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Month: July 2018

Category:
  • Prices

Oil prices drop on oversupply concerns as OPEC output increases in July

Oil prices fell on Tuesday, with Brent futures set for their biggest monthly loss in two years, as oversupply concerns rose after a Reuters survey showed OPEC output rose in Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Prices

Supply-side disruptions push oil prices higher

Iranian pressure and supply-side concerns surfaced before the opening bell on Monday to push the price of crude oil higher, after some profit taking last week. The price of oil Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Prices

Oil rises on tight supply outlook

Oil prices rose on Monday, with U.S. crude futures jumping more than 2 percent, as traders continued to focus on supply disruptions and a possible hit to crude output from Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Oil Supply

Oil analysts predict peak consumption in 2036

Natural gas flaring from oil well [licensed under Creative Commons from Flickr user Sirdle] Most people buy electric cars to reduce oil consumption, but oil companies keep selling more oil Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • OPEC

OPEC July oil output hits 2018 peak, but outages weigh: Reuters survey

OPEC oil output has risen this month to a 2018 high as Gulf members pumped more after a deal to ease supply curbs and Congo Republic joined the group, a Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Climate

How Record Heat Wreaked Havoc on Four Continents

Expect more. That’s the verdict of climate scientists to the record-high temperatures this spring and summer in vastly different climate zones. The continental United States had its hottest month of Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Iraq

Kurdish oil production passes target rate

Production from an oil field in the Kurdish north of Iraq moved beyond its original target rate with the tapping of another well, Norway’s DNO said Monday. The company said Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Iraq

Iraq Security Forces Disperse Oil Field Sit-Ins

Iraq’s security troops have dispersed two sit-ins in southern Iraq, one at a key oil field, local media report . The field is West Qurna-1, one of the biggest in Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Iraq

Norwegian Firm Exceeds Targeted Kurdistan Oil Production

Norwegian oil and gas operator DNO ASA said on Monday that it had put a fourth well into production at the Peshkabir oil field in Iraq’s northern region of Kurdistan, Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudis Won’t Suspend Oil Exports To The West

Aramco is unlikely to suspend West-bound crude oil exports after the Houthi missile attacks against two Saudi tankers in the Bab el Mandeb strait, The National reports citing oil analysts. Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Saudi Arabia

Aramco’s Next Plan To Raise Billions Of Dollars

The Aramco IPO may now be history, put on indefinite hold several weeks ago, but Saudi Arabia’s funding needs have never been greater. As a result, 32-year-old Crown Prince Mohammed Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Saudi Arabia

Unladen Saudi VLCC crosses Bab el-Mandeb despite temporary halt

 An unladen Saudi-owned VLCC crossed the key Bab el-Mandeb strait over the weekend, a few days after the kingdom temporarily halted all its oil shipments through the southern tip of Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Saudi Arabia

Saudi VLCCs gather off Oman after Bab el-Mandeb ban

London — Saudi-owned VLCCs have started to gather off the southern coast of Oman after state-owned Saudi Aramco temporarily halted oil shipments through the Bab el-Mandeb strait at the bottom Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Iran

‘Enemies’ destroying Iran’s economy, central bank chief says

The head of the Iranian central bank said it was monitoring the swift devaluation of its currency, the rial, as U.S. economic pressure on the country mounts. “Enemies are out Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Iran

Iran’s Rial at Historic Low as U.S. Sanctions Loom

Iran’s local currency hit another record low against the U.S. dollar Monday, extending a historic slide on concerns about new American sanctions due to be imposed next week. Scrambling to Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Iran

Trump offers to meet Iran leaders without preconditions

President Donald Trump said on Monday he was willing to meet the leaders of Iran without any preconditions, opening the door to possible negotiations with the Tehran regime just months Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • India
  • Iran

India Cuts June Oil Purchases From Iran On U.S. Sanctions

As U.S. sanctions on Iran are about to kick in later this year, Indian oil refiners reduced their orders for Iranian crude oil in June by 12 percent compared to Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria’s Refining Demand May Stretch Oil Production

The Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, has suggested that upcoming petroleum refining plants in Nigeria could place a lot of demand on the country’s oil production Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Nigeria

Nigeria: NNPC Records N240bn Loss in 13-Month Petrol Supplies

Between March 2017 and March 2018, a period of 13 months, the Nigerian National Petroleum Corporation (NNPC) incurred a loss of N240,304,755,518 as under-recovered expenditure in importing petrol at the Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Climate
  • East Asia

