Gulf Oil and Gas accountACCOUNT

Russia & Norway Use Saudi Oil Strategy in Europe's Gas Market

Source: Bloomberg 4/21/2016, Location: Asia

Europe is awash with low-priced natural gas, thanks to Russia and Norway using a Saudi-like tactic to hold market share.

Utilities from EON SE to Centrica Plc are beneficiaries as Europe’s two biggest gas suppliers provided a record amount of the fuel in the first quarter, according to Societe Generale SA. The glut discouraged cargoes of U.S. liquefied natural gas and contained growth of imports from Qatar.

There are parallels with the global oil market where Saudi Arabia, the biggest producer, boosted output last year to fend off U.S. shale drillers as crude prices collapsed. Gas in the U.K., the region’s biggest market, fell 38 percent in the past year and the plunge couldn’t have come at a worse time for Cheniere Energy Inc., which just started exports of U.S. LNG and has so far sent one tanker to Europe.

“There is a threat of price wars and every competitor is getting ready,” said Valery Nesterov, an analyst at Sberbank CIB in Moscow with more than four decades experience in energy. “They will have to work hard to keep -- let alone increase --their market shares, including through policies that can be borrowed from the oil industry.”

Natural Gas News in Russia >>

Indonesia >>  2/20/2020 - INPEX CORPORATION (INPEX) announced that through its subsidiary INPEX Masela, Ltd., and on behalf of its joint venture partner Shell Upstream Overseas...
Russia >>  2/20/2020 - The Gazprom Management Committee took note of the information about the Company's international marketing strategy. ...

Russia >>  2/19/2020 - A working meeting between Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the Executive Board of OMV, took ...
Libya >>  2/13/2020 - National Oil Corporation (NOC) reported January 2020 revenues of approximately 1.77 billion USD ($1,768,879,320.49), a decrease of around 418 million ...

Mauritania >>  2/12/2020 - Kosmos Energy and its partners have signed a Sale and Purchase Agreement (SPA) with BP Gas Marketing Limited, a wholly owned subsidiary of BP plc. The...
Australia >>  2/10/2020 - Cooper Energy (COE) announces it has signed a new gas supply agreement with O-I for the supply of 1 PJ per annum for two years commencing 1 January 2...

Related Categories: Coal  Electricity  General  Natural Gas  Oil 

Related Articles: Coal  Electricity  General  Natural Gas  Oil 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 | 45 | 46 | 47 | 48 | 49 | 50 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.