Other energy headlines

** More than 5 million barrels of oil that were part of a historic U.S. emergency oil reserves release aimed at lowering domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices touched record highs.

** Amazon.com Inc founder Jeff Bezos renewed his spat with the White House over the weekend, as the world’s third-richest person criticized President Joe Biden for calling on companies running gasoline stations to lower their prices.

** Exxon Mobil Corp on Friday signaled that skyrocketing margins from fuel and crude sales could generate a record quarterly profit, according to a securities filing.

** Warren Buffett-Backed BYD has overtaken Tesla to become the world’s biggest electric vehicle producer by sales, even as Covid lockdowns in China disrupted supply chains.

** The U.S. oil industry has President Joe Biden over a barrel and they know it. On Sunday, a regional lobby group taunted the White House for demanding an end to price gauging at the fuel pump that is weighing on Americans’ pocket books with gasoline hitting the $5 mark for the first time last month.

 

World

** A European Union plan to label investments in natural gas and nuclear power plants as climate-friendly faces a final vote on Wednesday when lawmakers decide whether to accept or reject proposals that have divided governments and investors.

** The European Union’s executive arm on Friday pledged to draft an emergency plan this month aimed at helping member countries do without Russian energy in the wake of the Kremlin’s war in Ukraine.

** Russia’s Nord Stream 1 pipeline, which delivers natural gas to Europe, has already seen a 60% reduction in gas exports since mid-June, and Goldman Sachs warned they may stay low for a while.

** Finland has seized nearly a thousand freight cars belonging to Russian companies as a result of European Union sanctions, according to Finnish state-owned rail operator VR and a letter from Russia’s rail monopoly seen by Reuters.

** The European Union is planning a deal with Namibia to support the country’s nascent green hydrogen sector and boost its own imports of the fuel, EU and Namibian officials said, as the bloc works to reduce its dependence on Russian energy.

** Russian state-run Rosneft has confirmed an 82-million-ton oil discovery in the Pechora Sea in the Arctic. Rosneft discovered the field thanks to a drilling campaign in the Medynsko-Varandeysky area.

** Operations at the biggest oil refinery in Venezuela have stopped following a blackout that was caused by an electrical fault, Reuters has reported, noting that the Amuay facility has a capacity to process 645,000 bpd.

** Mexico’s president on Tuesday said he was sending a bill to Congress to eliminate daylight saving time, with the government saying the time change was unpopular and did not generate many benefits for the country.