While higher fuel specifications and regulatory changes in the bunkers market are most likely to have a big impact on long-term fuel oil demand, a structural shift of a similar magnitude on the supply side is already taking place, particularly in Russia, the largest exporter of fuel oil. The...

Oil production from Russia’s core regions is in decline and the government is keen to encourage the development of fields in new areas in order to keep the country’s output above 10mmbpd. A series of joint ventures between state oil company Rosneft and various IOCs offshore in the Arctic has...

The role of the Arctic region in global petroleum supply over the next decades is becoming a subject of increasing interest as the potential of the region’s geology is revealed and the shrinking of the ice cap makes drilling an increasingly feasible activity. Nevertheless, significant concerns...

The Russian refining system still has a significant legacy from its Soviet past, when refineries were located in relatively remote regions to serve the military and industrial complex and output of fuel oil was encouraged to supply heavy industry. However, this focus on the lower end of the...

Since the birth of the LNG industry, Asia has been the key market, providing high value, reliable demand. The 3 foundation markets of Japan, South Korea and Taiwan have been joined more recently by China and India to form the "big 5" which is often the focus for much analysis and comment....

The IPCC report on climate change published in August 2021 has provided a stark reminder that human activity is unequivocally responsible for global warming and changing environmental conditions on Earth. At the same time, the growing commitment of governments and companies across the world to...