As of Monday, nearly 100 petrol stations across South Korea had run out of fuel due to a trucker strike that began on Nov. 24. The strike has reportedly disrupted the country's supply chain and cost around $2.5B in lost shipments so far.
India’s Minister of External Affairs Subrahmanyam Jaishankar has signaled that the country will put its energy needs above pressure from Western governments, and continue to buy oil from Russia.
On Sunday, authorities announced that at least 40k people in Moore County, NC were left without power after two power substations were damaged by gunfire. Duke Energy, the power supplier, said that power may not be fully restored until as late as Thursday.
On Friday, the European Union agreed to a $60 per barrel cap on Russian oil after the final holdout, Poland, agreed to the proposal that was drawn up by the G7.
On Tuesday, state-owned QatarEnergy and the US company ConocoPhillips signed two sales and purchase agreements to supply liquefied natural gas (LNG) to Germany for 15 years starting in 2026. It's the first deal to Europe from Qatar's North Field expansion project.
On Saturday, the US Dept. of the Treasury granted Chevron Corp. a six-month license authorizing the US company to resume oil extraction and exports from its oil fields under joint ventures with Venezuela's state-owned company, Petroleos de Venezuela, S.A. (PdVSA).
On Monday, US Pres. Biden called on oil and gas companies to invest their profits in lowering costs at the pump and increasing production or risk facing a higher tax rate. This comes a week before the US midterm elections, with Republicans reportedly favored to win a House majority