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Yellen Plans To Confront China For ‘Unfair’ Clean Energy Subsidies

7 hours 38 min ago
U.S. Treasury Secretary Janet Yellen has revealed that she intends to warn Beijing that its national underwriting for energy and other companies is creating oversupply and distorting global markets when she pays the country an official visit. "I intend to talk to the Chinese when I visit about overcapacity in some of these industries, and make sure that they understand the undesirable impact that this is having--flooding the market with cheap goods- -on the United States, but also in many of our closest allies, Yellen said in a speech…
Categories: Oil news

Transport Recovery Rekindles Threat of Diesel Shortage

8 hours 38 min ago
A pick-up in freight activity around the world is tightening fuel markers and could cause a shortage of diesel that was barely avoided last year due to the slump in industry activity. Moody’s predicted this week that the price of diesel in the United States alone would add more than $1 from pre-pandemic levels this year, hitting $4.50 per gallon. In Europe, fuel imports from India jumped threefold in February, indicating stronger demand. Yet supply has become tricky. In the U.S., distillate inventories remain below the…
Categories: Oil news

Shipping Sector's Emission Cuts Hobbled by Regulatory Uncertainty

9 hours 38 min ago
The shipping industry and its regulators are drafting tentative pathways to reaching net-zero emissions by 2050. But the emission reduction efforts in the hard-to-decarbonize sector are slowed down by unclear regulation and uncertainty about which cleaner marine fuel would be the most cost-efficient and effective alternative to the oil-derived bunkering fuel that powers nearly all ships today.    Emission Reduction Goals Last year, the United Nations agency, the International Maritime Organization (IMO), set out in its strategy indicative…
Categories: Oil news

The Race to Mine the Ocean is Heating Up

10 hours 38 min ago
India has applied to the International Seabed Authority (ISA) for two new licenses to explore parts of the Indian Ocean sea bed for minerals crucial to the green energy transition. If they are granted, India would hold four contracts, making it the country with the second highest number of active contracts for deep sea mining exploration projects in the world. As Statista's Anna Fleck shows in the following chart, based on ISA data, China currently has five contracts, making it the leading country in terms of contracts for permitted deep sea mining…
Categories: Oil news

Oil Prices Gain 2% on Tightening Supply

Thu, 03/28/2024 - 23:30
U.S. benchmark crude gained over $2 on Thursday as U.S. crude inventories tightened and OPEC+ vowed to keep the output cut status quo as tensions continued to flare in the Middle East and Russia-Ukraine.  At 4:23 p.m. ET on Thursday, U.S. crude benchmark West Texas Intermediate (WTI) trading up 2.05% at $83.02, while global benchmark Brent crude was trading up 1.61% at $87.48.  WTI has gained 14% so far this year.   This week’s inventory data from the Energy Information Administration (EIA) showed a U.S. crude…
Categories: Oil news

Airbus, Rolls-Royce, and EasyJet Team Up for Hydrogen-Powered Flight

Thu, 03/28/2024 - 23:00
There has been increasing talk about the potential for hydrogen flight in recent years, as aviation companies look to decarbonise their operations. As passenger electric flight looks increasingly difficult to achieve, due to the heavy weight of existing electric batteries, airlines are exploring the potential for powering planes using hydrogen. To achieve this, they will need the backing of governments worldwide, as well as significant public and private investment in research and development in the hydrogen and aviation industries.  …
Categories: Oil news

Gold Recycling Goes Green with Biodiesel Innovation

Thu, 03/28/2024 - 22:00
Chalmers University of Technology researchers have developed an environmentally friendly method for recycling and purifying metals. Using gold earrings from a pawnshop in Gothenburg and biodiesel from the nearest filling station, the discovery could change an industry that is currently dependent on large amounts of fossil oil. The scientific article ‘Sustainable solvent extraction of gold and other metals with biomass chemicals’ has been published in the journal RSC Sustainability (Available Open Access). The authors of the study are…
Categories: Oil news

EU and Turkmenistan Eye New Energy Partnerships

Thu, 03/28/2024 - 21:00
A lot of Europeans will be passing through Turkmenistan this year. So says Foreign Minister Rashid Meredov. Meredov last week embarked on a five-day trip that took in Belgium and Italy. In Brussels, he met with an array of important euro-panjandrums, including European Commission vice presidents Valdis Dombrovskis and Margaritis Schinas, the European Commissioner for International Partnerships, Jutta Urpilainen, and Simon Mordue, the chief foreign policy advisor to European Council’s president. The end result of all this business was the…
Categories: Oil news

Copper Atoms Key to Sustainable Methanol Production

Thu, 03/28/2024 - 20:00
University of Nottingham researchers have successfully transformed CO2 into methanol by shining sunlight on single atoms of copper deposited on a light-activated material, a discovery that paves the way for creating new green fuels. The international team of researchers from the University of Nottingham’s School of Chemistry, University of Birmingham, University of Queensland and University of Ulm have research has been published in the Sustainable Energy & Fuels Journal of the Royal Society of Chemistry. The material design is made up…
Categories: Oil news

Citigroup Says 42% of Clients Have No Energy Transition Plan

Thu, 03/28/2024 - 19:30
More than 40% of Citigroup’s clients lack a “substantive plan” for cutting their emissions to align with net-zero ambitions or are unlikely to transition at all, the bank’s latest climate report showed. The report, published earlier this week, is based on initial results from its net zero review template, which monitors its clients’ readiness to adapt to the energy transition. Among the energy sector, according to Citigroup, 42% of its clients have a “low” transition-plan alignment, and 29% have a “medium-low”…
Categories: Oil news

