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Canadian Oil Sands-Suncor spat takes new turn

Canadian Oil Sands says it’s frustrated with scare tactics used by rival Suncor in its unsolicited takeover offer. Photo courtesy of Canadian Oil Sands CALGARY, Alberta, Nov. 13 (UPI) — Canadian Oil Sands Ltd. continued to urge its shareholders to reject a bid from rival Suncor Energy, saying the offer would sell itself if it was worthwhile. Suncor last month said its unsolicited $3.2 billion takeover bid for its rival was a "financially compelling" offer. Last week, Suncor called on the Alberta Securities Commission to consider a shareholder rights plan adopted by Canadian Oil Sands, which is designed to prevent the takeover . Suncor, in a letter to rival shareholders, said a "do-nothing" stance from Canadian Oil Sands is a risky position given the continued weakness in the energy sector. In a new filing, Suncor said it updated information on the bid to reflect further evidence of the downturn […]

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Energy jobs in Norway down by half

Employment prospects in the Norwegian oil and gas sector have been falling since late 2012, federal data show. File photo by Maryam Rahmanian/UPI OSLO, Norway, Nov. 13 (UPI) — Though trade levels increased during the third quarter, the number of jobs opened in the Norwegian oil and gas sector continues to decline, national data show. Economic growth has been slow for most of the year for Norway, with gross domestic product increasing by slightly less than 1 percent for the past four quarters combined. Statistics Norway said the trade surplus for September was $1.9 billion, the second lowest level since March 2003. In a snapshot of labor figures, the data-mining body oil and gas said employment prospects were dwindling. "The number of job vacancies in the production of oil and gas decreased by half from the third quarter of 2014 to the third quarter of 2015," the agency said. […]

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Texas oil economy may be shrinking

Texas energy group says the downturn in crude oil prices is hurting the state more than initially expected, as job losses mount with no end in sight. File photo by Gary C. Caskey/UPI HOUSTON, Nov. 13 (UPI) — While federal data show Michigan shedding the most jobs, a Texas energy group said the state may be taking the brunt of the economic impact of low oil prices. For the week ending Oct. 31, the U.S. Labor Department said Michigan had the most initial filings for unemployment with 3,942, with losses coming from the state’s manufacturing sector . Texas for the week shed 517 jobs. A survey from the Texas Alliance of Energy Producers, however, says the number of jobs lost in the state as a result of the depressed oil economy may be worse than initially forecast. Karr Ingham, the Texas economist who created an index measuring the industry, […]

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U.S. Oil-Rig Count Rises After 10 Weeks of Declines

There are about 64% fewer oil rigs from a peak of 1,609 in October 2014…. The number of U.S. oil-drilling rigs, which is viewed as a proxy for activity in the oil industry, has fallen sharply since oil prices started falling last year. The week’s increase of two oil rigs to 574 breaks a 10-week streak of declines. Still, there are about 64% fewer rigs from a peak of 1,609 in October 2014. According to Baker Hughes, the number of gas rigs fell by six to 193. The U.S. offshore-rig count was 33 in the latest week, up one from last week and down 19 from a year ago. For all rigs, including natural gas, the week’s total fell by four to 767. Oil prices have fallen this week on concerns about growing supplies in the U.S. and overseas, and the U.S. benchmark was recently off 2.9% to $40.54. […]

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Canadian Energy Sector Pain Spreads

TORONTO—The impact of the oil-price collapse is increasingly seeping into other areas of the Canadian economy, as insurers, telecommunications companies and even liquor retailers signal the energy sector’s pain is spreading. While production from the oil sands continues to flow, the lack of investment is lowering demand for labor and services, which is seeping into other industries and contributing to the economic drag that led a contraction in Canadian growth in the first half of the year. Showing the spillover effects, Vancouver-based wireless provider Telus Corp. TU -1.73 % announced last week it would lay off 1,500 employees across the country, mainly due to “stress” in Alberta. Toronto-based Redline Communications Group Inc., RDLCF -4.02 % a maker of networking equipment, attributed a 30% drop in its third-quarter revenue to “ongoing low oil prices and subsequent delays in purchasing.” “From 2002 to 2008, oil prices were going up, the Canadian […]

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U.S. Producer Prices Stymied by Low Inflation

Oil workers drilled into the Gypsum Hills near Medicine Lodge, Kan., on Oct. 2015. WASHINGTON—A gauge of U.S. business prices fell in October, the latest sign of low inflation amid cheap gasoline and a strong dollar. The producer-price index, which measures the prices companies receive for goods and services, decreased 0.4% in October , the Labor Department said Friday. Excluding the volatile food and energy categories, so-called core prices were down 0.3% from the prior month. Economists surveyed by The Wall Street Journal had expected overall prices would rise 0.2% and core prices would rise 0.1%. Overall producer prices decreased 1.6% in October from a year earlier, the 10th straight year-over-year decline and the biggest annual fall since the government started publishing the series in 2009. Core prices were up 0.4% from a year earlier. The index measures prices from the perspective of the seller, but generally tracks closely […]

