Oil news

PetroChina Plans to Launch Trading of Energy Transition Metals

Oil news - Mon, 12/16/2024 - 19:30
Chinese oil and gas giant PetroChina is building a team to begin a business of trading with copper, lithium, and other metals critical to the energy transition.  Richard Fu, a Trading Manager, has said in a post on LinkedIn that he had been hired by PetroChina International (London) Co., Limited. “I am honoured to start the green energy transition metals and minerals business for PetroChina, trading physical and paper copper, lithium and others,” Fu wrote in the post without elaborating further. The Chinese giant could also include…
Categories: Oil news

PetroChina Plans to Launch Trading of Energy Transition Metals

Oil news - Mon, 12/16/2024 - 19:30
Chinese oil and gas giant PetroChina is building a team to begin a business of trading with copper, lithium, and other metals critical to the energy transition.  Richard Fu, a Trading Manager, has said in a post on LinkedIn that he had been hired by PetroChina International (London) Co., Limited. “I am honoured to start the green energy transition metals and minerals business for PetroChina, trading physical and paper copper, lithium and others,” Fu wrote in the post without elaborating further. The Chinese giant could also include…
Categories: Oil news

What Does The Fall Of Assad’s Syria Mean To The Key Players In The Middle East?

Oil news - Mon, 12/16/2024 - 19:00
The lightning-quick removal on 8 December of Syria’s President Bashar al-Assad after 53 years of Assad family rule will have seismic effects on the Middle East for years to come. Geographically, it holds a vital strategic position in the region, bordering Iraq to the East, Jordan to the South, Israel and Lebanon to the West, and Turkey to the North, with a long Mediterranean coastline as well. It critical geopolitical importance reflects this, beginning with a crucial role in the resurgence of pan-Arabism under Bashar’s father, Hafez,…
Categories: Oil news

Russia's $10 Billion Shadow Armada Exposed by Ukrainian Intelligence

Oil news - Mon, 12/16/2024 - 18:00
Ukraine has identified 238 tankers it said belong to a shadow fleet of ships that Russia is using to keep its oil and fuels moving around the world, with hopes this information (which the west has had for years) will force western authorities to sanction the carriers. Ukraine has identified this shadow fleet as having a total deadweight of over 100 million tons, approximately 17% of the world’s oil tanker fleet. It has included a number of vessels that it says have been switched from the “Iranian ghost armada” to carry Russian…
Categories: Oil news

Trump Set to Reverse Biden’s EV Support and Tailpipe Emissions Rules

Oil news - Mon, 12/16/2024 - 17:30
Team Trump is proposing radical changes to the U.S. policy toward electric vehicles and tailpipe emissions, including axing the EV incentives and the government mandate for federal EV fleets, and rolling back the Biden Administration’s rules on tailpipe emissions and fuel economy standards, Reuters reports, citing a draft document it has seen. During the campaign, President-elect Trump has repeatedly slammed the “crazy” EV mandate of President Joe Biden, whose Administration has sought to support EV sales with incentives and mandates…
Categories: Oil news

Trump Set to Reverse Biden’s EV Support and Tailpipe Emissions Rules

Oil news - Mon, 12/16/2024 - 17:00
Team Trump is proposing radical changes to the U.S. policy toward electric vehicles and tailpipe emissions, including axing the EV incentives and the government mandate for federal EV fleets, and rolling back the Biden Administration’s rules on tailpipe emissions and fuel economy standards, Reuters reports, citing a draft document it has seen. During the campaign, President-elect Trump has repeatedly slammed the “crazy” EV mandate of President Joe Biden, whose Administration has sought to support EV sales with incentives and mandates…
Categories: Oil news

Lower Chinese LNG Imports Could Ease Europe’s Energy Woes

Oil news - Mon, 12/16/2024 - 01:00
The world’s top LNG importer, China, has hit the brakes on spot LNG purchases in recent weeks as Asian prices have hit the highest level for the year.      After several months of stocking up on cheaper LNG supply, Chinese natural gas inventories are now estimated to be high enough to allow importers to retreat from spot LNG cargo purchases at the higher prices. The slowdown in China’s LNG imports in recent weeks could free up more spot supply for Europe, which is depleting its gas inventories at the fastest pace…
Categories: Oil news

