Fossil Fuels








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North America

Fossil Fuels

Canadian investors eye energies, real estate stocks as BoC cuts rates

Canadian utility and real estate stocks are likely to be among the most significant recipients of the Bank of Canada's relocate to start cutting interest rates, while the prospect of increased loan demand could help bank shares, investors say. The BoC last Wednesday became the first G7 reserve bank to ease monetary policy, lowering its benchmark rate by 25 basis points to 4.75%. Approximately 150 basis points of additional cuts are priced into the bond market over the next number of years. Interest rate-sensitive sectors such as energies, real estate investment trusts, or REITs, and financials represent 35% of the...

Environment

China photovoltaic panel makers look for government action to halt freefall in prices

Chinese photovoltaic panel manufacturers stated they are seeking instant federal government intervention to curb investment and industry cooperation to apprehend a plunge in prices of solar cells and modules, as the market faces overcapacity. Financial rewards and a federal government push have assisted China end up being the solar panel factory of the world, accounting for about 80% of worldwide module capability. Experts expect Chinese makers to add up to 600 gigawatts (GW) this year, enough to satisfy global need through 2032. Nevertheless, without any end in sight for the plunge in prices, industry officials and analysts said extreme competition...

Oil & Gas

2 United States men jailed for conspiracy to sell Iranian oil to China

Two Texas men convicted by a U.S. jury in November of trying to sell Iranian petroleum in infraction of sanctions imposed by Washington and of conspiracy to dedicate money laundering were sentenced on Tuesday to 45 months in jail, the Justice Department said. Zhenyu Wang, 43, a Chinese person, and Daniel Ray Lane, 42, of McKinney, Texas, schemed with co-conspirators to avert U.S. financial sanctions versus Iran from July 2019 to February 2020 by assisting in the purchase of sanctioned oil from Iran, masking its origins and then selling it to a refinery in China, the department stated in a...

Natural Gas Utilities

Constellation Energy thinks about 3 Mile Island reboot, CEO says

Constellation Energy has completed an engineering analysis of restarting the non-damaged reactor at the 3 Mile Island nuclear plant, as the U.S. power provider intends to grow naturally to fulfill swelling electrical energy demand, CEO Joe Dominguez stated at a NEXT occasion on Tuesday. Constellation, the largest operator of U.S. nuclear plants, has actually cleared the very first difficulty ahead of potentially restoring the Pennsylvania reactor and will evaluate industrial practicality of bringing the system online, Dominguez stated. It's an excellent prospect to reboot, Dominguez said. Constellation does not own 3 Mile Island's unit 2 reactor, which shut in 1979...

Oil & Gas Exploration

US enforces sanctions on former Exxon professional in Guyana over alleged fraud

The United States on Tuesday enforced sanctions on Guyanese mining magnate Nazar Mohamed and his boy Azruddin over allegations they defrauded Guyana's federal government of tax revenues and paid off public officials, the Treasury Department said. A company owned by the Mohameds was formerly part of a. consortium constructing a $300 million logistics base in the South. American nation for oil giant Exxon Mobil Corp, however. their business pulled out after reported the pair was. dealing with criminal probes by U.S. law enforcement agencies. The sanctions target 3 of the guys's companies -. Mohamed's Enterprise, Hadi's World and Group Mohamed's...

Fossil Fuels

United States EIA deepens forecast for drop in United States natgas output in 2024

U.S. gas production will drop more this year than earlier estimates and demand will hit a record, the U.S. Energy Information Administration stated in its Short Term Energy Outlook on Tuesday. EIA forecasted dry gas production will relieve from a record 103.8 billion cubic feet daily (bcfd) in 2023 to 102.1 bcfd in 2024 as a number of producers minimize drilling activities after gas costs fell to more than three-year lows in February, March and April. In the May edition of its STEO report, EIA had actually anticipated this year's output to decline to around 103 bcfd. For next year,...

Fossil Fuels

Turning points leading up to the conviction of Joe Biden's boy Hunter

A jury in Delaware founded guilty Hunter Biden, U.S. President Joe Biden's kid, on Tuesday of lying about his controlled substance use when he bought a gun in 2018. Here is a look at key moments leading up to the decision. May 13, 2014: Burisma Group, a private energy company in Ukraine, states Hunter Biden will be joining its board. Joe Biden, U.S. vice president at the time, supervises Ukraine policy for the administration of President Barack Obama. Burisma's creator had been the subject of a series of criminal examinations by Ukrainian authorities that were closed in 2017 after the...