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North Dakota natural gas flaring targets challenged by rapid production growth

Source: U.S. Energy Information Administration, with data from the North Dakota Industrial Commission Increases in North Dakota’s crude oil production have resulted in increased associated natural gas production from oil reservoirs, especially in the Bakken region. Because of insufficient infrastructure to collect, gather, and transport this natural gas, about one-fifth of North Dakota’s natural gas production is flared rather than marketed. North Dakota’s Industrial Commission (NDIC) has established natural gas capture targets in an effort to reduce the amount of flared gas, and they recently issued a revision to the flaring targets in response to faster-than-expected gas production growth in the Bakken region. North Dakota’s current target is to capture and sell at least 78% of total natural gas gross withdrawals, or flare just 22% of the state’s natural gas output. Based on the targets established in April 2014, the percentage of flared gas was set to fall to […]

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US, France debate whether Paris climate treaty would be ‘legally binding’

U.S. President Barack Obama spoke by phone Friday with French President Francois Hollande to discuss the upcoming Paris climate conference — with both leaders emphasizing their personal commitment to reach an “ambitious and durable” treaty to avert the worst effects of global warming, the White House said. The call came a day after Hollande and France’s foreign minister responded to comments by U.S. Secretary of State John Kerry, who said Wednesday that the December agreement in Paris was “definitely not going to be a treaty.” Kerry also said the text would not set “legally binding reduction targets.” Leaders from nearly 200 countries are set to meet on Nov. 30 to Dec. 11 in the French capital to formalize national pledges to cut carbon emissions and plans to transition to renewable energy. The meeting is meant to culminate in the signing of a global climate treaty that would phase out […]

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US Gulf Coast conventional gasoline hits six-year lows

The outright price for Gulf Coast conventional gasoline hit six-year lows Friday on continued weakness in the cash gasoline and oil futures markets. Conventional gasoline with 13.5 RVP slid 4.09 cents from Thursday to be assessed at $1.1274/gal, or the NYMEX December RBOB futures contract minus 11.50 cents/gal. Conventional gasoline was last assessed lower in February 2009. Gulf Coast gasoline prices lost considerable ground in the first four days of the week, and a well-offered market Friday only compounded the week’s declines, trading sources said. Market liquidity was relatively low during early trading Friday, but sources reported seeing more offers in the market, which drove values lower. Traded values rebounded somewhat in the afternoon, as market sources said they considered the market to have been "oversold" in the morning, but the mild recovery was not enough to counteract the drop in the underlying NYMEX December RBOB futures contract. Much […]

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Texas gas, oil job losses could be worse than initially feared

Job losses among oil and gas workers in Texas, resulting from sustained low oil and gas prices, could be even more severe than initial grim estimates indicate, an economist who tracks the energy industry in the Lone Star State said this week. Karr Ingham, who prepares the Texas Petro Index for the Texas Alliance of Energy producers, said in a statement that the Texas Workforce Commission reported that through September the upstream oil and gas industry has lost about 30,000 jobs since employment in the sector peaked last December at 305,000 jobs. But, Ingham cautioned that actual job losses in the sector could far exceed the estimate he develops each month for the TPI, if a different TWC data set proves to be accurate. "We use two data sets from the TWC’s Current Employment Statistics series in calculating the TPI, because it is monthly and timely and reflects the […]

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IHS Automotive sees Google leading technology, testing, software development for autonomous driving

« Ford first to test autonomous vehicle at U Michigan Mcity | Main | 2016 Hyundai Sonata Plug-In Hybrid coming to market with EPA-estimated 27-mile electric range; starts at $34,600 » The key to self-driving cars is software that can interpret all of a vehicles’ sensors and learn to mimic the driving skills and experiences of the very best drivers. Google is the current technology leader in this arena, according to a report from industry analysts IHS Automotive: “Google Self-Driving Car Strategy and Implications”. IHS estimates suggest Google has invested nearly $60 million so far in autonomous vehicle research and development, at a run rate of nearly $30 million per year. Unlike traditional vehicle manufacturers, Google also has the ability to leverage adjacent technologies and learnings from its other projects and investments—including robotics, drones and related technologies that help automotive operations, such as neural networks, artificial intelligence (AI), machine […]

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Ford first to test autonomous vehicle at U Michigan Mcity

« Sendyne patents novel active battery cell balancing method | Main | IHS Automotive sees Google leading technology, testing, software development for autonomous driving » Ford is the first automaker to test autonomous vehicles at Mcity—the full-scale simulated real-world urban environment at the University of Michigan. ( Earlier post .) The 32-acre facility is part of the university’s Mobility Transformation Center. Ford has been testing autonomous vehicles for more than 10 years and is now expanding testing on the diversity of roads and realistic neighborhoods of Mcity near the North Campus Research Complex to accelerate research of advanced sensing technologies. The Ford Fusion Hybrid Autonomous Research Vehicle merges today’s driver-assist technologies, such as front-facing cameras, radar and ultrasonic sensors, and adds four Velodyne LiDAR sensors to generate a real-time 3D map of the vehicle’s surrounding environment. Mcity opened in July. The full-scale urban environment provides real-world road scenarios—such as […]

