The Fate Of Vision 2030 Rests On Saudi Aramco IPO

It has been two months since Prince Mohammed Bin Salman’s ascendance to the role of heir to the Saudi Arabian throne, and the preliminary effects of his aggressive economic diversification and anti-Iran platforms are beginning to show. The influence of Bin Salman (widely known as MBS) on foreign policy can most readily be seen in Iraq, where Iranian support for the war against the Islamic State has carved out a special niche for Tehran. While Riyadh had been preoccupied with battling Shiite Houthi rebels in Yemen, Ayatollah Ali Khamenei and…

Chevron CEO Reported To Announce Retirement In September

Oil giant Chevron will announce the retirement of its CEO John Watson in September, according to a new report from The Wall Street Journal on Tuesday. New Vice Chairman Michael Wirth, 56, will likely replace Watson after his seven-year tenure atop the American company. Wirth also carries the title of executive vice president of midstream and development. Chevron is the United States’ second-largest oil company, after Exxon Mobil, another fossil fuel giant that saw a CEO change this year. President Donald Trump named former Exxon head Rex…

China Oil Supplies Continue To Feed North Korean Military

Steady oil supplies from China to North Korea are propping up Pyongyang and allowing it to avert an energy meltdown, according to new reports emerging from the area. Beijing’s newest round of sanctions against Pyongyang apply only to oil and gas exports, not military supplies. Cheap North Korean workers still work in dimly-lit factories to continue progress in weapons factories and related projects. Still, the Chinese military has plans to defend North Korea from any ideas of regime change from the United States. “If China believes…

Despite Sanctions, Qatar Outpaces Saudi Arabia In Economic Growth

Despite the torrent of reports attesting to the non-impact of the Saudi Arabia-led diplomatic boycott of Doha, new estimates by Bloomberg’s economic survey predict that 2017 will be Qatar’s slowest year of GDP growth since 1995. A previous study in June forecasted 3.1 percent and 3.2 percent growth for this year and next, respectively. New figures reduce those numbers to 2.5 percent for 2017 and 3.2 percent for 2018. The deficit figures jump to 5.1 percent for the current period, compared to previous estimates at 4.6 percent. The current…

Norway Removes Greenpeace Ship From Statoil Arctic Drill Site

Norway’s coast guard has removed Greenpeace protestors from a safety zone near Statoil drilling operations in the Korpfjell field of the Barents Sea, according to a new report in the Maritime Executive. The protestors used kayaks to infiltrate a 500-meter exclusion zone around the Songa Enabler on Thursday in order to attach a large globe to the rig. On it was a statement from environmentalists calling on Norway to end its drilling in the Arctic. Statoil called the stunt “illegal and irresponsible” before summoning the authorities…

New Congo Govt Eyes 25% Oil Output Boost By Next Year

The prime minister and cabinet of Congo resigned on Thursday amid economic turmoil related to three years of low oil prices, according to reports emerging from the region, but the incoming government is poised to increase oil production by one-quarter in 2018. PM Clement Mouamba submitted his resignation days after President Denis Sassou Nguesso announced the beginning of a process to form a new government. The ruling Congolese Party of Labor (PCT) won last month’s elections. Afterwards, Nguesso said he would be hiring a new leadership team…

Even if US Sells LNG For Free, It Can’t Replace Russia in Europe: Moscow

In the latest round of saber-rattling between Russian natural gas suppliers and their American counterparts, Vladimir Chizhov, Moscow’s envoy to the European Union, has said the United States could not replace Russian natural gas supplies to Europe, even if suppliers gave it away for free. “[The] policy of imposing US LNG contradicts objective market laws,” the diplomat stressed, as reported by Russian news outlets. The problem relates to U.S. gas production capacity, according to the Russian official, who spoke on the topic during a…

Chinese Energy Conglomerate Begins Talk to Buy Rosneft Shares

A Chinese energy conglomerate is in early talks to buy a stake in Russian energy giant Rosneft, according to exclusive sources who spoke to Reuters. Senior executives at both firms have begun negotiations regarding a deal, the sources told the news agency. Already, CEFC China Energy chairman Ye Jianmin and Rosneft CEO Igor Sechin have held two meetings regarding future agreement. Reuters sources did not reveal information on the cost of the deal, but one source suggested Rosneft would be open to selling the Chinese company a portion of its retail…