Fossil Fuels

Canada signs second deal to ensure rate of caught carbon

The Canada Development Fund, a federal cleantech funding agency, on Tuesday signed its second deal to backstop carbon prices with a proposed Alberta center that would convert garbage dump waste to electrical power and sequester the resulting carbon emissions. CONTEXT The proposed waste-to-energy facility, located near Edmonton and the first of its kind in Canada, would be a collaboration between Calgary-based Gibson Energy, the CGF and Varme Energy Inc. It would have capacity to incinerate 200,000 tonnes a year of community solid waste and produce electrical energy. A final investment decision is anticipated in early 2025 and commissioning would start...

Refined Products

EIA forecasts bigger records for 2024 US oil output, global demand

U.S. oil output and international oil need will likely post larger records this year than formerly expected, the U.S. Energy Details Administration said on Tuesday. The company now expects U.S. oil output to grow by around 310,000 barrels daily (bpd) to 13.24 million bpd this year, about 40,000 bpd higher than its previous projection in May. It anticipates U.S output to be around 13.71 million bpd next year, slightly below the previous 13.73 million bpd forecast. Global oil demand this year is likewise expected to be above price quotes, which were currently forecast to hit record highs, according to the...

Oil & Gas

As Supreme Court choices loom, a legal assault is damaging SEC's power

A legal assault on the U.S. Securities and Exchange Commission is trying its powers to manage Wall Street and is most likely to intensify with two impending Supreme Court judgments. A U.S. appeals court last week reversed a major SEC guideline enforcing more stringent oversight of personal funds, in a fresh blow for Democratic Chair Gary Gensler's ambitious program to increase transparency and mark out conflicts of interest on Wall Street. The court took the uncommon action of rejecting a few of the SEC's. authority to supervise investment consultants. That could make its. other draft rules on cybersecurity, outsourcing, and...

Fossil Fuels

Russia begins 2nd phase of tactical nuclear weapon drills with Belarus

Russia said on Tuesday its soldiers had started the 2nd phase of drills to practice the release of tactical nuclear weapons together with Belarusian troops after what Moscow said were hazards from Western powers. Russia says the United States and its European allies are pushing the world to the brink of nuclear confrontation by giving Ukraine billions of dollars worth of weapons, a few of which are being utilized against Russian territory. Because sending countless troops into Ukraine on Feb. 24 2022, President Vladimir Putin has repeatedly said Russia might use nuclear weapons to defend itself in severe circumstances, remarks...

Natural Gas

Vista to import brand-new fracking set to increase production at Argentina's Vaca Muerta

Mexican listed firm Vista Energy, Argentina's secondlargest shale oil manufacturer behind stateowned YPF, stated on Tuesday it will import a new fracking set to accelerate its activity in the Vaca Muerta shale formation. Vista sealed an arrangement with SLB for the brand-new equipment anticipated for the second half of the year. An essential part of our drilling strategy in Vaca Muerta is the incorporation of devices with the highest technology, which enables us to be more effective when it pertains to accomplishing our production targets, Juan Garoby, co-founder and COO of Vista, stated in a declaration. The business anticipates to...

Europe

Oil & Gas

Oil demand set to peak by 2029, significant supply glut looms, IEA says

International oil need will peak by 2029 and start to contract the next year, the International Energy Firm stated on Wednesday, while oil supply capability is due to vastly exceed demand by the end of the decade. The Paris-based energy guard dog sees supply capability hitting almost 114 million barrels each day (bpd) by 2030, or a complete 8 million bpd above forecasted need in its annual oil report. This report's projections, based on the most recent data, show a. significant supply surplus emerging this years, suggesting that oil. business may wish to ensure their company strategies and. strategies are...

Fossil Fuels

Sweden's Vattenfall shortlists Rolls-Royce, GE Hitachi for little nuclear reactors

Sweden's Vattenfall has shortlisted Britain's RollsRoyce SMR and U.S. group GE Hitachi Nuclear Energy for the potential construction of little modular reactors, the stateowned utility said on Wednesday. Vattenfall considers structure SMRs beside the business's. existing nuclear power plant at Ringhals in Sweden. In parallel, Vattenfall is continuing to investigate the. conditions for constructing massive reactors on the website, the. company said in a declaration. Suppliers included in the assessment of massive reactors. are U.S. group Westinghouse, French EDF and South Korea's KHNP,. Vattenfall included. The Swedish government has stated it wants a large build out. of nuclear power by...

