DAILY ON ENERGY: • News roundup • Bulgaria signs long-term LNG deal with Turkey • Tesla's sluggish fourth quarter reflects investor concerns
Russia bans oil sales to price cap-abiding countries: Russian President Vladimir Putin signed a decree banning the sale of crude oil and refined oil products to any countries that abide by $60 per barrel price cap, threatening even more uncertainty for global markets in 2023, and prompting fears that Russia could respond further by curtailing its oil production.
UBS commodities analyst Giovanni Staunovo said he believes Russia will cut production by an even larger 1 million bpd in February, when the EU’s latest tranche of sanctions comes into force. The EU, South Korea, Japan, and other allies have urged the Biden administration to use a broad interpretation when determining who qualifies for the IRA’s lesser-known “commercial clean vehicle” tax provision.
Chevron sends oil tankers to Venezuela to load U.S.-bound oil: Chevron sent an oil tanker to Venezuela late last week to load the first U.S.-bound cargo of crude oil in nearly four years. BULGARIA SIGNS LONG-TERM LNG DEAL WITH TURKEY: Bulgaria’s state-owned gas company Bulgargaz signed a deal this morning giving it access to Turkish LNG terminals, helping ensure energy supplies for southeastern Europe and aid Bulgaria in its transition away from Russian gas.
Tesla shares plunged this morning by more than 13%, in what could be its worst day of trading since 2020. Tesla ended 2022 down 65% for the year— a reflection of investors’ concerns that Musk is devoting more time to overhauling Twitter than running the car company he created. Kentucky isn’t much of an oil and gas producer, but it does fall within Appalachia, which produced more than a quarter of U.S. coal in 2021 — and coal is the easiest target of ESG.
These financial firms generally maintain that financing more green ventures and fewer traditional energy ones is an ordinary business purpose and that it’s in the best interest of their clients because burning fossil fuels contributes to climate change — and climate change has costs. The rule returns WOTUS’s definition to cover traditional navigable waters, the territorial seas, interstate waters, and upstream water resources that significantly affect those waters as they were covered before the Obama administration finalized its WOTUS rule in 2015.
The scope of WOTUS is the subject of an ongoing Supreme Court battle , one Republicans hope will yield a decision that limits the EPA’s ability to regulate waters. Lifting the ban, which has been in place since 2016, would then allow the private sector to determine whether fracking gas is economically viable, Lindner said in an interview published over the weekend.
Rethinking fracking: Some public officials across Europe have promoted ending national fracking bans in response to the continent’s energy crisis. British conservatives were among the first, with the government of former Prime Minister Boris Johnson ordering a review of the safety of fracking in the weeks following the invasion of Ukraine.
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