LNG Prices Soar As Heatwave Hits Eastern Asia

Japan, known for its aversion to using oil for power generation, has had little choice but to ramp up its usage of the dirtier burning hydrocarbon amid a deadly heatwave Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Venezuela

U.S. Investigators: Maduro Took Part In PDVSA Money-Laundering Scheme

A U.S. probe into the laundering of US$1 billion from Venezuela’s state-owned oil company PDVSA has spread to the country’s president, Nicolas Maduro, the Miami Herald reports , citing unnamed Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Mexico

Feature: Mexico pivots to Asia for gasoline during US summer driving season

Mexican imports of gasoline from China in June spiked to a new monthly high in June, while imports from the US, Mexico’s most important gasoline supplier, declined in the same Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Mexico
  • p-

Mexican president-elect outlines oil sector rescue plans

Mexico’s incoming president has begun fleshing out his rescue plan for the country’s long-neglected oil sector. Andrés Manuel López Obrador’s proposals include a $4bn capital injection for state oil company Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Japan
  • LNG

$40 Billion LNG Project Finally Starts Up

Japan’s largest exploration and production company, Inpex, said on Monday that it had started producing gas at the Ichthys liquefied natural gas (LNG) project, which has cost US$40 billion and Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • China

China to scrap vehicle and vessel taxes on new energy vehicles: finance ministry

China’s finance ministry said on Tuesday it will scrap vehicle and vessel taxes on new energy vehicles and ships powered by natural gas, as part of its efforts to encourage Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • China

Chinese Economy Starts to Feel Tariff Impact

China’s business activities faltered in July in the first official data to reflect the impact of U.S. tariffs, adding to signs that trade tensions have started to pinch economic growth. Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • South Korea

South Korea plans tax cuts to boost LNG-fired power generation

Seoul — South Korea is planning to cut taxes on LNG by 74% and raise taxes on coal for power generation by 27% next year in an effort to cut Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • USA

The Strategic Petroleum Reserve appears ready to evolve

The federal government created the Strategic Petroleum Reserve in the mid-1970s after the Arab Oil Embargo created a shortage of crude in the U.S. The idea of having a strategic Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Prices

In 2016, U.S. energy expenditures per unit GDP were the lowest since at least 1970

Source: U.S. Energy Information Administration, Monthly Energy Review and State Energy Data System U.S. energy expenditures declined for the fifth consecutive year, reaching $1.0 trillion in 2016, a 9% decrease Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Europe
  • LNG
  • USA

The EU, U.S. LNG Deal Won’t Work

A visit from Jean-Claude Juncker, the President of the European Commission, to Washington last week resulted in an agreement between two of the biggest economic blocs in the world, which Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Shale Oil

Permian Decline Rate Innaccuracies Risky for Operators, Investors

A new report by Wood Mackenzie examines the risks facing operators and investors from inaccurately estimating well decline rates in the Permian. While parallels can be drawn between the current Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Shale Oil

Expanded West Texas Expansion Adds $200 Million to MMP’s Project Cost

The expanded western leg of MMP’s Texas refined products pipeline system will boast a 175,000-bpd rather than 150,000-bpd capacity. First it was 50 percent. Now it’s 75 percent. That’s how Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Pipelines
  • USA

U.S. sees little impact from Keystone XL pipeline’s planned route

The Keystone XL crude oil pipeline project cleared a hurdle on Monday as the Trump administration said in a draft environmental assessment that an alternative route through Nebraska would not Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Solar

Solar panel glut is muting effect of Trump tariffs: SunPower

A steep global decline in the price of solar modules in recent weeks is nearly offsetting the effect of the Trump administration’s 30 percent tariff on imported panels, the chief Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Shale Oil

The Oil And Gas Boom Sends U.S. GDP Soaring

Higher oil prices this year boosted U.S. oil production, and the U.S. oil industry played a large part in America’s impressive second quarter economic growth—the fastest growth since the third Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Shale Oil

Higher Oil Prices Turn Texas Main Road Into The ‘Death Highway’

Rising oil prices have led to an increase in trucking of frac sand, water, oilfield equipment, pipes, and fuel in West Texas. Together with the higher truck traffic on a Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Electric Cars

CAP report estimates US will need 14M new PEVs and >330k new public charging outlets by 2025 to meet Paris targets

