Oil news

Mexico Raises Proven Hydrocarbon Reserves Figure

Oil news - Tue, 06/11/2024 - 21:30
Mexico's National Hydrocarbons Commission (CNH) announced on Tuesday that the nation's total proven hydrocarbon reserves, encompassing both crude oil and natural gas, have increased to 8.383 billion barrels of crude oil equivalent. This marks a significant development in the annual reserves data. This total aggregates the reserves held by state energy giant Pemex and other entities that entered the market following Mexico's landmark energy reforms. These reforms aimed to attract new technology, expertise, and investment to revitalize the sector.…
Categories: Oil news

Tata Steel's Electric Arc Furnace Project in Limbo

Oil news - Tue, 06/11/2024 - 21:00
Tata Steel bosses have raised concerns about the impact the UK’s General Election on July 4 could have on its £1.25bn plans at its Port Talbot site. The company said it is “apprehensive” following media reports on Monday, June 10, regarding the closure of the heavy end assets and restructuring program, which was outlined earlier this year. Yesterday, Labour reiterated calls for Tata Steel to wait for the party to come into government before shutting off blast furnaces which will cost thousands of jobs in south Wales. Tata…
Categories: Oil news

China Expands Influence in Central Asia with Disaster Relief Initiative

Oil news - Tue, 06/11/2024 - 20:00
China and the five states of Central Asia are creating a mechanism to improve responses to natural disasters.  The heads of emergency-response agencies for all six nations signed a cooperation agreement following a meeting in the western Chinese city of Urumqi. The pact establishes a working group to mitigate risks and develop more efficient natural disaster response plans. “This mechanism will serve as a new platform for deepening mutually beneficial and practical cooperation among the six countries,” the Business Kazakhstan outlet…
Categories: Oil news

OPEC’s Oil Production Edged Higher Ahead of Key Policy Meeting

Oil news - Tue, 06/11/2024 - 19:30
OPEC’s crude oil production rose by 29,000 barrels per day (bpd) in May compared to April as the OPEC+ group headed for the crucial June 2 meeting to decide output policy for the rest of the year. Total crude oil production from all 12 OPEC producers averaged 26.63 million bpd in May 2024, up by 29,000 bpd compared to April, according to secondary sources in OPEC’s Monthly Oil Market Report published on Tuesday. Crude oil output increased the most in Nigeria, according to OPEC’s secondary sources. Africa’s top…
Categories: Oil news

4 Questions About the Future of Electricity

Oil news - Tue, 06/11/2024 - 19:00
With summer heating up, Donald Trump promising more deregulation if he wins, and record storms causing blackouts leaving multitudes in sweltering darkness, we decided to seek timely guidance about electricity’s future from our favorite electricity guru, the Question Man (QM).  1. Will less regulation and more competition mean better prices for consumers?  QM:  Your question implies that deregulation came with effective competition—which it didn’t. And that the present deregulatory framework brought benefits to consumers—…
Categories: Oil news

Citgo’s Sale Draws Nearer as Claimants Submit Binding Bids

Oil news - Tue, 06/11/2024 - 18:30
The deadline for submitting binding bids for the parent company of Venezuelan refiner Citgo Petroleum is expiring on Tuesday while the deadline for completing the court-appointed auction and the awarding of the winners is July 15.    A U.S. federal court in Delaware is accepting until today binding bids in the second bidding round for the shares of Citgo’s parent company, Venezuela’s PDV Holding, as creditors and claimants seek compensation for asset nationalization under Hugo Chavez and failure to repay debts under Nicolas…
Categories: Oil news

Citgo’s Sale Draws Nearer as Claimants Submit Binding Bids

Oil news - Tue, 06/11/2024 - 18:30
The deadline for submitting binding bids for the parent company of Venezuelan refiner Citgo Petroleum is expiring on Tuesday while the deadline for completing the court-appointed auction and the awarding of the winners is July 15.    A U.S. federal court in Delaware is accepting until today binding bids in the second bidding round for the shares of Citgo’s parent company, Venezuela’s PDV Holding, as creditors and claimants seek compensation for asset nationalization under Hugo Chavez and failure to repay debts under Nicolas…
Categories: Oil news