China Won’t Reach Peak Energy Demand Till 2040

China will not reach peak energy demand until the year 2040, according to a new report from the China National Petroleum Corp (CNPC) on Wednesday. Previous estimates said the peak would be reached in 2035, but new figures suggest that five years later, demand would be its highest at 4.06 billion tons of oil equivalent. Rising fuel needs stem from an increasing number of cars on Chinese roads, as a growing middle class adopts new luxuries in their daily lives. The report added that China’s old demand will grow at a rate of 2.7 percent annually…

Manufacturers Say Trump Nat Gas Export Push Betrays ‘America First’

An industrial trade group is arguing that the White House’s push to increase American natural gas exports works against the “America First” agenda President Donald Trump promised the electorate in his campaign last year, according to a new report. It’s “inconsistent with President Trump’s fair trade and America-first policy,” Paul N. Cicio, the president of the Industrial Energy Consumers of America, said in a phone interview with Energy Voice. “It’s a stunningly breathtaking amount of natural…

Nigeria Announces $41 Billion Rail Upgrade

The Nigerian railroads are getting a facelift as part of the national plan to diversify away from an economy in which the oil industry dominates, according to the African country’s transport minister. “The plan we have now will go to every nook and corner,” Transport Minister Rotimi Amaechi said in an interview in Abuja announcing the $41 billion expansion project, according to Fin24 news. “There’s no economic development or growth without logistics, and for logistics to be efficient, you have to deal with the…

New Iraq JV With Arab States Eyes Global Oil Trade

A new joint venture between Iraq and its Arab partners will allow coordinated transport, storage and trade of crude oil and refined products around the world, according to a new report by Reuters. The move comes as Iraq becomes increasingly active in developing new channels for the sale of its oil produce since the country regained its position as the second-largest OPEC producer. “The new venture will have exclusive rights for transportation of crude and refined products. It will develop other projects include trading starting with fuel oil and…

Asia Takes The Lead In The Hyperloop Race

Elon Musk’s orphaned hyperloop project may soon be Asia’s next transportation superstar, but competitive prices from fossil fuel-heavy options could derail the new technology’s business model. CEO Dirk Ahlborn of Hyperloop Transportation Technologies (HTT) says he sees a working hyperloop, which would propel passengers across vast distances in pods at speeds of up to 750 miles per hour, within the next three or four years. Introducing the magnetic transit technology, which was first described by Musk conceptually, but released…

Iraqi Oil Governor Defects To Iran Amid Corruption Probe

Iraq’s anti-corruption push has led the governor of oil-rich Basra to quit his job and defect to Iran, according to sources close to the matter who spoke to Reuters. New allegations of graft against the official, who remains under investigation by specially appointed federal authorities, caused the biggest resignation in Iraq so far since the election of Prime Minister Haider al-Abadi in 2014. The Islamic Dawa Party candidate campaigned on a strong anti-corruption stance in the previous elections, leading the moderate to win a very close…

EIA Predicts US Shale Output Up By 117,000 BPD In September

New Energy Information Administration (EIA) data puts U.S. shale output up 117,000 barrels per day in September compared to August. Production in the Permian Basin is expected to see the largest jump next month, representing 64,000 bpd of the 117,000-bpd total gains. The Niobrara, Eagle Ford, Bakken, and Anadarko basins are forecasted to see outputs jumps of 10,000 bpd or more each. Earlier this month, four U.S. shale companies reported second-quarter production that beat targets and increased their respective full-year output growth guidance.…

Sierra Club Sues DOE For Sources Used In Electric Grid Study

The U.S. Energy Department’s newly commissioned study on the national electric grid hit a new legal road block this week when a green group filed a lawsuit against the agency to reveal the third parties consulted on the study, according to a new report by Reuters. Energy Secretary Rick Perry ordered the 60-day study back in April to determine whether the Obama-era environmental regulations had burdened baseload power plants, most commonly powered by nuclear energy and fossil fuels. The policies had been designed to encourage wind and solar…