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New EPA Rules Could Raise Energy Prices

Critics of the Environmental Protection Agency ’s Clean Power Plan say the new regulation will cost up to $292 billion and potentially raise electricity prices in 47 states. “States should be braced to pay higher costs,” said Laura Sheehan , senior vice president for communications for the American Coalition for Clean Coal Electricity . “Consumers only lose in the Clean Power Plan.” The numbers came from NERA Economic Consulting , a firm based in Boston that said it used state-of-the-art economic modeling to get its results. In an email to Watchdog.org, EPA officials disagreed with the NERA study, which was funded by the American Coalition for Clean Coal Electricity, which is dead-set against the Clean Power Plan. “EPA has not reviewed this report,” the agency email said. “EPA’s extensive analysis shows that the CPP is effective, achievable and affordable.” The EPA has estimated that the CPP will cost $8.4 […]

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Russia’s central bank frets over oil price and sanctions pressure

Low oil prices and restrictions to foreign capital means basic structures of Russian economy are fragile, the head of the Russian Central Bank said. Photo by DyMax/Shutterstock MOSCOW, Nov. 13 (UPI) — Lower crude oil prices and restricted access to foreign capital markets means dwindling funds for Russia, the country’s central bank chief said. Elvira Nabiullina, the head of the Russian Central Bank, said Friday the general bank portfolio quality in Russia was diminishing under the strains on the economy. Lending is moving in some sectors, though the share of overdue loans on the books is increasing across the board. The bank in September said it was keeping its key interest rate at 11 percent because of the risks of high inflation and "persistent" cooling in the Russian economy. Lower crude oil prices hurt exporting economies like Russia’s and, last week, Nabiullina said there may be a prolonged downturn […]

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It’s Too Early to Assume Peak Oil Demand

“I believe we may not see $100 (oil) ever again,” said Vitol’s Ian Taylor last week in London. His rationale for making such a prediction is the belief that global oil demand will peak in the medium term. “I have begun feeling that… we are coming to peak demand towards 2030,” said Taylor, the CEO of the world’s largest oil trader, as quoted by Reuters. Peak demand is the point at which the world’s oil demand stops growing for good—current global oil demand is 93 million barrels per day, with most estimates expecting that figure to grow to over 100 million barrels per day within the next five to ten years. His comments come at a very curious time, given the current oil market situation, with prices in the $40-$50 range, U.S. consumption back on the rise, emerging markets seeing rapid economic development, and petroleum still making up more […]

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Will the Paris climate talks deliver the world we need? Not likely.

Even as governments set climate targets, they’re working hard to expand the extractive global economy with measures that could deepen the climate crisis. We need to leave more than 80 percent of known oil, coal, and gas reserves in the ground to avoid triggering catastrophic climate change. That means shifting away from an economy driven by digging, pumping, and burning fossil fuels to one that puts people and the planet first. On this the science is simple, but the politics are fraught. The upcoming UN summit in Paris, where governments from almost every country on Earth will meet to hammer out a new global climate deal, would seem the logical place to set that change in motion. These forums are the only place where nations sit together as equals, at least ostensibly, to address what’s truly a global problem. So can these talks deliver an agreement that moves us […]

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Oil Prices Rebound on Bargain Hunting

An oil pump in California. Growing U.S. stockpiles have triggered concerns of a supply glut. LONDON—Oil prices rebounded on Friday as investors were bargain hunting after oil’s steep losses this week, but a bearish outlook for next year by a top energy watchdog kept prices under pressure. The International Energy Agency said Friday that global oil demand growth will slow to 1.2 million barrels a day in 2016 , after surging to 1.8 million barrels a day this year, a five-year high. “The impact of oil’s steep price plunge on end users is unlikely to be repeated and economic conditions are forecast to remain problematic in countries such as China,” the Paris-based agency said in its monthly report. Brent crude, the global oil benchmark, rose 1.3% to $45.80 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures were trading up 0.5% […]

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Surge in options shows bet on further oil price falls into 2016

Oil traders have shifted to hold a more bearish outlook on crude prices this year and into 2016, with data showing the number of sell options taken out at $40, $35, $30 and even $25 a barrel has jumped in the past four weeks. Benchmark U.S. crude futures were trading at $41.50 per barrel on Friday, not far off 2015 lows and more than 15 percent below levels reached after a rally starting in August had stirred market expectations that a price rout starting in June 2014 may be ending. [O/R] Now, Reuters data shows that open interest in put options in U.S. crude futures – which shows the number of unsettled deals betting on lower prices – has soared over the past four weeks. "The trend is your friend, and the trend is down. It looks very bearish," said Oystein Berentsen, managing director of crude oil at Singapore-based […]