Citigroup Says 42% of Clients Have No Energy Transition Plan

Thu, 03/28/2024 - 19:30
More than 40% of Citigroup’s clients lack a “substantive plan” for cutting their emissions to align with net-zero ambitions or are unlikely to transition at all, the bank’s latest climate report showed. The report, published earlier this week, is based on initial results from its net zero review template, which monitors its clients’ readiness to adapt to the energy transition. Among the energy sector, according to Citigroup, 42% of its clients have a “low” transition-plan alignment, and 29% have a “medium-low”…
Categories: Oil news

Russian Warships Enter The Red Sea amid Houthi Attacks

Thu, 03/28/2024 - 19:00
A group of warships from Russia’s Pacific Fleet have crossed the Bab el-Mandeb Strait and have entered the Red Sea, Russian state media reported on Thursday, citing the press service of the Pacific Fleet. The area is crowded with ships from Western Navies which are looking to protect commercial ships from the attacks launched by the Iran-aligned Houthis in Yemen.   The Russian detachment included missile cruiser Varyag and frigate Marshal Shaposhnikov, which crossed the Bab el-Mandeb Strait and entered the Red Sea, the Pacific…
Categories: Oil news

Asian Imports of Russian Crude Oil to Hit a 10-Month High in March

Thu, 03/28/2024 - 18:30
Rising crude imports from Russia in Asia’s top importers, China and India, are estimated to push total Asian oil imports to a 10-month high in March, per data from LSEG Oil Research reported by Reuters columnist Clyde Russell. This month, higher arrivals of Russian crude to the top-importing markets in Asia are set to boost Asian crude imports to 27.48 million barrels per day (bpd), which would be the highest level in 10 months. The estimated import volumes in March would be higher than Asia’s 26.70 million bpd imports in…
Categories: Oil news

Asian Imports of Russian Crude Oil to Hit a 10-Month High in March

Thu, 03/28/2024 - 18:30
Rising crude imports from Russia in Asia’s top importers, China and India, are estimated to push total Asian oil imports to a 10-month high in March, per data from LSEG Oil Research reported by Reuters columnist Clyde Russell. This month, higher arrivals of Russian crude to the top-importing markets in Asia are set to boost Asian crude imports to 27.48 million barrels per day (bpd), which would be the highest level in 10 months. The estimated import volumes in March would be higher than Asia’s 26.70 million bpd imports in…
Categories: Oil news

Asian Imports of Russian Crude Oil to Hit a 10-Month High in March

Thu, 03/28/2024 - 18:30
Rising crude imports from Russia in Asia’s top importers, China and India, are estimated to push total Asian oil imports to a 10-month high in March, per data from LSEG Oil Research reported by Reuters columnist Clyde Russell. This month, higher arrivals of Russian crude to the top-importing markets in Asia are set to boost Asian crude imports to 27.48 million barrels per day (bpd), which would be the highest level in 10 months. The estimated import volumes in March would be higher than Asia’s 26.70 million bpd imports in…
Categories: Oil news

Water Shortages to Impact Over 30% of the World's Population

Thu, 03/28/2024 - 18:00
Water is not only the basis of life for animals and plants, but is also likely to become a contested resource in parts of the world in the coming decades. According to UN figures, global water stress, i.e. the proportion of water withdrawn for use in industry, agriculture or private households in relation to available water, was manageable at 18.2% in 2020. In 2022, however, 2.4 billion people were living in areas that are exposed to extreme water stress in some cases. It is not possible to determine exactly how high this will be by 2050 due to…
Categories: Oil news

Rosneft Refinery Offline Following Ukrainian Drone Attack

Thu, 03/28/2024 - 17:00
A refinery in southwestern Russia owned and operated by state oil giant Rosneft has been taken offline and all production stopped, due to damage following a drone attack from Ukraine last week, Reuters reported on Thursday, quoting sources in the industry.  Rosneft’s Kuibyshev oil refinery in the region of Samara on the Volga River was hit by a drone attack this weekend and had already halted half of its crude processing capacity after one of the two primary crude refining units at the facility caught fire.   …
Categories: Oil news

Rosneft Refinery Offline Following Ukrainian Drone Attack

Thu, 03/28/2024 - 17:00
A refinery in southwestern Russia owned and operated by state oil giant Rosneft has been taken offline and all production stopped, due to damage following a drone attack from Ukraine last week, Reuters reported on Thursday, quoting sources in the industry.  Rosneft’s Kuibyshev oil refinery in the region of Samara on the Volga River was hit by a drone attack this weekend and had already halted half of its crude processing capacity after one of the two primary crude refining units at the facility caught fire.   …
Categories: Oil news

Over 20% of the World’s Oil Refining Capacity Is at Risk of Closure

Thu, 03/28/2024 - 16:57
More than 20% of the total global refining capacity is at some risk of closure as refining margins are set to weaken alongside demand, while carbon taxes could also burden many refiners, Wood Mackenzie has said in a recent report. Overall, based on expected net cash margins in 2030, Wood Mackenzie has identified 121 out of 465 screened refining sites “at some risk of closure”. This represents a cumulative 20.2 million bpd of refining capacity, or 21.6% of the global capacity last year, WoodMac’s analysis showed.…
Categories: Oil news

Kenya and Uganda End Oil Imports Dispute

Thu, 03/28/2024 - 16:00
East African neighbors Kenya and Uganda have reached an agreement to end a bitter dispute about oil imports via the Kenyan port of Mombasa to landlocked Uganda. For years, Uganda has imported fuels from Kenya via Kenyan companies and middlemen. Kenya has been importing fuels and selling them to its neighbors in East Africa. Last autumn, Uganda’s President Yoweri Museveni accused Kenyan resellers and middlemen of inflating fuel prices by up to 58% and said Uganda has been “cheated” by the fuel resellers to a “huge loss”…
Categories: Oil news

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