Hedge Funds Bullish On Crude For The 3rd Time This Year

For the third time this year, hedge fund managers have become bullish on crude oil prices, raising their long position by 705 million barrels in the week ending on August 8th, according to a new report by Reuters. Total long positions outnumbered short positions by 5.19:1, up from a June 27th low at a ratio of 1.95:1. Most of the growth in long positions came from the ICE Brent contract, which grew by 40 million barrels. The net change in positions in the MYNEX and ICE WTI contracts was minimal, comparably. Crude contracts for the final quarter…

Brazil Plans for $17 Billion In New Investments By 2017 End

Brazil’s state-owned Petrobras forecasts $17 billion in investments and $8 billion in asset liquidation over the course of 2017, according to a new corporate financial presentation posted online. The presentation, which included results for the second quarter of 2017, planned for the refinance of $13 billion in debt, while creating $27 billion in new revenues. Executives told Reuters that the company would not considering selling its debt in international markets. Petrobras has been struggling, besides its ballooning debt, with the weak price…

PDVSA Refineries Look Towards Canadian Crude To Meet Demand

Caracas’ state-owned refineries in the United States have begun to inquire about importing oil from Canada instead of Venezuela due to the latter country’s oil production crisis, according to a new report by Bloomberg. Citgo Petroleum, which operates refineries in Texas and Louisiana, recently made “quiet” inquiries to buy Canadian grades, sources close to the matter said. Venezuela’s oil output fell to a 14-year low in July, causing the government to reroute oil shipments meant for Citgo to India and China instead,…

Nigeria’s Oil Facilities Threatened Again By Militants

A band of militant groups in the Niger Delta demanded that Abuja stop working with the Pan Niger Delta Forum to find a lasting peace solution and announced a plan to restart its attacks on oil facilities to begin an official separation from Nigeria. The statement from the militant coalition also asks Nigerians from the northern and southwestern areas of the country who are living in the delta to leave before October 1st, while all oil companies active in the delta and the nationalized Nigerian National Petroleum Corporation (NNPC) must relocate…

U.S. Set To Become Net Natural Gas Exporter By Year-end

The United States should become a net natural gas exporter by the end of 2017, according to the latest Short-Term Energy Outlook (STEO) released by the Energy Information Administration (EIA) today. The U.S. has been a net exporter in three of the past four months, according to the agency’s data. The trend should continue until annual figures tally out in favor of the nation’s trade balance sheet. The American natural gas sector took the top global production spot back in 2009, surpassing the industrial power of Russia. Total output…

US-Backed Forces Evict Al Qaeda Group Oil & Gas Fields In Yemen

U.S.-backed forces have ousted Al Qaeda fighters from an oil-rich province in southern Yemen, according to a military official who spoke to the AFP. The terrorist group Al Qaeda in the Arabian Peninsula (AQAP) had begun exploiting the instability in Yemen to grow a presence there. A special forces team trained in the United Arab Emirates and supported by the U.S. raided their operations in the Shabwa province on Wednesday. Another official affirmed that the raid was carried out “under the supervision of the UAE military and with the support…

Tesla Plans To Issue $1.5B In Junk Bonds To Ramp Up Model 3 Production

Tesla’s newest stunt to raise capital for the production of Model 3 will lead it to issue $1.5 billion in high-yield junk bonds, according to a new report by Reuters. Road-shows for the much-awaited vehicle are due to begin on Monday, an official IFR report said. The Model 3, Tesla’s $35,000 mass market electric car, is expected to be an international success. Anticipation of its release has buttressed the company’s market value to above that of American manufacturers General Motors and Ford. Equity offerings and convertible jobs…

Why Trump Won’t Tear Apart The Iran Nuclear Deal

Last month, the U.S. government certified Iran’s compliance to the terms of the 2015 nuclear deal – a required approval mechanism that dictates the life or death of the deal, reviled by the White House’s new resident. “The Secretary of State is in the process as we speak of certifying to the Congress that the conditions that are laid out in the [Iran Nuclear Agreement Review Act] have been met based on information available to the United States,” an anonymous official told The Hill in mid-July. “However, the…