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Oil rises after drop, still on course for big weekly loss

A pump jack is seen at sunrise near Bakersfield, California October 14, 2014. Brent crude edged up from a sharp drop on Friday, but was on track for the biggest weekly loss in more than two months as swelling stocks weighed on the market. The International Energy Agency said there was a record 3 billion barrels in tanks worldwide. "The underlying sentiment is bearish," said PVM analyst Tamas Varga. "I don’t see anything that could support prices rising in the long term." Brent crude was trading 70 cents higher at $44.76 per barrel at 0528 ET. It was on track for a more than 5 percent weekly loss. U.S. crude was 15 cents higher at $41.90 a barrel. The benchmark closed down on Thursday almost 3 percent on a 4.2 million-barrel rise in U.S. crude inventories. The IEA, in its Monthly Oil Market Report, said that ballooning global stockpiles […]

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Oil Prices Slide as Crude Inventory Rises More Than Expected

NEW YORK—Oil prices fell Thursday to their lowest levels since August as U.S. inventory data showed a seventh straight increase in U.S. supplies. U.S. crude inventories rose by 4.2 million barrels last week, the U.S. Energy Information Administration said Thursday. Analysts surveyed by The Wall Street Journal had expected an increase of 1.1 million barrels. Total supplies of crude oil and refined products rose 2.6 million barrels to 1.3 billion barrels, near all-time highs. Light, sweet crude for December delivery settled down $1.18, or 2.7%, to $41.75 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell $1.75, or 3.8%, to $44.06 a barrel on ICE Futures Europe. Both benchmarks settled at the lowest level since Aug. 26. Crude supplies typically fall at this time of year as refiners complete seasonal maintenance and start processing more crude oil into refined products. Refineries did process more crude […]

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Oil gains on gasoline demand, technical buying

Pipes are pictured at the refinery of Austrian oil and gas group OMV in Schwechat, Austria, October 21, 2015. Oil prices rose slightly on Thursday to around $46 per barrel, supported by demand for gasoline and on technical buying after a sharp fall the previous day. Brent crude futures LCOc1 were at $45.90 by 0429 ET, up 9 cents following a 3.4 percent fall on Wednesday. Gasoline margins in Europe have tripled since mid-October as low prices boosted consumption. Demand is also strong in the United States, where gasoline importers on the East Coast are losing a trans-Atlantic tug-of-war over European supplies, outbid by Nigerian buyers anxious to avoid a holiday shortage. "There is strength across the gasoline complex, which is supportive, and there is technical support as we reached the bottom of a two-month range yesterday," said Olivier Jakob, oil analyst at Petromatrix in Zug, Switzerland. U.S. crude […]

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IEA Sees No Oil Price Rebound For Years

Oil prices are likely to stay below $80 per barrel for another five years, according to a closely watched energy report. The International Energy Agency released its 2015 World Energy Outlook (WEO), with predictions for energy markets out to 2040. Although there are no shortage of caveats, the IEA projects that oil prices will only rebound slowly and intermittently, and the supply overhang will slowly ease through the rest of the decade. In its “central” scenario, it sees oil prices rebalancing in 2020 at $80 per barrel, with increases in the years following. At issue, as always, is supply and demand dynamics. The IEA estimates that the oil industry will slash upstream investment by 20 percent in 2015, which will cut into long-term supply figures. Non-OPEC supply will peak before 2020 as a result of much lower investment, topping off at 55 million barrels per day. U.S. shale will […]

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IEA Says Record 3 Billion-Barrel Oil Stocks May Weaken Prices

Oil stockpiles have swollen to a record of almost 3 billion barrels because of strong production in OPEC and elsewhere, potentially deepening the rout in prices, according to the International Energy Agency. This “massive cushion has inflated” on record supplies from Iraq, Russia and Saudi Arabia, even as world fuel demand grows at the fastest pace in five years, the agency said. Still, the IEA predicts that supplies outside the Organization of Petroleum Exporting Countries will decline next year by the most since 1992 as low crude prices take their toll on the U.S. shale oil industry. “Brimming crude oil stocks” offer “an unprecedented buffer against geopolitical shocks or unexpected supply disruptions,” the Paris-based agency said in its monthly market report. With supplies of winter fuels also plentiful, “oil-market bears may choose not to hibernate.” Oil prices have lost about 40 percent in the past year as the OPEC […]

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Oil Market Report

mb/d World Oil Demand *Please note that these Highlights are from the latest Oil Market Report, which is released in full to subscribers only – according to this schedule each month . Non subscribers get free access to the latest Highlights on this schedule, however the full Oil Market Report is released to the public two weeks after the report is released to subscribers. If you would like to receive the full report with accompanying charts and graphs on the day of publication please subscribe or contact the subscription manager . Crude oil benchmarks were locked in a narrow range during October as continuing oversupply in world markets and a strong US dollar limited the impact of strikes in Brazil and geopolitical tensions. At the time of writing, ICE Brent was trading at $44.43/bbl and NYMEX WTI at $41.75/bbl. Global demand growth is forecast to slow to 1.2 mb/d […]

