Oil news

Carbon Capture Technology Called a 'Boondoggle' for Oil Industry

Oil news - Mon, 06/17/2024 - 19:00
The study I refer to didn't actually say that carbon capture makes things worse. But that is the only conclusion one can draw given that the capturing is done for the purpose of dramatically lengthening the life of oil wells that would otherwise close, according to a recent piece in DeSmog. The oil wells in question are in Saskatchewan and were scheduled to close in 2016. Now with carbon dioxide pumping into them, they could produce oil for somewhere between 39 and 84 more years. Back in May I reminded readers of a more expansive definition of…
Categories: Oil news

Industry Calls on Australian Government to Back Gas Power

Oil news - Mon, 06/17/2024 - 18:30
Australia’s energy producers and utilities are calling on the government to support the existing natural gas-powered generation as a smooth market mechanism to move to growing shares of renewables in the electricity system.   Australia has been closing coal-fired power generation and raising solar and wind power, but without enough baseload generation, it risks power shortfalls and blackouts, industry officials have warned. “If you're only supporting new renewables and you don't take care of existing gas assets, you run into trouble,”…
Categories: Oil news

Ukraine Peace Summit Raises Hopes for Dialogue, But Challenges Remain

Oil news - Mon, 06/17/2024 - 18:00
For two days during the June 15-16 summit for peace in Ukraine, senior officials from more than 90 countries focused on the most devastating conflict in Europe since World War II. As the delegations dispersed, participants lauded the launching of a process to keep the dialogue going and the prospect of a second summit in the near future. But the fact the Moscow was not invited to the event and had derided it as a waste of time and effort cast doubts over the future of any peace process. Although the summit’s final communiqué did not…
Categories: Oil news

UK Renewable Energy Producers Could Be Hit by the EU Carbon Border Tax

Oil news - Mon, 06/17/2024 - 17:30
UK renewable power generators exporting electricity to the EU could be hit with the EU carbon border tax as of 2026 unless the UK and the European Union work a way to change part of the EU mechanism, British industry officials and analysts have told Reuters. The EU’s Carbon Border Adjustment Mechanism (CBAM), commonly known as the “carbon border tax”, was launched on October 1 last year in the first transitional phase for imports of several carbon-intensive groups of products into the European Union. The first phase…
Categories: Oil news

UK Renewable Energy Producers Could Be Hit by the EU Carbon Border Tax

Oil news - Mon, 06/17/2024 - 17:30
UK renewable power generators exporting electricity to the EU could be hit with the EU carbon border tax as of 2026 unless the UK and the European Union work a way to change part of the EU mechanism, British industry officials and analysts have told Reuters. The EU’s Carbon Border Adjustment Mechanism (CBAM), commonly known as the “carbon border tax”, was launched on October 1 last year in the first transitional phase for imports of several carbon-intensive groups of products into the European Union. The first phase…
Categories: Oil news

Tesla and Baidu Partner for Full Self-Driving Test

Oil news - Mon, 06/17/2024 - 17:00
Beijing recently 'greenlighted' Tesla the ability to roll out its driver-assistance system, known as "Full Self-Driving," or FSD. A new report suggests Tesla is testing vehicles equipped with FSD on city streets and highways in the world's largest car market.  Reuters cited a report from the government-backed Shanghai Observer that said ten Tesla vehicles with FSD are being tested ahead of what could be a much larger planned rollout later this year.  Elon Musk has been strategically paving the way for an FSD rollout in China in recent…
Categories: Oil news

China Accelerates Crude Stockpiling Amid Weak Refining Output

Oil news - Mon, 06/17/2024 - 16:30
China accelerated the pace of stockpiling crude oil inventories in May amid lower refining throughput and weaker crude imports compared to last year, in further bearish signs about China’s apparent oil demand so far this year. China has likely added 1.08 million barrels per day (bpd) of crude to its commercial or strategic inventories last month, up from 830,000 bpd going to stockpiles in April, according to estimates by Reuters columnist Clyde Russell based on official Chinese data.    China does not report commercial…
Categories: Oil news