Iraq Races To Fill The Gap Left By The Saudis

Iraqi oil exports topped 100 million barrels in July, but that’s still lower than the 3.93 million barrels per day rate Baghdad boasted back in May. The latest figures from the Iraqi Oil Ministry do not include exports from Kurdistan, which reach international markets via the controversial Kirkuk-Ceyhan pipeline. SOMO, the national oil distribution company, said all the exported oil had originated from central and southern oilfields. June data shows Kirkuk exporting 677,413 barrels, or 22,000 bpd. It remains unclear whether shipments from…

Russian Crimea Project Faces New EU Sanctions

Deputy Russian Energy Minister Andrew Cherezov and three new Russian companies now face new sanctions from the European Union due to their involvement in the delivery of gas turbines to Crimea. The additions contribute to the existing blacklist of 150 people and 37 firms subject to asset freezes and a travel ban to European countries. “The decision of Brussels to include a number of Russian officials and companies as a retaliatory measure for alleged illegitimate supply of Siemens gas turbines to Crimea prompts deep regret,” according…

Nigerian Company Lines Up To Continue Refining Revitalization

Nigerian company Forte Oil announced on Friday that it was in talks with one of the country’s major refineries to enhance the African nation’s low post-production processing capabilities, according to a new report by Reuters. “We are aggressively pursuing M&A opportunities along the energy value chain,” Forte CEO Akin Akinfemiwa said in a meeting with investors. The firm is also in the process of acquiring small oilfields to increase its total production rate. By 2019, Nigeria plans to process in-country all fuel that…

Hyperloop Travel Reaches Milestone In Nevada Desert Trial Test

Pod-based hyper-speed travel reached a new milestone this week after the completion of the first full-scale test of Elon Musk’s envisioned Hyperloop in the desert of Nevada. The 500-meter tube allowed a dedicated team to transport a levitated pod at high speeds in vacuum conditions. The magnetic levitation used to suspend the pods in mid-air is of the same variety employed in high-speed trains in Japan. “The XP-1 performed as designed, handling high speeds and levitating in a vacuum tube depressurised to the equivalent of flying at 200,000…

Saudi Oil Minister Just Did Something He Has Never Done Before

Gauging market sentiment before the 2018 Saudi Aramco IPO led Oil Minister Khalid al-Falih to personally meet with top hedge fund managers, according to a new report by Bloomberg. Riyadh has long considered hedge funds to be unhelpful speculators, so the sudden interest in their opinions seems abrupt. Anonymous sources who spoke to Bloomberg on the nature of the meetings said the top OPEC exporter had been reconsidering the importance of the role hedge funds play in the oil markets. The meetings occurred days before al-Falih’s trip to St.…

KRG Refuses Plan To Ship Kirkuk Oil To Iran

The Kurdistan Regional Government (KRG) is refusing to ship oil to Iran because Baghdad refused to consult the semiautonomous regime regarding the export program, according to a new report by Bloomberg. Both the Iraqi government and the KRG pump oil from separate wells in Kirkuk, which makes controls over the region’s fossil fuel wealth difficult to mark clearly. Attacks by the Islamic State caused Iraqi forces to flee the area back in 2014. Since then, the Kurdish Peshmarga army has defended the region. Ahmed al-Askari of the Kirkuk provincial…

Western Firms Find Loophole In Russia Sanctions

American sanctions against Russia’s energy industry aim to limit the latter’s ability to develop shale reserves, which inadvertently makes them less effective political tools, according to the results of a new investigation by Reuters. U.S. sanctions against Moscow in 2014 worked to “impede Russia’s ability to develop so-called frontier or unconventional oil resources,” the Treasury Department said. The measures, which were enacted as a political reaction to the Crimean annexation, targeted projects that would allow…

Bharat Petroleum Orders First Taste Of WTI

India’s state-owned Bharat Petroleum (BPCL) has made its first purchase of West Texas Intermediate (WTI) crude oil via a tender, according to a new report by Reuters. The shipment of the American crude grade should reach Indian shores by October, an industry source close to the matter said. Indian refiners are in the process of diversifying their crude sources as OPEC leaders attempt to cut back exports to increase oil prices internationally. Other Asian countries – including South Korea, Japan, China, Thailand, Australia, and Taiwan…

