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Officials fear melted reactor fuel is now exposed at Fukushima

Tepco: We don’t know at this point if fuel is uncovered — Large drop in water level — Experts ‘struggling’ to find condition of nuclear cores, nothing is known for all 3 reactors TEPCO: Water in reactor half expected level — Officials with the operator of the damaged Fukushima Daiichi nuclear plant say the water level inside the No.2 reactor’s containment vessel is about half what they had estimated. […] They found the water was around 30 centimeters [11.8 inches] deep. TEPCO officials […] say they don’t know whether the fuel is entirely submerged. […] They believe then flowing out of the reactor building through holes in the chamber. NHK WORLD , June 10, 2014: TEPCO officials are struggling to find […] the condition of the melted fuel […] Officials believe that at reactor number 2, water is leaking […] at the bottom of the containment vessel, but do […]

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IEA outlook: ‘Golden Age’ of gas to extend to China

The “Golden Age” of natural gas that has taken such a strong foothold in North America will extend to China over the next 5 years, driven by booming demand, according to the latest 5-year gas market outlook from the Paris-based International Energy Agency . In its Medium-Term Gas Market Report 2014, IEA noted that a near-doubling of Chinese gas demand by 2019 will offset a slowdown in demand in other regions. The annual report sees global demand rising 2.2%/year by the end of the forecast period compared with the 2.4%/year rate projected in last year’s outlook. Much of this demand, IEA says, will be met by LNG as well as new pipelines. “In a shift away from the traditional dominance of state-owned suppliers, private-sector operators in Australia, Canada, and the US are taking the lead in the expansion of the LNG trade, which is expected to grow by […]

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China Looks to U.N. in Vietnam Spat Over Oil Rig

A Chinese vessel near the oil rig in disputed waters in the South China Sea. Agence France-Presse/Getty Images China told the United Nations that Vietnam is the aggressor in the countries’ monthlong standoff over a Chinese oil rig in disputed waters, defending Beijing’s conduct and postitioning itself as the victim in the conflict. Despite Beijing’s shunning of international forums when it comes to dispute resolution, Chinese officials on Monday sent U.N. Secretary-General Ban Ki-moon what it called a position paper detailing Vietnam’s "illegal disruption" of the "routine" activities of an offshore drilling platform that China deployed near the Paracel Islands in May. China maintained its resistance to seeking a multilateral resolution in the dispute, but the approach suggested that Beijing is growing uneasy about the damage its reputation has suffered from the spat with Vietnam and from a similar dispute with the Philippines, both of which have characterized China […]

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China’s Record Oil Hoarding Seen Keeping Crude Above $100

China is hoarding crude at the fastest pace in at least a decade, shielding itself from supply disruptions and helping keep prices above $100 a barrel. The country imported a record volume in April as it emulates steps taken by the U.S. in the 1970s to create a strategic petroleum reserve, government data show. Chinese President Xi Jinping is building stockpiles as his nation clashes with Vietnam over resources in the South China Sea and faces potential risks to oil sales from Russia , Africa and the Middle East because of sanctions and violence. The purchases are helping drive oil prices higher, according to Barclays Plc, Citigroup Inc. and Nomura Holdings Inc. As China’s thirst for crude grows with the expansion of its emergency stockpiles and refining, the International Energy Agency estimates that the Asian nation is poised to surpass the U.S. as the world’s largest oil consumer by […]

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China ramps up spending to spur economy, central bank sees stable policy

China’s central bank said on Wednesday it will keep monetary policy steady in 2014, even as the finance ministry said fiscal spending had surged nearly 25 percent in May from a year earlier, highlighting government efforts to energize the slowing economy. Total fiscal spending in May rose to 1.3 trillion yuan ($208.75 billion), quickening sharply from a 9.6 percent rise in the first four months of the year. The higher spending comes as the world’s second-biggest economy got off to a soft start to the year, growing at its slowest pace in 18 months in the first quarter. The economy has since shown some signs of stabilizing, but the recovery appears patchy and analysts do not rule out further stimulus measures, especially if the cooling property market starts to rapidly deteriorate. Fiscal revenues rose 7.2 percent in May from the same month last year, slowing from […]

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Goldman Says Keeping U.S. Oil-Export Ban to Add Value to Economy

A four-decade-old U.S. ban on crude exports should remain until a “saturation” point when domestic refining capacity becomes insufficient to absorb increased oil production, according to Goldman Sachs Group Inc. (GS) Maintaining the statutory curb on shipments overseas will deliver the “highest value” to the U.S. economy, the bank said in an e-mailed report today. At current extraction costs, the export ban may start to weigh on U.S. output growth in coming years, it predicted. Rising production from shale formations has allowed the U.S., the world’s biggest oil consumer, to import less crude, fueling speculation that the curb on exports could be lifted. A 1975 federal law bans most shipments overseas, with only deliveries of refined products including gasoline and diesel allowed. Supporters of the ban say keeping U.S.-produced oil at home helps reduce fuel prices for industry and consumers. “Keeping the ban in place would be the optimal […]

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Americans by 2-to-1 Would Pay More to Curb Climate Change