Citgo’s Sale Draws Nearer as Claimants Submit Binding Bids

Oil news - Tue, 06/11/2024 - 18:30
The deadline for submitting binding bids for the parent company of Venezuelan refiner Citgo Petroleum is expiring on Tuesday while the deadline for completing the court-appointed auction and the awarding of the winners is July 15.    A U.S. federal court in Delaware is accepting until today binding bids in the second bidding round for the shares of Citgo’s parent company, Venezuela’s PDV Holding, as creditors and claimants seek compensation for asset nationalization under Hugo Chavez and failure to repay debts under Nicolas…
Categories: Oil news

Stocks Shrug Off EU Elections While Bitcoin, Gold, and Oil Shine

Oil news - Tue, 06/11/2024 - 18:00
US stocks shrugged off early weakness driven by the right-regime-shift in European elections, treading water on Monday, at least on the surface, following Friday's strong Payrolls report and ahead of a big macro Wednesday, featuring both the May CPI reading and the scheduled June FOMC meeting. Small Caps had a wild day, swinging from considerable losses at the cash open to modest gains by the close. All the majors ended slightly higher on the day (with a new ATH for the S&P 500... Goldman's trading desk notes that overall activity levels are…
Categories: Oil news

Volkswagen and Isuzu Chill South Africa’s EV Ambitions

Oil news - Tue, 06/11/2024 - 17:30
Major car manufacturers Volkswagen and Isuzu Motors do not have immediate plans to make electric or hybrid vehicles in South Africa despite generous tax breaks the country introduced earlier this year. South Africa said in February that companies that invest in the production of electric vehicles (EVs) in the country would be able to claim a 150% tax deduction on these investments, beginning in 2026. The country aims to attract EV manufacturing and incentivize its EV and hydrogen industries, which are relatively small and underdeveloped. …
Categories: Oil news

Volkswagen and Isuzu Chill South Africa’s EV Ambitions

Oil news - Tue, 06/11/2024 - 17:30
Major car manufacturers Volkswagen and Isuzu Motors do not have immediate plans to make electric or hybrid vehicles in South Africa despite generous tax breaks the country introduced earlier this year. South Africa said in February that companies that invest in the production of electric vehicles (EVs) in the country would be able to claim a 150% tax deduction on these investments, beginning in 2026. The country aims to attract EV manufacturing and incentivize its EV and hydrogen industries, which are relatively small and underdeveloped. …
Categories: Oil news

Rising Fuel Demand Is Driving Bullish Sentiment in Oil Markets

Oil news - Tue, 06/11/2024 - 16:39
Bullish sentiment appears to be building in oil markets as summer demand for fuel kicks in, pushing Brent back above the $81 per barrel mark.- Supply disruptions have ratcheted up pressure on gas prices globally, with prices across Europe, Asia and the United States simultaneously edging higher to their highest in 2024 so far.- European TTF gas futures soared 13% in one day after cracks were found in Equinor’s Sleipner platform and even though the repairs concluded already, the regional benchmark continues to hover around €35 per MWh…
Categories: Oil news

Saudi Utility Giant Plans $1.9-Billion Rights Issue to Boost Growth

Oil news - Tue, 06/11/2024 - 16:30
ACWA Power, a major utility in Saudi Arabia, plans to raise as much as $1.9 billion via a rights issue to fund its plan to triple its assets under operation by 2030, the company said in a stock exchange filing on Tuesday. ACWA Power’s board recommended that the utility increase its capital by $1.9 billion (7.125 billion Saudi riyals) through the Offering of a Rights Issue—selling more shares to existing shareholders. The proceeds from the offering are set to allow ACWA Power “to anchor its growth strategy of tripling…
Categories: Oil news