Southern Co.’s Billion Dollar Nuclear Conundrum

Southern Co. would benefit financially from completing delayed nuclear reactor projects instead of abandoning the $7.4 billion plans, according to a new report by Bloomberg. CEO Tom Fanning said cancelling the Vogtle project would leave the company with nothing to show for its massive capital investment. A final decision on the future of the project, which would cost $6.3 billion to cancel, is still pending. The $7.4 billion price tag would become a reality if work continues into March 2023. “There’s a host of qualitative issues that…

Russian Oil Output Down 307,600 Bpd

Russian oil output is down 307,600 barrels per day, compared to October levels, according to the country’s oil minister. “At the end of July 2017, the reduction of oil production stood at 307,600 barrels a day as compared to October 2016,” Minister Alexander Novak told reporters. “Therefore Russia is meeting is obligations on lowering production.” Novak was referring to the promise Moscow made to OPEC and 10 other NOPEC nations in November to cut production by 300,000 bpd in an effort to rebalance oil supply wth demand.…

Europe’s Largest Oil Refinery Shuttered For Weeks

A Royal Dutch Shell refinery in Rotterdam will remain closed until mid-August after a fire at the facility’s electricity stations caused it to shut down over the weekend, according to the owner company. The Pernis refinery will become functional again “at the earliest in the second half of August,” according to a recent statement. Pernis refines 400,000 barrels per day of oil, making it Europe’s largest refinery. The financial impact of the temporary closure is sure to be sizable, though Shell has not released any figures…

Nigerian Peace Talks Over Oil In Jeopardy As Deadline Approaches

Peace talks between community leaders in the Niger Delta and Abuja are now in jeopardy, according to a new report by Reuters. Local officials told a press conference in the Nigerian capital that the government had until November 1st to meet development demands, otherwise militant attacks on federal and foreign oil assets could resume. The Niger Delta Avengers (NDA) and similar groups have instituted a ceasefire to allow peace talks between community leaders and senior federal officials to proceed. Over the course of 2016, the attacks had caused…

Energy Sector Drives Canadian Economic Recovery

The energy sector recovery boosted the Canadian economy in May, giving the nation the fastest level of growth since October 2000, according to a new report by The Canadian Press. Statistics Canada had predicted a jump in real gross domestic product by 0.2 percent in May, but the economy grew by 0.6 percent instead. The high growth rate ups the chances that the Bank of Canada will increase interest rates in September. The Bank of Canada increased the principal interest rate to 0.75 percent earlier this month. The jump represented the first such…

Aramco’s Oil Facilities Set For Offshore Security Upgrade

Saudi Arabia’s offshore oil facilities are due for a security upgrade, according to a new report by Reuters. State-owned oil and gas giant Saudi Aramco has already received bids from defense contractors from around the world for the project. U.S.-based Raytheon Co. and Germany’s Rheinmetall AG are amongst the companies who responded to the tender. The contract currently open for bids will install long-range security systems at nine of the KSA’s offshore sites in the Persian Gulf, according to Aramco sources who spoke to Reuters.…

IMF: Saudi’s Oil GDP To Fall 2% On Back Of OPEC Cuts

The International Monetary Fund expects Saudi Arabia’s oil gross domestic product (GDP) to fall by 1.9 percent this year as the OPEC leader commits to implementing the bloc’s production cuts. The oil production cuts are affecting overall real GDP growth as well, which the IMP expects to be “close to zero”. Non-oil GDP growth will hover around 1.7 percent and accelerate in the medium term as structural reforms promised in the Vision 2030 agenda began to take shape. “Fiscal consolidation efforts are beginning to bear…

Indian Cabinet Backs Plan To Create State Oil Giant

State refiner Hindustan Petroleum Corp. will be allowed to sell a $4.6 billion stake of itself to India’s largest fossil fuel explorer and producer, according to a new report by Bloomberg. Crude price volatility in the past three years has seriously hurt the bottom lines of Indian oil firms, which have not been able to compete with multinationals such as Total and Royal Dutch Shell due to scale issues. Oil and National Gas Corp. (ONGC) is expanding its upstream and downstream capacities to become an international fossil fuel player by mitigating…