A new report by the progressive policy institute Center for American Progress estimates that the US needs to add 14 million new PEVs and more than 330,000 new public charging Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Solar

Germany added over 2 GW solar over past year as rebound accelerates

London — Germany has added over 2 GW of new solar capacity over the past year as the rebound for the sector accelerates and annual additions are on track for Continue Reading

Posted On : 31 Jul 2018 Published By : Tom Whipple
Category:
  • Prices

Crude oil futures largely stable as markets await fresh cues

Crude oil futures were stable to marginally higher during mid-morning trade in Asia Monday, as the market awaits fresh fundamental drivers to provide price direction while supply side concerns continue Continue Reading

Posted On : 30 Jul 2018 Published By : Tom Whipple
Category:
  • Prices

Oil prices edge higher but trade row caps gains

Oil prices rose on Monday with U.S. benchmark WTI moving higher after four weeks of declines, but gains were limited as the fallout from trade tensions weighed on markets. Brent Continue Reading

Posted On : 30 Jul 2018 Published By : Tom Whipple
Category:
  • Oil Supply
  • Saudi Arabia

Saudi retreat on oil IPO highlights dearth of reliable information on world oil reserves

Since late 2016 the financial media has been abuzz about what would likely be the biggest initial public offering (IPO) ever: The sale of 5 percent of the world’s largest Continue Reading

Posted On : 30 Jul 2018 Published By : Tom Whipple
Category:
  • Saudi Arabia

Aramco’s Next Plan To Raise Billions Of Dollars

The Aramco IPO may now be history, put on indefinite hold several weeks ago, but Saudi Arabia’s funding needs have never been greater. As a result, 32-year-old Crown Prince Mohammed Continue Reading

Posted On : 30 Jul 2018 Published By : Tom Whipple
Category:
  • Saudi Arabia

Bypassing The World’s Key Oil Chokepoints

The suspension of oil shipments through the strait of Bab el-Mandeb this week by Saudi Arabia, coming shortly after a threat by Iran to shut the strait of Hormuz, raised Continue Reading

Posted On : 30 Jul 2018 Published By : Tom Whipple
Category:
  • Energy Storage
  • USA

The $3 Billion Plan to Turn Hoover Dam Into a Giant Battery

Hoover Dam was a public works project likened to the pyramids. Now, after channeling a river, what if it could tap the power of the sun and wind? Hoover Dam Continue Reading

Posted On : 30 Jul 2018 Published By : Tom Whipple
Category:
  • Shale Oil

Coke, Meth And Booze: The Flip Side Of The Permian Oil Boom

The fastest-growing oil region in the U.S. is fueling not only the second American shale revolution—it’s fueling a subculture of drug and alcohol abuse among oil field workers. The Permian Continue Reading

Posted On : 30 Jul 2018 Published By : Tom Whipple
Category:
  • Shale Oil

Profitability Is Finally Within Reach For U.S. Shale

“Higher prices and operational improvements are putting the US shale sector on track to achieve positive free cash flow in 2018 for the first time ever,” the International Energy Agency Continue Reading

Posted On : 30 Jul 2018 Published By : Tom Whipple
Category:
  • Shale Oil

How BP found shale profits with ‘crystal ball’ oilfield technology

In the pine forests of eastern Texas, oilfield workers equipped with virtual-reality goggles are helping BP’s ( BP.L ) shale business turn a profit for the first time.  Thousands of Continue Reading

Posted On : 30 Jul 2018 Published By : Tom Whipple
Category:
  • Climate
  • Europe

EU energy chief pushes for tougher emissions targets

The EU’s energy chief is pushing for member states to adopt a more aggressive carbon reduction target ahead of UN climate talks later this year. The EU already has some Continue Reading

Posted On : 30 Jul 2018 Published By : Tom Whipple
Category:
  • Europe
  • Renewables

Are Europe’s Renewable Goals Too Ambitious?

Wind energy in Europe is expanding, but it is not expanding evenly across the continent, a new report from Wind Europe has revealed. During the first half of the year, Continue Reading

Posted On : 30 Jul 2018 Published By : Tom Whipple
Category:
  • Ireland

Ireland Spurns Fossil Fuel Investments

Ireland has decided to bring down the curtain on the Age of Coal by ending its fossil fuel investments. DUBLIN, 25 July, 2018 – Other countries talk about it, Ireland Continue Reading

Posted On : 30 Jul 2018 Published By : Tom Whipple

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