Venture Global LNG, Iraq Oil Production: Your Daily Energy News

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News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.

LNG
Ukraine Signs LNG Supply Deal with Venture Global - On Thursday, Ukraine signed its first liquefied natural gas (LNG) deal with a U.S. company to help to avert an energy supply crunch. DTEK Group, (Kyiv, Ukraine), Ukraine's largest private energy company, said it would buy LNG from U.S. energy group Venture Global. Under the agreement, DTEK's trading unit D. Trading will buy cargoes from Venture Global LNG's (Arlington, Virginia) Plaquemines LNG facility in Louisiana from later this year until the end of 2026. D. Trading will also purchase up to 2 million tonnes per year of LNG from Venture Global's third facility, Calcasieu Pass 2 (CP2), for 20 years. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can learn more by viewing by the CP2 project report. (Reuters)

PRODUCTION
Iraq Committed to Rein in Oil Overproduction - Iraq's oil ministry said on Wednesday it is fully committed to compensating for any crude oil overproduction in 2024, referencing estimates by secondary sources of overproduction by 203,000 barrels in May above levels agreed with OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. The ministry "is committed to the production level required in the agreement, of 4 million barrels per day, for June and the subsequent months, in addition to compensating the surplus production since the beginning of this year throughout the compensation period, which will run until September 2025," it said in a statement. (Reuters)

GOVERNMENT
Putin Extends Retaliatory Measures for West's Russian Oil Price Cap - Russian President Vladimir Putin has extended retaliatory measures against a price cap on its oil imposed by Western countries until the end of 2024, according to a decree published on the government's website on Thursday. The decree had previously been enacted until June 30, 2024. The Russian government has banned domestic oil exporters and customs bodies from adhering to Western-imposed price caps on Russian crude. Under the cap, oil traders who want to retain access to Western financing for vital aspects of global shipping such as insurance must promise not to pay above US$60 per barrel for Russian seaborne oil. (Reuters)

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About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).