Saudis Consider Further Cuts To Oil Exports

The latest word from the OPEC rumor mill is that pack leader Saudi Arabia is planning more oil export cuts – causing oil prices to jump on Tuesday. Oil futures jumped up two percent in value after industry consultant Petroleum Policy Intelligence said the KSA had been considering lowering exports by a further 1 million barrels per day. New production from Libya and Nigeria, two African countries that have been granted an exemption from production quotas due to their previously weak oil output, have brought hundreds of thousands of barrels…

U.S. Gasoline Prices To Stay Low Through The Summer

Low gasoline prices for American consumers are here to stay for the rest of the summer, according to the U.S. Energy Information Administration (EIA). The agency says regular gasoline will average $2.38 per gallon through September, new projections show—marking the period as the second-cheapest summer for fuel since 2005. Low crude oil prices keep gasoline prices from rising, even as demand in the U.S. peaks from road trip season and high cooling needs. EIA projections show crude barrel prices nearing $50 for the rest of summer as production…

Could Trump Crush Iran’s Energy Plans?

Iranian officials continue to encourage multinational fossil fuel companies to pursue production deals in the country, despite disconcerting rhetoric from the White House that suggests the 2015 nuclear deal, which allowed Tehran to re-enter international oil markets after six years of isolation, could unravel at President Donald Trump’s whim. “Our hand are full,” said Iran’s Deputy Oil Minister Amir Hossein Zamaninia during the World Petroleum Congress in Istanbul this week. “We think that the situation is normal enough…

Venezuela Cuts Shipments To Cuba By 13% Through June 2017

Venezuelan shipments of crude oil to Cuba have fallen 13 percent in the first six months of 2017, according to official PDVSA data seen by Reuters this week. Havana reduced electricity use quotas for its state-run businesses by 28 percent last year, but the government did not put caps on residential consumption. Former Venezuelan President Hugo Chavez set up contracts with communist Cuba regarding oil supplies back in 2000. In return, Cuba offers Venezuela doctors and other medical services. The documents showed that PDVSA sent Cuba 72,350 barrels…

UN Urges Peru To Halt Oil Talks Until Amazon Recuperates From Old Spills

Peru should suspend all talks on new oil production ventures in its portion of the Amazon rainforest until previous pollution has been cleaned up, according to a group of United Nations human rights experts. The Canadian firm Frontera Energy Corporation operates Block 192 and wants to renew its two-year contract to work in the area after a scheduled September expiry. “The Peruvian Government must suspend the direct negotiations with companies until the right to free, prior and informed consent is guaranteed, and all environmental damage has…

Oman Supports Organized Oil Production Cuts Beyond March 2018

Oman would support OPEC output cuts past March 2018 to support oil prices, according a new report from The Times of Oman. There was no mention of deeper cuts. The country Is currently cutting 45,000 barrels per day of production as part of a November deal between the bloc and a handful of non-bloc producers to reduce output by 1.8 million bpd. “Being satisfied with the results of production cuts will be an overstatement,” said Salim al Aufi, the petroleum ministry’s undersecretary. “We would certainly want to see the prices…

Iraq Starts Drilling At Oilfield On Iranian Border

State-producer Maysan Oil Company will oversee the oil and natural gas development at the critical field, which was launched during a visit from Oil Minister Jabrane Al-Luaibi. Another statement from the oil ministry said the Haifaya oil field, operated by PetroChina, is set to undergo expansion work that will double its output to 400,000 barrels per day by the end of next year. Oil profits represent over 95 percent of Iraq’s government revenues, making the industry’s recovery a key national policy objective that will define the terms…

OPEC’s “Whatever It Takes” Is An Empty Promise

High demand for air conditioning and fuel for road trips make summer the best time for the Organization of Petroleum Exporting Countries (OPEC) to cut production or exports to end or lessen the supply glut that has plagued oil markets for three years. Current oil prices, however, indicate that no one is holding their breath for OPEC to follow through with its “whatever it takes” promise to draw down supply. The Energy Information Administration (EIA) predicted last month that gasoline consumption in the U.S. during the summer months…