Americans are willing to bear the costs of combating climate change, and most are more likely to support a candidate seeking to address the issue. By an almost two-to-one margin, 62 percent to 33 percent, Americans say they would pay more for energy if it would mean a reduction in pollution from carbon emissions, according to the Bloomberg National Poll. While Republicans were split, with 46 percent willing to pay more and 49 percent opposed to it, 82 percent of Democrats and 60 percent of independents say they’d accept higher bills. “We’re already hitting 110 degrees here,” said Larry McNamed, a 44-year-old independent in Henderson, Nevada . “A lot of people are trying to sweep this under the rug, but we need to do something. It’s only going to get hotter.” President Barack Obama is moving forward with new rules that would require states to reduce carbon emissions from […]

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Crude-by-rail transportation provides Bakken Shale production access to major markets

As onshore crude oil production in the United States increased over the past few years, producers have increasingly moved crude oil out of production areas by rail. Producers in North Dakota, in particular, have used rail to ship crude oil to refineries and midstream companies at newly built unloading terminals on the East Coast and West Coast. The number of rail carloads of crude oil began rising in 2012, as production in the Bakken Shale and other shale plays grew. According to the North Dakota Pipeline Authority, Bakken rail outflow capacity totaled 965,000 barrels per day (bbl/d) at the end of 2013, compared to 515,000 bbl/d of pipeline capacity. While some refineries are being built or planned for the area, […]

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How dangerous are America's aging gas lines?

Minerva Mendoza lived in her tiny East Harlem apartment for 18 years. But for the last few months, she’s been afraid to go back to her home. Minerva Mendoza The blast happened less than 20 minutes after a neighbor called to report a gas smell. According to the National Transportation Safety Board, which is still investigating the explosion, a 125-year-old gas main running under Park Avenue was leaking near the buildings that exploded. The spark that started the blaze remains a mystery. But it cast a spotlight on the labyrinth of aging pipes carrying gas not only under New York, but cities throughout the country. Older cities on the East Coast, like New York, Boston and Philadelphia, are especially vulnerable, as they were built on cast-iron vintage pipe. While 2.5 percent of mains in America are cast iron, they account for 10.5 percent of incidents, according to the U.S. […]

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How dangerous are America’s aging gas lines?

Minerva Mendoza lived in her tiny East Harlem apartment for 18 years. But for the last few months, she’s been afraid to go back to her home. Minerva Mendoza The blast happened less than 20 minutes after a neighbor called to report a gas smell. According to the National Transportation Safety Board, which is still investigating the explosion, a 125-year-old gas main running under Park Avenue was leaking near the buildings that exploded. The spark that started the blaze remains a mystery. But it cast a spotlight on the labyrinth of aging pipes carrying gas not only under New York, but cities throughout the country. Older cities on the East Coast, like New York, Boston and Philadelphia, are especially vulnerable, as they were built on cast-iron vintage pipe. While 2.5 percent of mains in America are cast iron, they account for 10.5 percent of incidents, according to the U.S. […]

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EIA: US oil production in 2015 expected to be highest since 1972

06/10/2014 Total US crude oil production in 2015 will reach its highest level since 1972, the US Energy Information Administration forecasts in its Short-Term Energy Outlook (STEO) released June 10. Production, which averaged 7.4 million b/d in 2013, is expected to average 8.4 million b/d in 2014 and 9.3 million b/d in 2015. Additionally, EIA estimates that US total crude production during May averaged nearly 8.4 million b/d—the highest monthly average production since March 1988. With the Atlantic hurricane season commencing June 1, EIA believes production will be minimally disrupted, relying on the National Oceanic and Atmospheric Administration’s prediction that the Atlantic Basin will likely experience near normal or below-normal tropical weather through Nov. 30. Mean estimates of shut-in production by EIA in the federal Gulf of Mexico during that period total 12 million bbl of crude oil and 30 bcf of natural gas. During last year’s hurricane season—the […]

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US utilities shift capital spending as distributed generation grows

Utility officials on Tuesday highlighted how low load growth and the emergence of distributed generation resources are leading them to shift capital spending toward bolstering infrastructure and away from generation investments. "You see a lot of utilities in the country moving this way, and that really defines the utility of the future in many respects," said Nick Akins, president and CEO of American Electric Power. Speaking on a panel at the Edison Electric Institute’s annual convention, Akins said that this period of 1-1.5% load growth provides a "distinct opportunity" for the industry to balance the generation portfolio while also focusing on infrastructure development to allow the connection of DG and other resources. Article continues below… Megawatt Daily Megawatt Daily provides detailed coverage of power prices in major US and Canadian electricity markets, up-to-date information about solicitations and supply deals, and information about complex state and federal power regulations. While […]

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$10 billion Oil Sands Crude Refinery Planned For Canada's Pacific Coast

A Vancouver-based company said on Tuesday it was planning to build a C$10 billion oil refinery on the north-west coast of British Columbia that could eventually process up to 1 million barrels per day of oil sands bitumen. Pacific Energy Future Corp, which was set up in January, is looking at three potential building sites in Prince Rupert, BC. The project is the second new refinery proposed for Canada’s west coast to process the large quantities of crude oil coming out of Alberta’s oil sands and export the refined products. Pacific Energy Future Corp Executive Chairman Samer Salameh said the refinery could be producing products such as gasoline and diesel in about seven years. The announcement comes a week before a federal government decision on whether to approve Enbridge Inc plans to build a 525,000 bpd pipeline from the oil sands to Kitimat, […]

