OPEC says Russia is essential to success of OPEC+
Lyondell plans to repurpose Houston oil refinery
New England solar reshapes electricity load curve
EU/UK ease sanctions on Russian oil trade ($FT)
U.S. threatens to sanction Iran oil trading ($WSJ)
Bangladesh sees LNG shortage until 2026 ($BBG)
China’s leaders recommit to zero-covid (trans.)
Australia explores controls on LNG exports
U.S. energy systems hit by shortages ($WSJ)
Iraq’s political crisis is intensifying ($WSJ)
CHINA’s manufacturers reported a significant contraction in activity last month with the composite purchasing managers’ index falling to 49.0 in July (2nd percentile for all months since 2011) down from 50.2 in June (33rd percentile). Repeated lockdowns are disrupting supply chains and economic activity:
U.S. GAS production was up +4.2% in May compared with the same month a year earlier, and up +3.1% in the three months March-May compared with the same period in 2021:
U.S. CRUDE OIL production fell -57,000 b/d in May compared with April as lower output from the Gulf of Mexico (-157,000 b/d) more than offset increases from the onshore Lower 48 (+95,000 b/d) and Alaska (+5,000 b/d). Onshore L48 output was up by just +468,000 b/d in March-May compared with the same period a year earlier:
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