Oil Prices Start the Week Lower as Demand Optimism Fades

Oil news - Mon, 06/17/2024 - 09:55
Crude oil prices began trading with a loss this week as the momentum of last week’s robust demand expectations fizzled out following a U.S. consumer demand survey last Friday. The University of Michigan’s consumer sentiment index fell to 65.6 in June, from 69.1 in May as worries about inflation and income deepened, Reuters reported. As a result, the first day of trade this week saw Brent crude slip closer to $82 in mid-morning Asian trade while West Texas Intermediate approached $78 per barrel. “Last week's…
Categories: Oil news

80 More Years of Oil: The Big Attraction of Carbon Capture

Oil news - Mon, 06/17/2024 - 02:00
Over the past few years, Big Oil has been heavily investing in carbon capture and storage (CCS) technology, ostensibly to offset CO2 emissions from the energy commodities they produce. Environmentalists have largely dismissed these efforts as mere greenwashing, with experts warning that CCS technology is so far unproven at the scale needed for meaningful decarbonization. Well, maybe environmentalists have been right all along, with new research revealing that carbon capture can extend the productivity of near-depleted oilfields for many decades.…
Categories: Oil news

From Fantasy to Fact: The EV Slowdown Gets Real

Oil news - Mon, 06/17/2024 - 00:00
Electric cars are one of the pillars of the energy transition. Mass adoption is regularly included in forecasts as a necessary condition for the success of that transition. Yet, despite efforts and investments, this mass adoption remains as elusive as nuclear fusion. The decline in EV demand growth is a fact. And it is accelerating. Earlier this week, a battery material maker from Belgium became the latest to sound the alarm on EVs. “Against the backdrop of a sharp slowdown in the growth of demand for EVs impacting the entire supply chain,…
Categories: Oil news

Visualizing the Global Footprint of Tesla and BYD's EV Factories

Oil news - Sun, 06/16/2024 - 22:00
In 2023, Tesla and BYD were the world’s two largest electric vehicle (EV) companies by a large margin, holding 19.9% and 17.1% market shares respectively. With no other company able to match their scale, these two automakers have found themselves locked in a competition for the global EV crown. In Q4 2023, BYD outsold Tesla for the first time ever by 41,000 vehicles (526,000 vs 485,000). In Q1 2024, however, their positions were switched after Tesla outsold BYD by 87,000 vehicles (387,000 vs 300,000). To gain insight into this rivalry, Visual…
Categories: Oil news

China Expands Training Programs to Promote Authoritarian Governance

Oil news - Sun, 06/16/2024 - 20:00
Debate has raged for decades over whether Beijing is actively exporting its authoritarian system abroad, but a new report based on a trove of previously unexamined government documents shows how China is experimenting with spreading its model to other countries. The new report released on June 13 by the Atlantic Council, a Washington think tank, is based on 1,691 files from China's Commerce Ministry that were logged online in 2021 and 2022. The dataset describes 795 governmental programs made up of trainings and exchanges with foreign officials…
Categories: Oil news

EU Secures Increased Azerbaijani Gas Supply to Reduce Dependence on Russia

Oil news - Sun, 06/16/2024 - 18:00
A shake-up of natural gas supply arrangements is gaining momentum across Eurasia. Russia, which has seen gas exports to Europe plummet since the start of the Russian-Ukraine war, is now intent on expanding supplies to Central Asia. Meanwhile, Azerbaijan is making progress on replacing Russian gas to meet the European Union’s needs. Russia’s unprovoked attack on Ukraine prompted EU states to reduce their dependency on Russian gas. Moscow’s exports to Europe fell from 155 billion cubic meters (bcm) in 2021, the year before the invasion,…
Categories: Oil news

Will The Far Right Upsurge Slow Europe’s Energy Transition Efforts? 