Why Trump’s ‘Maximum Pressure’ Strategy on Iran May Fail

Oil news - Sun, 12/15/2024 - 23:00
Donald Trump is back, and so is the “maximum pressure” campaign against Iran to “drastically throttle” Tehran’s oil sales.   But 2025 is not 2018. Although Iran was on the ropes then, things are different now. America’s support for Israel’s campaigns against the Palestinian and Lebanese people has eroded local support for U.S. moves, as many Middle East capitals are doubtful about “maximum pressure” and feel it will increase regional tensions.   Saudi…
Categories: Oil news

Is Tajikistan's Mega-Dam Project Already Obsolete?

Oil news - Sun, 12/15/2024 - 21:00
Building the Rogun Dam in Tajikistan to its maximum projected height and specifications would be an economic disaster for Central Asia’s poorest nation, and an environmental nightmare for the entire region, according to a newly published expert report. The advent of new technologies for electricity generation means that Tajikistan’s already decades-old mega project would be outdated before it became fully operational. The report, compiled by the Kazakhstan-based environmental organization Rivers Without Boundaries, is being distributed…
Categories: Oil news

The UK Electric Vehicle Boom Is Set to Accelerate

Oil news - Sun, 12/15/2024 - 19:00
Following a big push from the government and electric vehicle (EV) producers, the U.K. is expected to undergo a significant shift away from internal combustion (ICE) vehicles in favour of EVs in the coming years. This news comes despite lower-than-expected EV sales in the U.S. and Europe this year, which drove many automakers to rein in their production strategies. Auto Trader, the U.K.’s biggest digital automotive platform, forecasts a ‘seismic shift’ to EVs in Britain in the coming years. According to a recent report from Auto…
Categories: Oil news

Chevron and Exxon Target Data Centers with Reliable Gas Power

Oil news - Sun, 12/15/2024 - 03:00
The supermajors are moving into power generation, tempted by forecasts of a looming surge in demand. Yet there is a twist: the temptation is natural gas generation. Wind and solar—typically described as green or clean power—are turning into a fiasco for Big Oil. Chevron and Exxon both recently said they were planning to venture into the exciting—and quite profitable—field of electricity generation. Speaking at a Reuters event in New York, Chevron’s head of the New Energies division said that it has been in talks for…
Categories: Oil news

Can Coal Ash Solve the Rare Earth Supply Chain Crisis?

Oil news - Sun, 12/15/2024 - 01:00
Coal ash is currently a hot topic in United States politics. Just yesterday, the Supreme Court ruled to allow the Biden administration to move forward with a plan to address toxic coal ash, in the latest update in a drawn-out legal battle over monitoring and remediation of the toxic substance. But while coal ash is a noted hazard to public health and the environment, it could also be a key new resource for the clean energy transition. Millions of tons of coal ash, a byproduct of burning the world’s dirtiest fossil fuel, are currently sitting…
Categories: Oil news

Europe's Wind Power Boom Faces New Challenges

Oil news - Sat, 12/14/2024 - 23:00
Europe is starting to reach its limit when it comes to wind power. Countries like Denmark and Sweden, once leaders in expanding offshore wind capacity, are now hitting obstacles as power prices and incentives fall too low to support new projects, according to Bloomberg. A recent Danish auction for offshore wind saw no bids, highlighting the issue. This slowdown in wind development risks prolonging reliance on fossil fuels, as rising costs challenge the sector's earlier success in driving down prices. Denmark, which generated a world-leading 58%…
Categories: Oil news

Massive LNG Expansion Expected Worldwide Despite Green Transition

Oil news - Sat, 12/14/2024 - 21:00
Since 2022, several countries worldwide have announced plans to expand their natural gas production capacity over the next decade, with multiple new large-scale projects coming online over the last three years. This was largely driven by the 2022 Russian invasion of Ukraine and subsequent sanctions on Russian energy, which led to a global shortage of natural gas. As countries across Europe and North America hurriedly sought out alternative supplies of the fuel, several governments decided to back new gas expansion plans to ensure the future of…
Categories: Oil news

Will Assad's Downfall Trigger a Russian Withdrawal from Syria?

