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An uptick in economic activity from China and with it fuel demand could quickly change sentiment in the market, he said. "I could paint the picture this could turn around quite quickly," Parfitt said. NATURAL GASThe natural gas market has tightened since the Ukraine war started because Russia shut in some production when it lost European buyers due to sanctions and damage to pipelines. Chevron sees Europe as a strong market for short- to medium-term gas demand as Europe seeks to substitute Russian supply, he said. Chevron is a big natural gas producer, and pumps more than half its output from the United States and Australia.

Persons: You've, Colin Parfitt, midstream, Parfitt, " Parfitt, I'm, Stephanie Kelly, Simon Webb, Deepa Babington Organizations: YORK, Chevron, Reuters, Brent, Thomson Locations: China, Saudi, Saudi Arabia, Ukraine, Russia, Europe, Asia, United States, Australia

Among methods that produce what is known as green hydrogen are electrolysis to split water into hydrogen and oxygen using power from renewables. The technology for shipping hydrogen is still in early stages of development, said Chevron's vice president of hydrogen Austin Knight. About 30-35% of the total energy system will need hydrogen to decarbonize, he said. NextEra is working with the U.S. Treasury on rules that govern what can be considered green hydrogen, he said. The process is complicated by the variability of renewable power supply from wind and solar, he said.

REUTERS/Sergei Karpukhin/File PhotoHOUSTON, Feb 16 (Reuters) - Russia's decision to cut crude oil production by 500,000 barrels per day reflects its inability to sell all of its oil, Ben Harris, a U.S. Treasury Department Assistant Secretary, said on Thursday. Russia's Deputy Prime Minister Alexander Novak last week said it would voluntarily cut production beginning next month following the start of Western price caps on Russian oil and oil products on Feb. 5. Poland, Latvia, Lithuania and Estonia have pushed for lowering the crude oil cap. There have been no American companies involved in trading Russian oil above the price cap, he said. Phillips 66's (PSX.N) Chief Executive Mark Lashier said the company's base assumption is that Russia's crude and oil products will find their way into the marketplace.

SummarySummary Companies Chevron sees continuing strong demand for LNG in EuropeEurope's high prices to lure most U.S. LNG in the short termChevron expected to boost Permian Basin output 15% this yearLONDON, Oct 12 (Reuters) - U.S. oil major Chevron Corp (CVX.N) expects high European prices for liquefied natural gas (LNG) to attract a majority of U.S. LNG exports in the short term, a top executive told Reuters on Wednesday. Its commitment to building import terminals and regasification facilities shows the region's demand for U.S. exports could last. The major also produces LNG in Australia and Angola, and recently carved out a foothold in U.S. LNG through purchase agreements with LNG producers Cheniere Energy Inc (LNG.A) and closely-held Venture Global LNG. "Gas demand in the United States is roughly flat," said Parfitt. "What's growing in the United States is demand for exports," he said.

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