Refined Products

Oil need set to peak by 2029, major supply excess looms, IEA says

International oil demand will peak by 2029 and begin to contract the next year, the International Energy Firm stated on Wednesday, while oil supply capacity is due to vastly outmatch demand by the end of the decade. The Paris-based energy guard dog sees supply capacity hitting almost 114 million barrels per day (bpd) by 2030, or a complete 8 million bpd above predicted demand in its yearly oil report. This report's forecasts, based on the most recent data, reveal a. major supply surplus emerging this decade, recommending that oil. business may wish to make sure their service methods and. plans...

Western Europe

North Asia

Oil & Gas Refining

CORRECTED-Gazprom's legal fights with European business

Russian energy giant Gazprom faces various legal battles with European purchasers and transmitters of Russian gas, as an outcome of the political fallout following the Kremlin's decision to send its soldiers into Ukraine in 2022. Gazprom has actually launched procedures at Russia's St Petersburg and Leningrad Area Arbitration Court, threatening the European companies with fines if they continue lawsuits outside Russia. Nevertheless, some European business have actually stated that did not acknowledge the court's authority. Following are numerous essential legal cases: RUSSIAN COURT PROCEDURES * Gazprom in March 2024 lodged a claim of more than $900. million versus Polish companies...

Fossil Fuels

OPEC? surprise set off record hedge fund oil sales: Kemp

Portfolio financiers sold record volumes of petroleum recently after OPEC? shocked the market by announcing strategies to increase production beginning with the fourth quarter of 2024. Hedge funds and other cash managers sold the equivalent of 194 million barrels in the 6 most important futures and choices agreements over the seven days ending on June 4. Fund sales were the fastest for any week because at least 2013 when the U.S. Product Futures Trading Commission and ICE Futures Europe started releasing data in the current format. Sales were more than three basic discrepancies far from the typical weekly change, suggesting...

Fossil Fuels

Russia's Gazprom decreased gas output to all-time yearly low in 2023

Russian energy giant Gazprom Group cut natural gas production by 13% to an alltime annual low of 359 billion cubic metres (bcm) in lossmaking 2023 from 412.94 bcm in 2022, the business stated in its yearly report on Monday. Its natural gas output diminished by nearly a 3rd from 515 bcm in 2021 to the most affordable level considering that the company was set up in the passing away days of the Soviet Union in 1989 from the Ministry of Gas Market. Kremlin-owned gas giant Gazprom plunged to a net loss of 629 billion roubles ($ 7 billion) in 2023,...

Oil & Gas

Russian deficit spending narrows to 0.5% of GDP in May, says finance ministry

Russia's deficit spending narrowed in May to 0.5% of gross domestic product (GDP) from 0.8% in April, the finance ministry stated on Monday, supported by greater revenues as Moscow sharply raises expenditure. Earnings for the first 5 months of the year were 45.5%. greater than the same duration of 2023, the ministry said, citing. initial data. Oil and gas earnings were 73.5% greater and. non-oil and gas earnings were up 34.1%, supported by higher than. planned tax receipts. In early 2023, Western sanctions over the dispute in. Ukraine that consisted of an oil rate cap and oil embargo squeezed. Russia's...

Oil & Gas Refining

QUOTES-Extracts from speech of Rosneft's CEO Sechin at a Russian forum

Following are extracts for the speech by Igor Sechin, the head of Russian oil giant Rosneft at St. Petersburg International Economic Online Forum EXTRA OIL PRODUCTION CAPACITY The creation of reserves as we observe by both Western and Middle Eastern companies might be an expectation of severe market changes. The existence of such 'phantom barrels', which can have a. massive impact on the market, offsets the effect of the. voluntary decrease in production quotas carried out by the main. OPEC individuals. This is likewise revealed by the market prices, which went down. after the current decision of the ministers of...