Global Oil Supply Concerns Mount As Libya, Nigeria Gain Traction

While the whole world talks about how the global supply glut needs to come down, oil production is actually expected to increase, and soon, says a new report from Platts. The OPEC production survey released by Platts on Thursday said that Libya and Nigeria—the African duo exempt from the bloc’s production cut—could continue to increase oil production in the coming months. Total production from OPEC countries jumped 220,000 barrels per day between May and June, Platts’ figures showed. Surging output from Libya and Nigeria…

Norway’s Largest Wind Farm To Power Google Data Centers

A new wind farm in Norway will begin providing electricity to tech giant Google by early September, according to an announcement from holding company Alphabet on Wednesday. The 50-turbine Tellenes wind farm will produce 160 MW of power – making it the biggest facility of its kind in Norway, and Google’s largest in Europe. “We’ll purchase power as soon as the wind farm becomes fully operational, which we expect will take place in early September 2017,” a Google spokesman told Reuters. Last year, Google contractually agreed to buy…

Volvo To Pull Plug On Gas-Only Cars In 2019

Swedish car manufacturer Volvo announced on Wednesday that its 2019 models would either be powered by fully electric or hybrid engines, steering the company to a total abandonment of the internal combustion engine in the coming years. The company will continue to produce its older models with traditional engines, but its future line-ups would include a range of climate-friendly vehicles. The move makes Volvo the first major car company to announce a date for the end of combustion engine-only design. “This is about the customer,”…

Pemex To Pick A Partner For Its $2B Coking Plant

Pemex will pick a partner to complete a $2 billion coking plant at the Tula refinery by the end of October, according to sources from the government-run company that spoke to Reuters exclusively. Officially, Mexican refineries should be processing 1.6 million barrels of crude per day, but irregular maintenance and outdated equipment have caused refineries to stagnate production at 915,000 bpd. The October timeline gives Pemex four more months to find its partner for the coking facility. A previous June deadline passed without word on the future…

U.S. Gulf, Shale Output Decline Spurs 2% Gain In Oil Prices

Plateauing U.S. output caused oil prices to see a 2 percent gain on Monday, continuing the longest streak of daily price gains after Baker Hughes reported the first decline in active U.S. rigs in 24 weeks. Brent prices were up $0.64 or 1.31 percent at the time of this article’s writing. West Texas Intermediate barrels stood $0.75, or 1.63 percent higher, as well. “It’s all about market sentiment,” Commerzbank analyst Carsten Fritsch told Yahoo Finance. U.S. Gulf of Mexico producers saw a 100,000 barrel per day production from tropical…

Goldman Sachs Sells Off $300 Million In PDVSA Bonds At A Slim Profit

Goldman Sachs has sold of a portion of the Venezuelan bonds it purchased in May, causing market commotion at the time of the initial $2.8 billion transaction last month. The Wall Street Journal reported on Friday that the banking major sold $300 million worth of bonds to a hedge fund. Anonymous sources said Goldman made a slim profit from the sale, without providing additional details on margins. The entire multi-billion-dollar purchase of state-owned oil giant PDVSA’s bonds costed Goldman 31 cents on the dollar, due to the detrimental effects…

Japan And South Korea Secure Atlantic Crude As Winter Approaches

Japanese and South Korean buyers will snap up Atlantic crude oil cargoes in the coming months, ahead of an expected demand boom in the winter, according to a new report from Reuters. Oil loadings from Europe and the Americas stagnated in June after an increase in shipments in March and May. Analysts say July could be a prosperous month for the North Sea Forties grade, as well as American crudes, as Asian players become more active. Japan’s JXTG and Cosmo Energy bought U.S. cargoes that are due to arrive in September, according to trade sources.…

OPEC Output Reaches 2017 High As Libya Reaches 1 Million Bpd

OPEC oil output reached a 2017 high in June as Libya and Nigeria continue a production recovery despite the bloc’s efforts to ease a global supply glut, the results of a new Reuters survey shows. The African duo is exempt from an OPEC deal to limit output to 32.5 million barrels per day through March 2018, but the June rate will surge to 32.72 million bpd – marking a 280,000 bpd increase from the previous month. This figure includes production from Equatorial Guinea, which only officially joined OPEC in May. Saudi Arabia and Kuwait…

1 2 3 6