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$10 billion Oil Sands Crude Refinery Planned For Canada’s Pacific Coast

A Vancouver-based company said on Tuesday it was planning to build a C$10 billion oil refinery on the north-west coast of British Columbia that could eventually process up to 1 million barrels per day of oil sands bitumen. Pacific Energy Future Corp, which was set up in January, is looking at three potential building sites in Prince Rupert, BC. The project is the second new refinery proposed for Canada’s west coast to process the large quantities of crude oil coming out of Alberta’s oil sands and export the refined products. Pacific Energy Future Corp Executive Chairman Samer Salameh said the refinery could be producing products such as gasoline and diesel in about seven years. The announcement comes a week before a federal government decision on whether to approve Enbridge Inc plans to build a 525,000 bpd pipeline from the oil sands to Kitimat, […]

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Aboriginal leaders outraged by Canadian oil pipeline

A decision by the Canadian government to approve the planned Northern Gateway oil pipeline will be an insult to the aboriginal community, a tribal leader said. Canadian company Enbridge Energy aims to build its Northern Gateway pipeline to the coast of British Columbia. The pipeline received conditional approval from the National Energy Board, the country’s independent regulator, and a final decision is expected before the end of the month. Members of the aboriginal community and some eastern provincial leaders have expressed concern about the potential environmental threats from a pipeline designed to carry the heavier grade of crude oil in Canada. Dubbed oil sands, it’s viewed by critics as more toxic than conventional oil. Stewart Phillip, the chief of the Union of British Columbia Indian Chiefs, said a decision in favor of the pipeline from the government of Prime Minister Stephen Harper would undermine the relationship […]

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Canada lowers oil expectations

The Canadian Association of Petroleum Producers said 2014 estimates for oil production to 2030 are down more than 7 percent from the previous year. CAPP said oil sands are the primary source of production growth from Canadian reserves. Production from those deposits is expected to increase to 4.8 million barrels per day by 2030, down from the 5.2 million bpd estimated in its 2013 forecast. Conventional oil production, meanwhile, is expected to remain stable at 1.5 million bpd, up from the 1.4 million bpd estimate in 2013. CAPP said Monday the difference between the two forecasts reflects growing uncertainty for the timing of new oil developments and the capital necessary to exploit those reserves. Canada sends nearly all of its oil to the United States. CAPP Vice President Greg Stringham said the Canadian economy needs more options to get its oil to a more diverse market. "Global demand for […]

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Ukraine gas storage at 40 percent

Ukraine boosted its gas storage capacity by 7 percent for the week ending June 6 and storage tanks are filled to about 40 percent, data show. Gas storage data Tuesday show Ukraine has about 445 billion cubic feet of natural gas stored in underground storage tanks. That’s 7.3 percent above the stocks as of June 1 and tanks are filled to 40.7 percent, data as of June 6 show. Ukraine is working to resolve ongoing debt issues with Russian energy company Gazprom. The country hosts most of the natural gas Russia sends to European consumers and the lingering stalemate has raised questions about European energy security. European Energy Commissioner Gunther Oettinger met Monday in Brussels with his Ukrainian and Russian counterparts. No final deal on resolving the gas row was reached, though the commissioner said talks would continue through this week. Gazprom says Ukraine owes it billion of dollars […]

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Russia Extends Ukraine Gas Talks Deadline — Update

Russia gave Ukraine a further six days to reach a final agreement on natural gas prices, postponing its threat to cut off supply, Gazprom Chief Executive Alexei Miller said Wednesday, Interfax news agency reported. The move comes after talks between Gazprom, Ukraine’s state-run Naftogaz and the European Commission in Brussels failed to come up with an agreement. The deadline for a deal is now June 16. Naftogaz doesn’t want to pay for gas it has already had until Russia and Ukraine reach a "package agreement," Ukrainian energy minister Yuri Prodan said in Brussels, Interfax reported. Moscow has repeatedly threatened to cut off Ukraine’s gas supplies and switch to a prepayment system because of the country’s outstanding gas bill. Gazprom said a week ago that Ukraine owed $4.455 billion for gas–$1.454 billion for November and December, and another $3 billion for April and May. Ukraine is urging […]

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Scotland emissions down 26.4 percent from 1990

The Scottish government said Tuesday it’s reduced its greenhouse gas emissions by more than 25 percent since 1990 and is on pace to hit 42 percent by 2020. "Scotland has the world’s leading climate change targets," Scottish Minister for Environment and Climate Change Paul Wheelhouse said in a statement . "With a target of 42 percent by 2020 we are ahead of the United Kingdom at 34 percent and well ahead of the EU at 20 percent." The Scottish government aims to generate the equivalent of 100 percent of its annual electricity consumption through community- and locally-owned renewable energy resources by 2020. As of 2012, the last full year for which data are available, emissions are down 26.4 percent from 1990 levels. Scotland holds a one-question referendum on independence from the United Kingdom later this year. Its government said it could support itself in part on oil and gas […]