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Global Oil Demand Growth to Slow in 2016, IEA Says

Workers connect drill bits and drill collars in the Permian basin outside of Midland, Texas…. Global oil demand will ease next year on the weaker outlook for the world economy and oversupply in the market, the International Energy Agency said on Friday. The IEA said global demand growth is forecast to slow to 1.2 million barrels a day in 2016 after surging to 1.8 million barrels a day this year. Economic conditions are expected to remain problematic in countries such as China, and factors that have recently fuelled consumption are expected to fade, it said. Commercial stocks from countries in the Organization for Economic Cooperation and Development stood at a record near 3 billion barrels by the end of September, even as the global oil market adjusts to oil trading at $50 a barrel oil. “The net result is brimming crude oil stocks that offer an unprecedented buffer against […]

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OPEC Says Oil-Inventory Glut Is Biggest in at Least a Decade

Surplus oil inventories are at the highest level in at least a decade because of increased global production, according to the Organization of Petroleum Exporting Countries. Stockpiles in developed economies are 210 million barrels higher than their five-year average, exceeding the glut that accumulated in early 2009 after the financial crisis, the organization said in a report. Slowing non-OPEC supply and rising demand for winter fuels could “help alleviate the current overhang,” enabling a recovery in prices, it said. The group’s own production slipped last month because of lower output in Iraq. “The build in global inventories is mainly the result of the increase in total supply outpacing growth in world oil demand,” OPEC’s Vienna-based research department said in its monthly market report. Oil prices have lost about 40 percent in the past year as several OPEC members pump near record levels to defend their market share against rivals […]

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OPEC sees oil surplus shrinking in 2016, but underlines current glut

The logo of the Organization of the Petroleum Exporting Countries (OPEC) is pictured at its headquarters in Vienna, Austria, August 21, 2015. OPEC said its oil output fell in October and forecast supply from rival producers next year would decline for the first time since 2007 as low prices prompt investment cuts, reducing a global supply glut. In a monthly report, the Organization of the Petroleum Exporting Countries said it pumped 31.38 million barrels per day (bpd) last month, down 256,000 bpd from September. That is the first decline since March, according to OPEC figures. The forecast of a decline in supply outside OPEC, if realized, would be a further indication the group’s strategy is working. OPEC last year abandoned a longstanding policy of propping up prices and instead raised output, seeking to recover market share taken by higher-cost rival production. Oil is trading at around $45 a barrel, […]

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OPEC Oil Output Falls on Iraqi Export Woes

OPEC’s output dropped sharply in October. A sharp drop in Iraqi oil production has driven OPEC’s overall output down, as the seemingly relentless ascent of the country’s energy industry started feeling the strain from security problems and insufficient investments. Iraq’s production fell by 195,400 barrels a day in October to just over 4 million barrels a day. The overall output is still near record highs for Iraq, but the steep monthly drop offered fresh evidence that the country’s surprising ramp up over the past year—when oil prices plunged—may not be sustainable. “In a low-price environment, we are approaching peak capacity from Iraq,” Olivier Jakob, head of Swiss oil consultancy Petromatrix, said in a note Thursday. Iraq’s decline was the largest in an overall output fall reported Thursday by the Organization of the Petroleum Exporting Countries in its closely watched monthly market report. The group produced 31.382 million barrels a […]

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OPEC Crude Production Down in October

OPEC has published their OPEC Monthly Oil Market Report with crude only production numbers for October 2015. The charts are “Crude Only” production and are in thousand barrels per day. OPEC 12 was down 256,000 bpd in October. Secondary Sources OPEC uses secondary sources such as Platts and other agencies to report their production numbers. I find these numbers far more useful than those reported by direct communication with the OPEC countries. Those numbers are political and usually highly inaccurate. Algeria peaked in November 2007 – 2008 and has been in a steady decline since that point. Angola has been holding steady since peaking in 2008 and 2010. Ecuador appears to have peaked this year. It is likely production will be down, but only slightly, next year. Iran appears to be poised to increase production when sanctions are lifted. But don’t expect too much very soon. After years of […]

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Iraq Central Bank Sees Foreign Reserves at $60b at Year’s End

OPEC’s second-biggest producer was hurt by the slump in oil revenue as well the war with Islamic State militants Iraq’s foreign currency reserves will total about $60 billion by the end of 2015, higher than the International Monetary Fund predicts and at a level sufficient to maintain the dinar’s buying power, central bank Governor Ali Mohsen Ismail said. Reserves are still sufficient to cover six months worth of imports, despite the decrease in government revenue due to the drop in oil prices, Ismail said in a statement on the central bank’s website Tuesday. Gross foreign assets with the central bank stood at $58 billion at the end of September, according to official data. The IMF sees reserves reaching $50 billion by year-end, Ismail said, without explaining why his projection is more optimistic. OPEC’s second-biggest producer was hurt by the slump in oil revenue as well the war with Islamic […]