Oil news - Sun, 06/16/2024 - 02:00
The rise of the far-right populist parties in the EU elections was partly the result of the cost-of-living crisis and high energy bills, which most EU voters have had to go through over the past two years. Fears have emerged that the gains of the far right in the EU Parliament elections last weekend – and the loss of seats for the Greens – are dooming the EU’s climate action and efforts.    This is not necessarily the case. The center and center-right parties of the Group of the European People’s Party will continue…
Categories: Oil news

Could Deflecting the Sun Help Cool the Planet?

Oil news - Sun, 06/16/2024 - 00:00
Scientists believe they may have found a way of cooling the planet by deflecting light from the sun in the latest climate intervention technology. Solar Radiation Modification (SRM) aims to reflect sunlight up into space to temporarily reduce the temperature of the Earth. Scientists have been developing the technology for several years to reach the pilot testing phase. It is based on a scientific concept known as the Twomey effect, where a large number of small droplets reflect more sunlight than small numbers of large droplets. It is…
Categories: Oil news

Geopolitical Tensions and Rising Interest Rates Damping Metal Demand

Oil news - Sat, 06/15/2024 - 22:00
Via Metal Miner  The Construction MMI (Monthly Metals Index) continued to hold sideways month-over-month, without significant bullish or bearish pressure on industrial metals. Overall, the index saw a slight 2.56% uptick in price action. However, it failed to break out of its 10-month-long sideways price range. Weekly Midwest bar fuel surcharges dropped significantly, which pulled the index down. However, Chinese steel rebar witnessed a price increase, pulling the index up. Once again, there was significant pressure in both directions. Despite…
Categories: Oil news

U.S. Pushes to Triple Nuclear Energy Production by 2050

Oil news - Sat, 06/15/2024 - 20:00
This Monday Michigan Governor Gretchen Whitmer announced that she intends to reopen a nuclear power plant to meet the state’s decarbonization goals. If she is successful in her campaign, it would mark the first time in United States history that a nuclear power plant has been brought back online after being decommissioned – but it more than likely won’t be the last.  The owner of the Palisades Nuclear Generating Station, which currently sits dormant on the shores of Lake Michigan, received a conditional loan guarantee for…
Categories: Oil news

The World’s 8 Biggest Mining Countries

Oil news - Sat, 06/15/2024 - 18:00
China was the world’s biggest extractor of domestic materials in 2023, according to the UNEP’s Global Material Flows Database. The country extracted a total of 34.2 billion tonnes of materials, including biomass, fossil fuels, metal ores, and non-metallic minerals. This is more than four times the amount of either of the next two largest extractors: India (8.03 billion tonnes) and the United States (7.98 billion tonnes). India overtook the United States for the first time to become the second largest extractor of these materials in…
Categories: Oil news

OPEC’s Trillion-Dollar Bet Against U.S. Shale

Oil news - Sat, 06/15/2024 - 01:00
Since 2008, the shale boom has grown U.S. oil production by about 9 million barrels per day. In the early days of the shale boom, when it wasn’t clear whether this development would have a significant impact, it was largely ignored by OPEC. By late 2014, as U.S. oil production growth was approaching 5 million BPD, OPEC decided they could no longer ignore it. At its November 2014 meeting, OPEC announced it would defend market share that was being lost due to the rise of non-OPEC production, especially from the United States. It was a shift…
Categories: Oil news

China’s Small Banks Face Scrutiny Over Russian War Support at G7

Oil news - Fri, 06/14/2024 - 23:00
With Western officials looking to hamper Beijing's support for a Russian economy reoriented around the war in Ukraine, China’s smaller banks have emerged as a new target. How to deal with the small Chinese financial institutions that are helping Moscow evade Western sanctions will be a top agenda item at the Group of Seven (G7) summit in Italy on June 13-15. U.S. officials have said that going after booming Chinese-Russian trade -- particularly the supply of nonlethal but militarily applicable dual-use products -- is a priority. “We…
Categories: Oil news

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