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Russia, Ukraine to Resume Stalled Gas-Supply Talks Today

Russia and Ukraine will resume talks with the European Union on a gas-supply deal today after failing to reach agreement in discussions earlier this week. Negotiations between Russian Energy Minister Alexander Novak and his Ukrainian counterpart, Yuri Prodan, along with EU Energy Commissioner Guenther Oettinger , will restart at 9:30 a.m. in Brussels and will follow bilateral meetings, the European Commission said late yesterday. The talks were postponed from last night because the Russian delegation was scheduled to arrive very late in Brussels, the EU executive said. Novak and OAO Gazprom Chief Executive Officer Alexey Miller met in Moscow with Russian President Vladimir Putin before they departed for the Belgian capital, said an official who declined to be named as the gathering was private. Gazprom declined to comment when contacted by Bloomberg. The EU, dependent on Russian gas piped through Ukraine for about 15 percent of its supplies, is […]

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US shale boom is over, energy revolution needed to avert blackouts

US shale boom is over, energy revolution needed to avert blackouts I hate to say I told you so, but… In 2012, the International Energy Agency (IEA) forecast that the US would outpace Saudi Arabia in oil production thanks to the shale boom by 2020, becoming a net exporter by 2030. The forecast was seen by many as decisive evidence of the renewal of the oil age, while informed detractors were at best ignored, at worst ridiculed. Among my many reports exposing the geological and economic fallacies behind the shale boom narrative are this , this , this and this . Even here on the Guardian, one headline declared the IEA report shows that “ peak oil idea has gone up in flames .” But the IEA’s latest assessment has proved the detractors right all along. The agency’s World Energy Investment Outlook released this week says that US tight […]

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Dr. Morris Adelman And Peak Oil Theory

Several weeks ago, the US Energy Information Administration (EIA) made big news by severely reducing its estimate of recoverable oil from California’s huge Monterey Shale formation.  This change in calculation by some guys sitting at desks in Washington DC led to a very predictable series of misleading stories with sensationalized headlines like this one from the Los Angeles times, this one from Reuters, and this one from the UK Guardian. The change in calculation also temporarily emboldened the Usual Suspects in the cultish Peak Oil movement, resulting in an array of celebratory Tweets and blog postings at a variety of sites around the web. So why bring this up now?  Well, as I was tooling around the web early this morning, I noted the passing of the famous energy economist Morris Adelman.  Dr. Adelman actually died peacefully at his home in Newton, Mass. on May 8, but the New […]

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Forecast of oil reserves depletion America

The United States has built a broad economic recovery hopes achieved finally in oil and gas production the Rocky, but these reserves will dry from the third decade of the twenty-first century, to return to dependence on Gulf oil, the International Energy Agency also predicted, she wondered whether the Gulf States are ready to take the job again. The past few years have seen a radical shift in the accounts of the United States with the bravado of its experts to come to the Renaissance oil and achieve a degree of “energy independence” the opposite of the expected downturn. Reviews that went after four decades on the oil boycott led by Saudi Arabic Arabic, that rocked the global power system in 1973, the United States might withdraw “umbrella security” exorbitant cost of Gulf oil. This change has occurred in the United States confidence in prospects for self-sufficiency in energy […]

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Oil jumps on China exports, Japan economic growth

Oil prices rose Monday as positive news on exports from China and economic growth in Japan followed last week’s solid jobs report in the U.S. Benchmark U.S. oil for July delivery gained $1.75 to close at $104.41 a barrel on the New York Mercantile Exchange. That’s the highest closing price since March 3. Brent crude, a benchmark for international oils, rose $1.29 to $109.15 a barrel in London. China reported Sunday that exports rose 7 percent in dollar terms in May, up from a 0.9 percent increase in April that followed a slump in February and March. The surge in exports reinforced confidence that the U.S. and European recoveries will drive stronger demand for commodities, including oil. Japan raised its estimate for economic growth in the January-March quarter to 6.7 percent from 5.9 percent, as investment by companies was stronger than first thought. On Friday, U.S. employment figures also […]

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Oil Futures Extend Gains, WTI Nears $105/bbl

Crude-oil futures extended overnight gains in Asian trading hours Tuesday with the U.S. crude benchmark hovering just below the $105 mark. On the New York Mercantile Exchange, light, sweet crude futures for delivery in July traded at $104.70 a barrel at 0500 GMT, up $0.29 in the Globex electronic session. July Brent crude on London’s ICE Futures exchange rose $0.11 to $110.10 a barrel. Nymex WTI crude gained 1.7% overnight, and has been up for two consecutive trading sessions ahead of the inventory data from the American Petroleum Institute, a trade body, due later Tuesday. The U.S. Energy Information Administration will also publish its short-term energy outlook later Tuesday, while its closely watched inventory survey is due on Wednesday. The downtrend in crude stocks at the Nymex delivery point of Cushing, Oklahoma is the key factor in driving up WTI prices, analyst Tim Evans at Citi […]

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WTI-Brent Spread Narrows as U.S. Stockpiles Seen Down