Saudi Utility Giant Plans $1.9-Billion Rights Issue to Boost Growth

Oil news - Tue, 06/11/2024 - 16:30
ACWA Power, a major utility in Saudi Arabia, plans to raise as much as $1.9 billion via a rights issue to fund its plan to triple its assets under operation by 2030, the company said in a stock exchange filing on Tuesday. ACWA Power’s board recommended that the utility increase its capital by $1.9 billion (7.125 billion Saudi riyals) through the Offering of a Rights Issue—selling more shares to existing shareholders. The proceeds from the offering are set to allow ACWA Power “to anchor its growth strategy of tripling…
Categories: Oil news

Afghanistan’s Taliban Reports $80 Million In Crude Oil Sales In 10 Days

Oil news - Tue, 06/11/2024 - 03:00
Afghanistan has sold 150,000 tons (1.1 million barrels) of crude oil from the Amu Darya basin for more than $80 million over the past 10 days, with Beijing’s investment in the country beginning to bear fruit.  On Sunday, Humayun Afghan, the spokesperson for the Taliban's Ministry of Mines and Petroleum, revealed that the group had sold 130,000 tons of crude oil for $71.6 million before it successfully put up another 20,000 tons (146,000 barrels) of crude worth $10.5 million for bidding on the same day. This marks a reversal…
Categories: Oil news

New Aramco Share Sale Does Not Change The Company’s Dire Situation

Oil news - Tue, 06/11/2024 - 02:00
Many more questions than answers have been raised by last week’s sale of an additional US$11.2 billion of shares in Saudi Arabia’s flagship company Aramco. Much has been made by Aramco sources that the issuance attracted many more international investors than the original initial public offering (IPO) in December 2019 but as virtually none in the Western investment community took part back then, this appears as a largely redundant comparison. More apposite observations prompted by this latest stock sale are whether this will further…
Categories: Oil news

Say Goodbye to Utility Stock Dividends

Oil news - Tue, 06/11/2024 - 01:00
U.S. electric utility stocks have been in the new part of two emerging trends, the development of data centers with large energy consumption needs as well as the broader electrification trend. Prices have rallied as equity analysts and investors alike seem to agree that electric utilities are becoming growth stocks. This is due to the electrification movement occurring in various sectors of the economy like vehicular transportation and home heating. We first wrote about the prospect of a revival of sales growth for Oilprice.com about fifteen months…
Categories: Oil news

Aging Grid and Shady Deals Undermine Uzbekistan's Solar Ambitions

Oil news - Tue, 06/11/2024 - 00:00
Uzbekistan's gaping power deficits and the government's desperate attempts to plug them are hardly a secret these days. Only last week, President Shavkat Mirziyoev welcomed Russian leader Vladimir Putin to Tashkent for a two-day trip that turned into three days of talks, with Moscow's energy assistance to its Central Asian ally topping the bill. Alongside confirmation that Moscow's nuclear energy giant Rosatom will build a small power plant in the country, the trip brought a pledge from Putin to nearly quadruple pipeline capacity next year, potentially…
Categories: Oil news

Wyoming Breaks Ground on Bill Gates’ Next-Gen Nuclear Facility

Oil news - Mon, 06/10/2024 - 23:30
Bill Gates-backed TerraPower began construction on Monday on what is positioned to become America’s first next-generation nuclear power facility, in Kemmerer, Wyoming, and the most advanced nuclear facility in the world.  “This is a big step toward safe, abundant, zero-carbon energy,” the Associated Press cited Gates as saying in Kemmerer on Monday. “And it’s important for the future of this country that projects like this succeed.” Gates told the audience gathered in Wyoming on Monday that they were “standing…
Categories: Oil news

Wyoming Breaks Ground on Bill Gates’ Next-Gen Nuclear Facility

Oil news - Mon, 06/10/2024 - 23:30
Bill Gates-backed TerraPower began construction on Monday on what is positioned to become America’s first next-generation nuclear power facility, in Kemmerer, Wyoming, and the most advanced nuclear facility in the world.  “This is a big step toward safe, abundant, zero-carbon energy,” the Associated Press cited Gates as saying in Kemmerer on Monday. “And it’s important for the future of this country that projects like this succeed.” Gates told the audience gathered in Wyoming on Monday that they were “standing…
Categories: Oil news

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