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Exxon Mobil to drill offshore post-Ebola Liberia in 2017

A Exxon Mobil gas station is seen in Encinitas, California October 28, 2014. Exxon Mobil Corp said it plans to start drilling in Liberia in 2017, in what President Ellen Johnson Sirleaf said was a sign of economic recovery after the Ebola epidemic. The West African country produces no oil but has awarded a number of exploration blocs offshore, following the examples of Gulf of Guinea neighbors Ghana and Nigeria. Exxon Mobil intends to start drilling late 2017, Steven Buck, its country manager for Liberia and Ivory Coast, said. The U.S. oil major signed for bloc 13 in 2003 but put the project on hold due to the Ebola epidemic. The worst known outbreak of the hemorrhagic fever killed 4,800 people in the country and deterred investors. Liberia was declared Ebola-free in September but Johnson Sirleaf has said it will take two years to regain its economic footing. "I […]

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Iran Return to Intensify Europe Oil-Price Competition, IEA Says

Oil price competition in Europe is set to intensify when Iranian crude returns to the market after sanctions on its nuclear program are lifted, the International Energy Agency said. Europe will be the battleground between producers of sour crude grades, including Russia, Iraq, Saudi Arabia and Iran, as the Asian market becomes more “crowded,” the Paris-based IEA said in its monthly report. Iraq, the second largest oil producer in the Organization of Petroleum Exporting Countries, has increased its market share in Europe after the imposition of sanctions on Tehran resulted in the collapse of Iranian exports, the IEA said. Iraq sold 1 million barrels a day to Europe in July and August, overtaking Saudi Arabia, according to the IEA. Europe imports over 9 million barrels a day of crude from outside the region, with sour grades accounting for two-thirds of that, according to the IEA. “By targeting Iran’s former […]

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U.S. Steps Up Its Attacks on ISIS-Controlled Oil Fields in Syria

Photo A United States Air Force F-15E Strike Eagle on Thursday in Lakenheath, England, before operations over Iraq and Syria. Credit Senior Airman Erin Trower/USAF ERBIL, Iraq — The United States and its allies have sharply increased their airstrikes against the sprawling oil fields that the Islamic State controls in eastern Syria in an effort to disrupt one of the terrorist group’s main sources of revenue, American officials said this week. For months, the United States has been frustrated by the Islamic State’s ability to keep producing and exporting oil — what Defense Secretary Ashton B. Carter recently called “a critical pillar of the financial infrastructure” of the group — which generates about $40 million a month, or nearly $500 million a year, according to Treasury Department estimates. While the American-led air campaign has conducted periodic airstrikes against oil refineries and other production facilities in eastern Syria that the […]

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ISIS Claims Responsibility for Blasts That Killed Dozens in Beirut

BEIRUT, Lebanon — A fiery double suicide bombing terrorized a mostly Shiite residential area of southern Beirut on Thursday, ripping through a busy shopping district at rush hour. The Lebanese Health Ministry said at least 43 people had been killed and more than 200 wounded in the worst attack to strike the city in years. The Islamic State extremist group, which controls parts of neighboring Syria , claimed responsibility for the attack. The group portrayed its motives as baldly sectarian, saying it had targeted Shiite Muslims, whom it views as apostates. It mentioned almost as an afterthought that it had targeted Hezbollah , the Shiite militant organization that backs the Syrian government in the civil war raging next door. Hezbollah maintains tight security control in the district that was hit, and the bombing seemed aimed at hurting the group by attacking civilians in an area where it has many […]

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Multiple dead in Kurd-Hashid fight in Tuz

Smoke rises during a firefight between al-Hashid al-Shabi forces and Peshmerga fighters in Tuz Khurmatu on Nov. 12, 2015. (ALI MUKARREM GARIP/Anadolu Agency/Getty Images) Deadly fighting broke out Thursday in the flashpoint town of Tuz Khurmatu between Kurdish security forces and al-Hashid al-Shabi militiamen, threatening to shatter a fragile alliance among fractious groups nominally united against the Islamic State (IS) organization.In sustained battles, both sides have used small arms, and Hashid militiamen say they used rocket propelled grenades (RPGs) to attack Kurdish security forces guarding a hospital. Multiple people have been killed on all sides – Ku… 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 .