The gap between West Texas Intermediate and Brent narrowed to the least in nearly two months as U.S. crude stockpiles were forecast to fall and Ukraine said peace talks with Russia yielded progress. Futures rose as much as 0.5 percent in New York and Brent was steady in London . U.S. crude stockpiles probably shrank by 1.5 million barrels in the week ended June 6, according to a Bloomberg News survey before data from the Energy Information Administration tomorrow. Two days of peace talks with Russia led to an agreement to implement parts of President Petro Poroshenko’s peace plan, Ukraine’s Foreign Ministry said in a statement. “No one should be surprised that the WTI-Brent spread is tightening up,” Bjarne Schieldrop, chief commodities analyst at SEB AB in Oslo, said by e-mail. “U.S. oil stocks are now likely to fall every week until mid-August.” WTI for July delivery gained as […]

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Natural-Gas Prices Drop as Traders Expect Surplus to Grow

Natural gas prices retreated from a one-month high Monday with traders expecting healthy surpluses to help refill low stockpiles later this month. Prices for the front-month July contract settled down 6.5 cents, or 1.4%, to $4.645 a million British thermal units on the New York Mercantile Exchange. Gas had hit a one-month high before the trading floor opened Monday, but then spent most of the day backing down. Warming long-term weather forecasts weren’t warm enough to support the price going any higher, a broker and analysts said. Without extreme heat to ramp up air conditioners and gas-fueled power consumption, record production is likely going to lead to healthy surpluses this month. That made Monday a good day to sell and take profits from more than two weeks of rising prices, they said. "We’re getting into areas that, until we see some serious heat show up, […]

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World Needs Record Saudi Oil Supply as OPEC Convenes

OPEC ministers say they will almost certainly leave their oil-production ceiling unchanged when the group meets this week. What really matters for markets is whether Saudi Arabia will respond to global supply shortfalls by pumping a record amount of crude. Just six months ago, energy analysts predicted output from the Organization of Petroleum Exporting Countries would climb too high and Saudi Arabia needed to cut to make room for other suppliers. They changed their minds after production from Libya , Iran and Iraq failed to rebound as anticipated, and industrialized nations’ stockpiles fell to the lowest for the time of year since 2008. Saudi Arabia may need to pump a record 11 million barrels a day by December to cover the other member nations, says Energy Aspects Ltd., a consultant. “Now it’s not whether the Saudis will make room, but whether they’ll keep it going and maintain enough spare […]

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OPEC Struggles to Cope With Libyan Oil Shortfall

The oil terminal of Marsa al-Hariga in eastern Libya, a part of the country where rebel actions have cut off shipments of crude for much of this year. Agence France-Presse/Getty Images LONDON—Six months ago, one of OPEC’s concerns was whether a U.S. shale boom might upend crude markets by providing too much oil. Today, the group of some of the world’s largest producers has a more short-term worry: How to compensate for lost Libyan crude at a time of rising demand and tensions between Russia and the West. "That’s the big question: Who will fill the gap left by Libya?" said one delegate within the group, which meets in Vienna later this week to discuss its output. Members of the Organization of the Petroleum Exporting Countries—which produces one out of every three barrels of oil consumed daily in the world—are facing calls by some to boost output to help […]

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Venezuela Oil Minister Says Expects OPEC to Roll Over Production Ceiling

VIENNA–The Organization of Petroleum Exporting Countries is expected to leave its oil-production ceiling unchanged when it meets in Vienna later this week, Venezuela’s oil minister Rafael Ramirez said Monday as he arrived in the Austrian capital. The oil-producers’ cartel meets twice a year to discuss its members’ output and adjust its production according to its view of supply and demand in the market. It has maintained its current production ceiling of 30 million barrels a day since 2011. However, analysts expect demand for OPEC’s oil to be higher in the second half of this year, with the International Energy Agency predicting it will average 30.7 million barrels a day. Write to Sarah Kent at [email protected]

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Kurdish oil still at sea

Shipping data show tanker United Leadership, loaded with oil from the Kurdish north of Iraq, is still in the Atlantic Ocean because of Moroccan port issues. Moroccan authorities last weekend ordered the vessel to leave its territorial waters. United Leadership is loaded with more than 1 million barrels of Kurdish oil taken May 22 from the Turkish sea port of Ceyhan. It’s still idled in the Atlantic Ocean because of Moroccan port delays. There was no indication Monday of a new destination . The tanker’s May departure frustrated a central Iraqi government in Baghdad that says Kurdish oil sales are a violation of the national constitution. The semiautonomous Kurdish government said it was operating according to the rule of law. Last week, Turkish Energy Minister Taner Yildiz said he is opposed to Baghdad’s objections because income from the oil sales would be distributed among the Iraqis themselves. Turkey’s main […]

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Iraq's Semiautonomous Kurdish Region Ships 2nd Tanker of Oil

