ONE THEME FROM CERA WEEK: Russian has been repeatedly described as a wild card in public and private discussions at the CERAWeek conference in Houston, expected to cause Europe gas markets pain for the next two years as China’s demand recovers, and limit global crude supplies – especially after Russia threatened last month to cut some 500,000 barrels per day of supply.
Meanwhile, U.S. energy executives and OPEC officials spent the majority of a closed-door dinner on Monday discussing concerns about the lack of spare global production capacity, according to Devon Energy CEO Rick Muncrief, who attended the dinner. OPEC+ countries including Russia announced a production cut of 2 million barrels per day last October, defying U.S. efforts to increase production and prompting ongoing concerns about spare capacity in the market.
GERMAN REPORTING PROPS UP NYT FINDINGS ON NORD STREAM BLASTS: German broadcast outlets and the print publication Die Zeit published reports last night appearing to bolster the New York Times report yesterday that Western intelligence officials believe that a pro-Ukrainian group was behind the Nord Stream 1 and 2 explosions last September.
Ukraine has denied any involvement in the explosions, and both the NYT and German reports say there is no evidence linking the group to Ukrainian President Volodymyr Zelensky or any Ukrainian government officials. Manchin said Interior was falling behind because it’s prioritizing a “radical climate agenda” over energy security.
The source was referring to the two Gulf of Mexico oil and gas lease sales scheduled for this year. Both were ordered by the Inflation Reduction Act. “First and foremost, the IRA is an energy security bill with clear and direct guidelines to ensure we are able to onshore our supply and manufacturing chains. But instead of adhering to Congressional intent and prioritizing our nation’s energy and national security, the Treasury Department has pandered to automakers and progressive extremist groups and continued to sacrifice the national security of the United States of America,” Manchin said in a statement.
“This accomplishment tangibly demonstrates that our nation’s existing reactor fleet can produce clean hydrogen today,” Dr. Kathryn Huff, DOE’s Assistant Secretary for Nuclear Energy, said in a statement. “DOE is proud to support cost-shared projects like this to deliver affordable clean hydrogen.
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