Fossil Fuels

Rosneft's Sechin blasts extra oil output capacity increase in Middle East, West

Igor Sechin, CEO of Russian energy significant Rosneft, stated on Saturday that an increase in spare oil production capacity offset efforts by OPEC+ to reduce oil output. He said that integrated spare oil production capability of Saudi Arabia, United Arab Emirates, Kuwait and Iraq stood at 5.6 million barrels daily, or 13% of OPEC+ present output. The production of reserves as we observe by both Western and Middle Eastern companies might be an expectation of serious market changes, Sechin, who has been sceptical about Russia's. cooperation with OPEC, told St. Petersburg International. Economic Forum. The presence of such 'phantom barrels',...

Oil & Gas Equipment

Russian tanker group Sovcomflot anticipates sanctions to cut 2024 incomes

Russia's leading tanker group Sovcomflot said western sanctions and changing market conditions might cut its earnings this year, a. uncommon admission from a significant Russian business of the damage. western constraints versus Moscow are having. The U.S. imposed sanctions on Sovcomflot, which was. formerly among the world's leading tanker operators, in. February, in an effort to minimize Russia's profits from oil. sales that it can utilize to support its military actions in. Ukraine. The primary reasons are that the company is under unrelenting. sanctions pressure, which makes it challenging to work, the. Interfax news firm priced quote Sovcomflot CEO Igor...

Oil & Gas

In the middle of war, Putin looks east from Russia's window to Europe

Cut off from the West, Russia is pitching its $2 trillion economy to giants like China and Saudi Arabia and longerterm prospects like Zimbabwe and Afghanistan at its premier investment forum in St. Petersburg, which was established by the tsars as a window to. Europe. The war in Ukraine has caused the most significant upheaval in. Russia's relations with the West since the 1962 Cuban Rocket. Crisis, and Western sanctions have required a once-in-a-century. revolution in Russia's financial relations. Since Peter the Great laid the foundations of the modern. Russian state and made St Petersburg the capital in the early....

Electric Utilities

Ukrhydroenergo looks for damages for Russia's destruction of dam

Ukraine's hydroelectric company Ukrhydroenergo stated on Thursday it had initiated global arbitration seeking damages for Russia's. damage of the Kakhovka Dam and power station in June 2023. The state-run company approximated the damage at 2.5 billion. euros ($ 2.72 billion), it said. Ukrhydroenergo decreased to state. where it had begun the arbitration procedure. The Kakhovka dam, one of six dams on the Dnipro river that. flows through main and southern Ukraine, was captured at the. start of Moscow's February 2022 invasion. Kyiv has blamed Russian forces for exploding the Kakhovka. Dam on the night of June 6, 2023, which flooded...

Natural Gas

OPEC+ changes method to safeguard market share: Kemp

Oil futures rates have been up to the most affordable level for four months and calendar spreads have plunged after OPEC+ ministers indicated their intent to begin increasing production from the fourth quarter of 2024. Front-month Brent futures closed at $78 per barrel on June 3, the first day of trading following the OPEC+ ministerial conference on June 2, up just $2 per barrel compared with the exact same time in 2015. Front-month Brent futures traded at a premium of $1.50 per barrel over contracts 6 months further forward (56th. percentile for all months because 2000) down from an average...

Oil & Gas Exploration

Saudi Aramco holding LNG talks with US companies Tellurian, NextDecade, sources say

Oil huge Aramco is in talks with U.S. firms Tellurian and NextDecade on 2 separate melted gas (LNG) projects as the Saudi firm seeks to improve its gas trading and production, 3 sources near to the talks told . U.S. gas production has grown over the previous years with oil majors and Aramco's rivals such as Qatar Energy completing to construct numerous jobs to export gas to Europe and Asia. The state energy firm remains in talks with Tellurian to buy a stake in its 27.6 million metric lot per annum (mtpa). Driftwood LNG plant near Lake Charles, Louisiana. Aramco...

Electric Utilities

Russia's Rosatom, France's Orano deny deal talks on Niger nuclear assets

Russia's Rosatom and France's Orano denied they have held talks about a potential offer concerning uranium assets held by Orano in Niger, the groups said, declining a report stating they were in discussions. Russia has had contacts with Niger's military authorities as it seeks to take control of uranium assets held by French nuclear group Orano in the West African nation, Bloomberg said in a. report on Monday. However, Russian state nuclear company Rosatom stated on Tuesday. it had no strategies to get uranium mining properties. Rosatom declines as totally unreliable the reports on its. ' plans' to get uranium...