ISTANBUL—Iraq’s semiautonomous Kurdish region shipped a second cargo of oil from Turkey’s Ceyhan port on Monday, doubling the amount of crude it has exported since late May even as the fate of a first shipment remains unclear amid legal threats from Baghdad. The United Emblem, registered in Greece, arrived in the Mediterranean Turkish port Sunday morning from Spain and set sail for an undisclosed destination at 2:15 p.m. local time on Monday, according to data from ship-tracking websites. Palmali Shipping, which acted as the ship’s agent, confirmed that the vessel was loaded at Ceyhan and sailed Monday. The tanker is carrying about a million barrels of crude from the Kurdistan Regional Government, or KRG, according to two people familiar with the shipment. Kurdistan sent its maiden voyage of crude exports from the port late last month. The region has been pumping its oil from northern Iraq to Turkey since […]

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Iraq’s Semiautonomous Kurdish Region Ships 2nd Tanker of Oil

ISTANBUL—Iraq’s semiautonomous Kurdish region shipped a second cargo of oil from Turkey’s Ceyhan port on Monday, doubling the amount of crude it has exported since late May even as the fate of a first shipment remains unclear amid legal threats from Baghdad. The United Emblem, registered in Greece, arrived in the Mediterranean Turkish port Sunday morning from Spain and set sail for an undisclosed destination at 2:15 p.m. local time on Monday, according to data from ship-tracking websites. Palmali Shipping, which acted as the ship’s agent, confirmed that the vessel was loaded at Ceyhan and sailed Monday. The tanker is carrying about a million barrels of crude from the Kurdistan Regional Government, or KRG, according to two people familiar with the shipment. Kurdistan sent its maiden voyage of crude exports from the port late last month. The region has been pumping its oil from northern Iraq to Turkey since […]

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Bomb blast kills 15 at funeral in Iraq

Iraqi officials say 15 people have been killed and more than two dozen have been wounded in a bomb attack on a funeral in the central city of Baqouba. Tuesday’s attack happened as insurgents further north overran symbols of government authority in the city of Mosul. Police say the explosion struck mourners gathered for the funeral of a Sunni university professor killed a day earlier. Police officials say the attack killed 15 people and wounded at least 27. A hospital official confirmed the casualties. All officials spoke on condition of anonymity because they weren’t authorized to release the information. Baqouba is a city that is home to both Sunnis and Shiiites about 60 kilometers (35 miles) northeast of Baghdad. THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below. Iraqi police and army forces abandoned their posts in the […]

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Iraq's Semiautonomous Kurdish Region Ships 2nd Tanker of Oil

Iraq’s semiautonomous Kurdish region shipped a second cargo of oil from Turkey’s Ceyhan port on Monday, doubling the amount of crude it has exported since late May even as the fate of a first shipment remains unclear amid legal threats from Baghdad. The United Emblem, registered in Greece, arrived in the Mediterranean Turkish port Sunday morning from Spain and set sail for an undisclosed destination at 2:15 p.m. local time on Monday, according to data from ship-tracking websites. Palmali Shipping, which acted as the ship’s agent, confirmed that the vessel was loaded at Ceyhan and sailed Monday. The tanker is carrying about a million barrels of crude from the Kurdistan Regional Government, or KRG, according to two people familiar with the shipment. Kurdistan sent its maiden voyage of crude exports from the port late last month. The region has been pumping its oil from northern Iraq to Turkey since […]

Posted On : Published By : Tom Whipple
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Iraq’s Semiautonomous Kurdish Region Ships 2nd Tanker of Oil

Iraq’s semiautonomous Kurdish region shipped a second cargo of oil from Turkey’s Ceyhan port on Monday, doubling the amount of crude it has exported since late May even as the fate of a first shipment remains unclear amid legal threats from Baghdad. The United Emblem, registered in Greece, arrived in the Mediterranean Turkish port Sunday morning from Spain and set sail for an undisclosed destination at 2:15 p.m. local time on Monday, according to data from ship-tracking websites. Palmali Shipping, which acted as the ship’s agent, confirmed that the vessel was loaded at Ceyhan and sailed Monday. The tanker is carrying about a million barrels of crude from the Kurdistan Regional Government, or KRG, according to two people familiar with the shipment. Kurdistan sent its maiden voyage of crude exports from the port late last month. The region has been pumping its oil from northern Iraq to Turkey since […]

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Iraq militants seize Mosul provincial government HQ

Iraq security forces move towards Mosul on 8 June 2014 Reinforcements deployed to Mosul by the Iraqi military have failed to halt the militants’ advance Militants have taken control of parts of Mosul, officials say, on a fifth day of fighting in the northern Iraqi city. Overnight, hundreds of men armed with rocket-propelled grenades, sniper rifles and machine-guns seized the provincial government’s headquarters. They also destroyed several police stations before moving towards the top-security prison and military airport. On Tuesday morning, one interior ministry official said Mosul was "outside the control of the state". In the past week, the jihadist Islamic State in Iraq and the Levant (ISIS) and its allies have carried out major attacks on cities and towns in western and northern Iraq, killing scores of people. Parts of Ramadi, the capital of the western province […]

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New Exxon-Turkey contracts bolster Kurdish export plans

New Exxon-Turkey contracts bolster Kurdish export plans A night view of the rig drilling ExxonMobil’s Maseif-1 well at the Pirmam block in Iraq’s autonomous Kurdistan region. (PATRICK OSGOOD/Iraq Oil Report) This spring, as U.S. diplomats worked to broker a temporary solution to the oil disputes between Iraq’s federal government and the autonomous Kurdistan region, the largest American oil company was quietly making a contrasting pitch. ExxonMobil was in negotiations with the state-owned Turkish Energy Company (TEC), which was keen to take a stake in the super-major’s six exploration contracts in Kurdistan. But the talks weren’t just about the contracts, according to two people involved in the de… This content is for registered users. Please login to continue. If you are not a registered user, you may purchase a subscription or sign up for a free trial .