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Dozens of IS militants killed in airstrikes near Ramadi

Iraqi security forces celebrate during fighting with Islamic State militants in Tikrit in northern Iraq, on April 1, a day after the Iraqi Prime Minister Haider al-Abadi declared victory in the weeks-long battle to retake the strategic city from the IS. Wednesday, more than two dozen Islamic State militants were killed in a coalition airstrike in an area west of Ramadi as Iraqi forces prepare to take back the city. File photo by Alaa mohamed/UPI RAMADI, Iraq, Nov. 12 (UPI) — More than two dozen Islamic State militants were killed in a coalition airstrike in an area west of Ramadi as Iraqi forces prepare to take back the city. Maj. Gen. Ali Ibrahim Daboun told IraqNews.com 25 members of the IS — also known as ISIS, ISIL and Daesh — died in the air attack about 100 miles west of Ramadi, the capital of western Iraq’s Anbar province. The […]

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Saudi Arabia’s manifesto for change in the face of rumours of coup plots

In rare public statement, advisers to all-powerful Prince Mohammed bin Salman tell Telegraph of plans for opening up country’s economy and society Saudi Arabia has issued a manifesto for change in the face of rumours of coup plots and international pressure, ranging from economic reform to the role of women and allowing human rights groups into the country. At a time when the country’s internal politics are under more scrutiny than at any time for decades, close advisers to the new King Salman and his powerful son have taken the unprecedented step of outlining a detailed programme of its future government to The Telegraph. It amounts to a Thatcherite programme of budget cuts, increasing the role of the private sector, and reforms to the way the kingdom is governed. It obliquely acknowledges that radical changes in the royal family since the king acceded to the throne in January, including […]

Posted On : Published By : Tom Whipple
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Nigerian crude oil values plummeting on limited buying interest

The Nigerian crude oil market remains under pressure — many grades have lost around $1/b in value since the start of October — as an abundance of sweet crude and high freight rates have failed to excite interest from refinery buyers. With traders also saying Nigerian grades account for the bulk of the estimated 65 million barrels or so still unsold from November and December West African crude programs, flagship Qua Iboe hit a 10-month low Wednesday with smaller grade Escravos at a 6-1/2 year trough, Platts data showed. "There is a big overhang, with such cheap Urals and Azeri [Light in Europe] for instance, European refineries can take closer grades and that is clearly affecting WAF grades," one European refinery trader said. Qua Iboe was assessed Wednesday at Dated Brent plus $0.20/b, the lowest since January 13 and down from Dated Brent plus $1.25/b at the start of […]

Posted On : Published By : Tom Whipple
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Drug Charges for Nephews of Venezuela’s First Lady Could Add to Public Distrust

Photo President Nicolás Maduro of Venezuela with his wife, Cilia Flores, center, at the United Nations offices in Geneva on Thursday. Credit Fabrice Coffrini/Agence France-Presse — Getty Images In the eyes of many Venezuelans, Cilia Flores, the wife of President Nicolás Maduro, represents a special kind of family values. When she held the powerful post of head of the National Assembly under former president Hugo Chávez, she was accused of placing as many as 40 relatives in jobs in the legislature, a nepotism scandal that had even some red-blooded adherents of Mr. Chávez’s socialist-inspired revolution denouncing her. Now, with Ms. Flores wielding more influence than ever as first lady, she and her husband are finding that another set of relatives is causing them headaches. Two of Ms. Flores’ nephews were arrested this week in Haiti and flown to the United States to face federal narcotics charges. The two men […]

Posted On : Published By : Tom Whipple
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Emerging-Market Rout Worsens as China Lending Signals Slowdown

Emerging-market stocks headed for the biggest weekly drop since September and currencies slid as the worsening commodities rout and slowing credit growth in China undermined the outlook for global economic expansion and trade. Equity gauges in China and Hong Kong led losses as the MSCI Emerging Markets Index pierced through the 50-day moving average for the first time since May. Energy companies paced declines among industry groups as Brent crude traded below $45 a barrel amid a bigger-than-expected U.S. glut. Russia’s ruble headed for its worst weekly drop in more than two months, while the currency of net-oil-importer Turkey advanced the most among peers. China stock-index futures slid after the country doubled margin requirements for stocks trading. Oil, China Credit Weigh on Markets Concerns are mounting that China’s faltering economy will deepen a rout in commodities as investors brace for the first U.S. interest-rate increase since 2006. China’s broadest […]

Posted On : Published By : Tom Whipple
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U.S. crude stocks up for 7th week; imports, distillates rise

U.S. crude stocks rose last week as imports jumped, while swollen gasoline stocks decreased and distillates unexpectedly rose as refiners hiked output, data from the Energy Information Administration showed on Thursday. Crude inventories rose by 4.2 million barrels to 487 million in the last week, compared with analysts’ expectations for an increase of 1.0 million barrels. Stockpiles have now risen for seven consecutive weeks, nearing a record high above 490 million barrels touched in April. "It’s another data point highlighting the oil glut in the U.S. or the global markets for that matter," said Chris Jarvis, analyst at Caprock Risk Management in Frederick, Maryland. "With inventories approaching record levels, coupled with weak equity markets and a stronger dollar, we would not be surprised to see a retest of the $38 level set in August." The EIA data came on the heels of an OPEC report that suggested the producer […]

Posted On : Published By : Tom Whipple
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NY Gov. Andrew Cuomo rejects proposed gas terminal off coast

