Arturo Regalado is Kpler's senior LNG analyst. He said that while Asian LNG prices were supported by higher European prices last week, this week's gains were limited by weaker Asian fundamentals. He said that he expects Asian LNG prices to remain stable next week due to...

The Caspian Pipeline Consortium said that it has temporarily halted oil loadings on its Russian Black Sea Terminal near Novorossiysk because of an overnight Ukrainian drone strike which damaged the office. It didn't provide any further details and referred to its previous statements regarding its operations, which are usually resumed once the air raid warnings have been cancelled. CPC's business operations were largely unaffected, according to a source in the industry. CPC is Kazakhstan's main export route to the global market, with the majority of volumes going to Europe and Asia. Russia contributes smaller volumes to CPC. CPC is owned...

Alexander Novak, deputy prime minister of Russia in Beijing on Tuesday, said that Russia is looking to increase oil exports to China as well as to enhance cooperation with regards to the supply of liquefied gas. Since the beginning of Russia's military operation in Ukraine, in February 2022, China and India are the two largest buyers of Russian crude oil. China imports approximately 1.4 million barrels per day of Russian crude oil via sea, and about 900,000. bpd by pipeline. The United States introduced sanctions last month against Russia's largest oil producers Rosneft, and Lukoil. Russian President Vladimir Putin denounced...

Alexander Novak, the Russian deputy prime minister, said that Moscow and Beijing had been discussing ways of expanding Russian oil exports into China. Since the beginning of Russia's military operation in Ukraine, in February 2022, China and India are the two largest buyers of Russian crude oil. China imports approximately 1.4 million barrels per day of Russian crude oil via sea, and about 900,000. bpd by pipeline. The United States introduced sanctions last month against Russia's largest oil producers Rosneft, and Lukoil. Russian President Vladimir Putin denounced the sanctions, calling them unfriendly and saying that they wouldn't have a significant...

Three sources in the oil trade reported that discounts for Russian Urals crude have tripled in Indian ports since August compared to Brent dated as U.S. sanction drive key buyers from Moscow-supplied fuel. Last month, the United States imposed their toughest sanctions to date on Russia's oil sector. They targeted Lukoil & Rosneft. The deadline for companies is Friday to end all business with the two oil producers. Urals crude is a staple feedstock for Indian refiners, since 2023 when Moscow diverted flows to Asia following the European Union's ban on Russian energy. Traders said that supplies to India will...

An Indian official in the foreign ministry announced on Friday that air cargo services will soon be available between India and Afghanistan. The two countries are seeking to restore their ties after their relations with Pakistan soured. Nooruddin Aziz, Afghanistan's Taliban trade minister, made the announcement during his visit to New Delhi. He urged India to increase trade and open cargo hubs, as Kabul sought to access grains, pharmaceuticals and industrial goods after its border with Pakistan was closed following military clashes. Anand Prakash is a joint secretary at the Indian Foreign Ministry. He said that the air freight corridors...

Nicola Canestrini, the lawyer for the Ukrainian suspect in the 2022 sabotage attempt on the Nord Stream pipeline, said that the top Italian court had approved the transfer of the man to Germany. Since he was arrested in Rimini, Italy, in August on an arrest warrant issued by the European Union, the suspect, who is only identified as Serhii in Germany, has fought attempts to have him transferred to Germany. The suspect will be handed over to German authorities within a few days after the Court of Cassation of Rome has made its decision. "However much I may be disappointed,...

Rosneft reduced its share in the Kurdistan Pipeline Company to less than half after talks meant to protect the subsidiary from U.S. Sanctions, an official of the Kurdistan Regional Government told the Kurdistan Regional Government on Wednesday. Last month, the U.S. sanctioned Rosneft, and Lukoil - Russia's largest oil companies - to put pressure on Vladimir Putin, Russian president, to end his war in Ukraine. The sanctions also apply to entities in which these companies own more than 50%. KPC operates Iraqi Kurdistan’s main oil pipeline that transports crude from north Iraq to its connection at the border with Iraq-Turkey...

The coast guard reported that a South Korean passenger ship carrying 267 passengers, crew and cargo got stuck on Wednesday when it ran aground near the southwest tip of the Korean Peninsula. A rescue operation is underway to get them back to land. The Yonhap News Agency reported that South Korean President Lee Jae Myung is currently traveling in the Middle East and has ordered the swift rescue of everyone on board. This will prevent any casualties. Details of the operation will be released as soon as possible. The coast guard stated in a press release that authorities were using...

Robert Fico, the Prime Minister of Slovakia, said that the country is considering filing a lawsuit against the EU for its plan to halt Russian gas deliveries in 2028 due to its war with Ukraine. Slovakia and Hungary are both highly critical of EU plans to phase out Russian oil and gas. Both countries still rely heavily on Moscow for their energy supplies and fear that alternative, more expensive sources will harm their economies. Fico has split ranks with the majority of Europe because of his pro-Moscow position. He said that he had given his ministers for economy, justice and...

Uganda's government-run regulator for the sector said that about three-quarters has been completed of a $5-billion pipeline vital to exporting crude from Ugandan oil fields through Tanzania. Uganda now targets the second half next year for the start of oil production in its Albertine Rift basin, located in the western part of the country. Before production can begin at the $15 billion oil-project owned by Total Energies France and CNOOC China, it is necessary to complete the 1,443-kilometer-long (897-mile-long) East African Crude Oil Pipeline. EACOP, the world's largest electrically heated crude oil pipeline, will connect Uganda's oilfields with Tanzania's Indian...

Sources familiar with the matter say that Novatek, a Russian producer of liquefied natural gases, has reduced the price of its cargoes between 30% and 40% since August in order to encourage Chinese buyers to buy sanctioned gas produced by its Arctic LNG 2 Project. The purchase has ended the commercial limbo of the $21 billion project that is subject to the most severe sanctions the U.S., Europe and Russia have imposed against Russia. Washington wants to stop the flow of oil revenue into Kremlin bank accounts as U.S. president Donald Trump increases pressure on Moscow to end their war...

Four of the eight main opposition coalitions won seats in Georgia's Parliament just over a month ago. All but one of the eight leaders are either in prison, exiled or facing criminal charges. The ruling party wants to outright ban the main opposition groups. Many in the tiny South Caucasus nation of 3.7 millions have been shocked by the slide towards one-party rule. Georgia was a democratic country that appeared to be on the rise in the years after the fall of the Soviet Union. It seemed poised to join the EU, and escape Russia's influence. Brussels' assessment, however, says...