Posted On : Published By : Tom Whipple
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Al-Sadr bloc says to join opposition if Maliki named PM

Al-Sadr bloc says to join opposition if Maliki named PM World Bulletin/News Desk The parliamentary bloc of Iraqi Shiite leader Muqtada al-Sadr said Sunday that it would join the opposition if Nouri al-Maliki assumed a third term as prime minister of Iraq. "Al-Maliki’s two previous terms tell us that he will not succeed in a third," Diaa al-Asadi, the secretary-general of al-Sadr’s Ahrar bloc, told Anadolu Agency. He said al-Sadr’s bloc does not have a personal problem with al-Maliki but with his monopoly over independent agencies affiliated to the Iraqi parliament. Al-Asadi added that by joining in the opposition to al-Maliki, Ahrar bloc will monitor the performance of his government. Iraq’s three main Shiite coalitions, including al-Maliki’s State of the Law and Sadr’s Ahrar, won 161 out of 328 seats in Iraq’s parliament in the April’s legislative election. Al-Maliki’s State of the Law insists that he must lead the […]

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Attacks showcase strength of militants in Iraq

An Iraqi man looks at a destroyed mini bus at the site of car bomb attack in the northern city of Kirkuk on June 4, 2014 Baghdad (AFP) – Three days of major jihadist attacks around Iraq, including on a university, have left dozens dead in a stark display of militant strength and the country’s enormous security challenges. Militants assaulted the city of Samarra, battled security forces in Mosul, took hundreds of hostages at Anbar University in Ramadi and carried out numerous other attacks in Baghdad and elsewhere. Iraq is suffering its worst violence in years, and with none of the myriad problems that contribute to the heightened unrest headed for quick resolutions, the bloodshed is likely to continue unabated. Powerful jihadist group the Islamic State of Iraq and the Levant has been blamed for most of the latest attacks, and is believed to be responsible for much of […]

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Saudis Expect to Boost Crude Output in Second Half of the Year

Saudi Arabia expects to boost its crude output in the second half of this year, an oil official with the Kingdom said Monday. The remarks are the clearest signal to date that the Organization of the Petroleum Exporting Countries’ kingpin will respond to rising demand as the group prepares to meet in Vienna on Wednesday. "We expect Saudi output to be higher in the second half if OPEC estimates for demand are higher," said the official, who requested anonymity. OPEC sees demand for its oil rising by about 1 million barrels a day in the second half of 2014, compared with the preceding six months. Already, Saudi Arabia slightly increased its output to 9.705 million barrels a day in May, up by about 35,000 barrels a day from 9.66 million barrels a day the previous month. The rising demand also comes as OPEC ponders how to make up for […]

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Libyan oil output plummeting

The Libyan government estimates crude oil exports are below 200,000 barrels per day because of ongoing internal political issues. The government said oil exports from the state-run National Oil Co. were 24.2 million barrels of oil for first quarter 2014. While on average, the rate is more than 200,000 bpd, the government said lingering stalemates with federalists pushed the recent daily rate even lower. Optimism over a rebound in the Libyan oil sector increased in April when the NOC announced it lifted an emergency declaration on oil operations at its Zueitina terminal in the east of the country, where anti-government forces have control. John Kingston , director of news operations for the Platts energy reporting agency, told Voice of America it appears Libyan oil exports have all but stopped and there is "no good news" coming from a nation that once produced about 1.6 million bpd. […]

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Libya's top court rejects appointment of new PM

Libya’s top court on Monday rejected the Islamist-led parliament’s appointment of a new prime minister in a contested vote, ending one power struggle as a renegade general’s offensive against Islamist militias in the east rages on. The Supreme Constitutional Court declared Prime Minister Ahmed Maiteg’s appointment unconstitutional, but gave no further details or instructions. Islamists in parliament and Maiteg said they would abide by the decision, thus leaving interim Prime Minister Abdullah al-Thinni in office. The top U.N. envoy to Libya called the decision and promises to abide by it "a sign of hope." "This will not solve the political crisis but at least it would open the way forward towards a resumption of a normal political process," Tarek Mitri told reporters after briefing the U.N. Security Council in New York. Al-Thinni refused to give up his office after last month’s vote in parliament, which […]

Posted On : Published By : Tom Whipple
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Libya’s top court rejects appointment of new PM

Libya’s top court on Monday rejected the Islamist-led parliament’s appointment of a new prime minister in a contested vote, ending one power struggle as a renegade general’s offensive against Islamist militias in the east rages on. The Supreme Constitutional Court declared Prime Minister Ahmed Maiteg’s appointment unconstitutional, but gave no further details or instructions. Islamists in parliament and Maiteg said they would abide by the decision, thus leaving interim Prime Minister Abdullah al-Thinni in office. The top U.N. envoy to Libya called the decision and promises to abide by it "a sign of hope." "This will not solve the political crisis but at least it would open the way forward towards a resumption of a normal political process," Tarek Mitri told reporters after briefing the U.N. Security Council in New York. Al-Thinni refused to give up his office after last month’s vote in parliament, which […]