LONG BEACH, N.Y. (AP) — Gov. Andrew Cuomo has rejected a proposal to build a liquefied natural gas terminal in the waters off New York and New Jersey, effectively killing the project amid an outcry from residents of some coastal communities that it could endanger the environment and be a target for terrorists. The deep-water docking station known as Port Ambrose was to be built 19 miles off Jones Beach on Long Island and 29 miles off Long Brach, New Jersey. Liberty Natural Gas LLC, the company vying to develop Port Ambrose, said the port would allow it to inject natural gas into the New York-area pipeline, which could lower home heating bills there, among the most expensive in the nation. The company had been trying for years to obtain approval from the federal Maritime Administration to operate the facility. But federal regulations require the governors of the neighboring […]

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Hillary Clinton Unveils Plan to Aid Coal Communities Hit By Shift to Cleaner Energy

Democratic presidential front-runner Hillary Clinton on Thursday released a $30 billion plan aimed at revitalizing communities dependent on coal production, seeking to mitigate the economic impact of the nation’s shift from an electricity source that is both plentiful and polluting. Coal emits more pollution than any other energy type and its use has been on the decline as the nation works to adopt cleaner sources of energy. Mrs. Clinton’s plan includes federal money to spur new types of economic development in coal dependent communities, such as those throughout Appalachia, by building up infrastructure, expanding broadband access and giving tax breaks for new investment in communities hit by a decline in coal production. “Building a 21st century clean energy economy in the United States will create new jobs and industries, deliver important health benefits, and reduce carbon pollution,” the campaign said in a fact sheet. “But we can’t ignore the […]

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Encana Posts Another Steep Quarterly Loss

Calgary, Alberta-based Encana said it had a net loss of $1.2 billion, or $1.47 a share, in the third quarter ended Sept. 30, well off the $2.8 billion it earned a year earlier. Results in the latest quarter included a $1.07 billion impairment charge, which followed similar charges in the first two quarters of the year. Excluding the latest charge, Encana posted an operating loss of $24 million, or 3 cents a share, which was a penny better than the 4-cent loss analysts polled by Thomson Reuters expected. “Decisive action across the organization is continuously strengthening our business,” Chief Executive Doug Suttles said in a statement. He said the company is benefiting from a more-focused portfolio and disciplined capital program, plus cost reductions. Encana has been shedding assets to shore up its balance sheet , streamlining its portfolio to focus on its four key oil-and-gas plays in the Eagle […]

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As total U.S. crude oil imports fall, Canada’s import supply share rises

Although overall U.S. crude oil imports have been declining since 2005, crude oil imports from Canada have been increasing. As of August, Canada provided 45% of all crude oil imports to the United States, almost three times as much as all Persian Gulf countries combined. The United States has been the primary destination for Canada’s crude oil exports since the early 2000s. Based on data through the first half of this year from Canada’s National Energy Board, 99% of Canada’s crude oil exports were sent to the United States. More than half of these volumes went to petroleum refineries in the Midwest (Petroleum Administration for Defense District, PADD 2). Import data from the U.S. Department of Commerce specify the nearest port of entry but not the mode of transit used to import this crude oil. Based on entry port data and pipeline locations, it is reasonable to expect that […]

Posted On : Published By : Tom Whipple
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Get ready for car-as-a-service (CaaS)

Self-driving cars are expected to take over the roadways in the next two decades, but the vast majority of the fleet will likely be dedicated to services and not owned by individuals, according to a new report by IHS Automotive. Within five years, Google and carmakers are expected to have driverless vehicles on the world’s roadways. By 2035, 12 million self-driving and driverless cars will be sold globally, IHS Automotive estimates. However, given that 85% of the world’s population doesn’t have a driver’s license and teenagers in developed countries are waiting longer to get a license — and driving less when they do — the majority of autonomous vehicles will likely be used by a services industry. Car-as-a-service (CaaS) opportunities are becoming a new driving force for urban transportation, according to IHS Automotive. Essentially an extension of ride-sharing using driverless vehicles, CaaS will enable people to summon a car […]

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Discovery of New Plasma Confinement State Holds the key to Generate Fusion Energy

A research on high-temperature and high-density plasma confinement by magnetic fields could help achieve fusion energy. Scientists have discovered a new confinement state of plasma which can lead to generate fusion energy. To create magnetic fusion energy, researches on high-temperature and high density plasma confinement using magnetic fields have been carried out all around the world. When plasma is heated to an extreme level hotter than Sun’s core, it releases excess energy which can be converted into electricity. Led by Dr. Xianzu Gong of ASIPP and Dr. Andrea Garofalo of General Atomics (GA) in San Diego, a team of U.S. and Chinese researchers tested a ‘high-bootstrap current’ scenario to find the ideal tokamak configuration for producing fusion energy. Tokamak is the most developed device so far which uses strong magnetic field to keep plasma away from the walls and the device is in the shape of a torus. The […]

Posted On : Published By : Tom Whipple