Oil news - Sat, 12/14/2024 - 19:00
When he launched the full-scale invasion of Ukraine in 2022, Russian President Vladimir Putin apparently believed Russian forces would topple the government within weeks and restore Moscow's dominance over the country after 30 years of independence. Putin was mistaken, and the war he started rages on nearly three years later. It's hard to imagine Putin didn't mull over his miscalculation when militant-led opposition forces seized Damascus and swept Syrian President Bashar al-Assad from power less than two weeks after launching an offensive. The…
Categories: Oil news

Enhanced Geothermal: A Game Changer for Renewable Energy

Oil news - Sat, 12/14/2024 - 03:00
Enhanced Geothermal Systems, or EGS, are quietly transforming how we think about renewable energy, turning one of the Earth’s most underutilized resources—its internal heat—into a reliable and sustainable power source. The DOE Department of Energy (DOE) has estimated that there is approximately 100,000 megawatts of clean, baseload power possible through EGS technology in the United States The beauty of this technology, which extracts thermal energy from deep beneath the surface, is that it is widely applicable, and may be of particular…
Categories: Oil news

Rising Metal Prices Cast Shadow on U.S. Construction Industry

Oil news - Sat, 12/14/2024 - 01:00
Via Metal Miner  The Construction MMI (Monthly Metals Index) held its sideways trend, dropping by a slight 1.09%. Despite a torrent of construction news, the index didn’t budge much month-over-month and had a minimal reaction to recent interest rate drops. The Fed will likely need to drop interest rates more aggressively for the construction index to display any type of significant reaction to this macroeconomic price driver. Despite the lackluster reaction to The Fed’s more recent, dovish stance, the construction market witnessed…
Categories: Oil news

Costly Cruise Venture Forces GM to Retreat from Robotaxi Race

Oil news - Fri, 12/13/2024 - 23:00
General Motors is winding down its Cruise robotaxi division, according to a new report from Bloomberg.  GM's exit from the market leaves Google's Waymo and Tesla as the two main names in autonomous driving. The division "proved costly and full of reputational pitfalls" for General Motors, the report said. GM and Cruise will merge technical teams to focus on autonomous tech for future GM vehicles, halting robotaxi development due to high costs and stiff competition, the company announced Tuesday. This marks a significant shift after Cruise…
Categories: Oil news

CNPC: China Reaches Refined Oil Demand Peak

Oil news - Fri, 12/13/2024 - 22:30
China, the world’s heavyweight oil consumer, has officially hit its peak. According to CNPC’s Economics & Technology Research Institute, the country’s refined oil consumption maxed out in 2023 at 399 million metric tons (roughly 8 million barrels per day) and is set to decline by 1.3% in 2024. For an economy that’s been a relentless driver of global oil demand for decades, this news is striking. As for the reasons behind the shift, they can be chalked up in part to electric vehicles, which are taking over Chinese roads.…
Categories: Oil news

CNPC: China Reaches Refined Oil Demand Peak

Oil news - Fri, 12/13/2024 - 22:30
China, the world’s heavyweight oil consumer, has officially hit its peak. According to CNPC’s Economics & Technology Research Institute, the country’s refined oil consumption maxed out in 2023 at 399 million metric tons (roughly 8 million barrels per day) and is set to decline by 1.3% in 2024. For an economy that’s been a relentless driver of global oil demand for decades, this news is striking. As for the reasons behind the shift, they can be chalked up in part to electric vehicles, which are taking over Chinese roads.…
Categories: Oil news

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