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Israel, EU envision environmental and energy ties

A new framework for cooperation between the European Union and Israel extends to the realm of energy and environmental protection, a top EU official said. European Commission President Jose Manuel Barroso met Sunday in Jerusalem with Israeli Prime Minister Binyamin Netanyahu to sign a partnership agreement through the so-called Horizon 2020 program. With a budget of more than $100 billion over the next seven years, the Horizon program is billed by the European Union as the largest research and innovation program of its kind in the world. "Israel is a strong player in research and innovation and for this reason an important partner for the EU to address societal challenges of common concern, such as aging, food safety, environment protection or cleaner energy, and to strengthen the competitiveness of our industries," Barroso said in a statement. The European Commission said the association agreement with Israel has "a very broad […]

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Kazakh Kashagan oil field to change management model, keep current operator

Kazakhstan’s troubled giant offshore Kashagan field is set to see a revamp of the management model in the next several months, but will not change conditions of the field’s production sharing agreement (PSA) and its shareholding structure, the Kashagan operator NCOC said in a statement Monday. Earlier this month, Kazakhstan’s oil and gas minister Uzakbay Karabalin told local media that the ministry was dissatisfied with Kashagan’s rising costs and slow decision-making processes and expected the project’s management system to become more efficient after the planned revamp. "No changes to the PSA and/or the NCSPSA [the North Caspian Sea Production Sharing Agreement] ownership structure are envisioned as a result of the planned transition," NCOC said in a statement. An NCOC spokesman denied last week’s report by the Nefte Compass publication that US major ExxonMobil is to take over as Kashagan’s effective operator from Italy’s Eni. […]

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South Sudan: Is South Sudan Falling Into Oil Resource Curse?

The notion of resource curse has engulfed African countries, which are rich in natural resources and heavily depend on revenues from these resources. The resource curse is characterized by poverty-stricken, corruption and violent. Relatively small group ( Elite ) captures vast wealth while leaving the entire society without basics need such as clean drinking water, electricity, shelter and consumption goods that define the absolute minimum resources necessary for long-term physical well-being. Political instability triggered the oil resource curse; the evident suggests that countries with bad institutions are likely to experience the natural resource curse. One of solution to get out from oil curse is to improve institutions, good governance, accountability and transparency. South Sudan can voluntarily signed up to the Extractive Industries Transparency Initiative (EITI) promoted by former British Prime Minister Tony Blair in 2002 that became an independent NGO in 2007. The main point of this is […]

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Nigeria eyes European gas market

The top executive at a state-owned energy company in Nigeria said the European market is a good one for its abundant natural gas reserves. Members of the European Union are looking for new sources of natural gas in an effort to add diversity to an energy market dominated by Russia. Andrew Yakubu, chief executive of the Nigerian National Petroleum Corp., said Europe could be a good customer for the estimated 187 trillion cubic feet of natural gas that’s been largely untouched in Nigeria. "Europe is a good market for gas," he was quoted by the Platts energy news website as saying Sunday. "We are working on independently marketing our abundant gas resources to Europe." In May, state-led Nigeria LNG Ltd., said it was sending 180 Nigerians to South Korea to learn how to build vessels used in the liquefied natural gas sector. LNG offers more transport […]

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China: Vietnam rammed us more than 1,000 times

Vietnam has rammed Chinese vessels near an oil rig in disputed waters more than 1,000 times since early May, the Chinese Ministry of Foreign Affairs said. China started drilling operations near the Xisha Islands in the South China Sea in early May. The Vietnamese government said the program is a violation of its sovereignty. In a statement Sunday, the Chinese Ministry of Foreign Affairs said the Vietnamese have harassed its vessels in the area repeatedly since drilling operations began. "There were as many as 63 Vietnamese vessels in the area at the peak, attempting to break through China’s cordon and ramming the Chinese government ships for a total of 1,416 times," the statement said. The ministry said Chinese oil companies have been working in the region for the past 10 years. Drilling operations near the islands, it said, are part of a "routine" exploration process. Vietnamese […]

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China’s Clean-Fuel Focus Tests U.S. Coal-Export Lifeline

The mud-colored air that blankets Chinese cities these days is bad for the people who live there. It may prove unhealthy for U.S. coal producers, too. Intense opposition on the U.S. West Coast, over climate change , rail congestion and damage to Native American fisheries, already is blocking new export terminals designed to ship coal across the Pacific Ocean . Now, China — which consumes almost as much coal as the rest of the world combined — is accelerating a planned switch to cleaner fuels, including a possible cap on carbon emissions and limits on new coal-fired plants. Even if such changes don’t occur as fast as environmentalists might hope, Chinese President Xi Jinping plans to scrap the economic strategy that spawned coal-eating steel plants in every province. Mounting anti-coal sentiment in China and the U.S. imperils the ambitions of companies like Peabody Energy Corp. (BTU) and Arch Coal […]

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