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Is This Big Oil’s Next Secret Weapon?

7 hours 46 minutes ago
Reducing global carbon emissions to net zero “is the only way to go,” Shell’s chief executive Ben van Beurden said earlier this month, in yet another reminder from a top executive that Big Oil needs to produce and sell more energy with low carbon intensity. Oil majors are investing in various alternative energy solutions in response to increased investor pressure to start thinking about reducing emissions instead of just growing profits. Some supermajors are investing in EV charging networks, others in research and development…
Tsvetana Paraskova

Oil Plunges As Iran Conflict Cools

7 hours 46 minutes ago
Oil prices sank on Tuesday after President Trump and U.S. Secretary of State Mike Pompeo struck a softer tone on Iran. The market acted swiftly, selling off crude oil. The comments come a day after Iran’s foreign minister Javad Zarif spoke with NBC News, where he seemed to crack open the door to negotiations of some sort. When asked what it would take to get Iran to the bargaining table, Zarif took issue with the premise of the question. “No, we are at the bargaining table. It is the United States that left the bargaining table,”…
Nick Cunningham

Small Crude Draw Can’t Stop Oil From Plunging

10 hours ago
The American Petroleum Institute (API) reported a small crude oil inventory draw of 1.401 million barrels for the week ending July 11, compared to analyst expectations of a 2.69-million barrel draw. The inventory draw this week is disappointing after last week’s large draw of 8.129 million barrels, according to the API. A day later, the EIA had estimated an even bigger inventory drawdown of  9.5 million barrels. After a string of inventory draws, the net build is now just 12.16 million barrels for the 29-week reporting period so far…
Julianne Geiger

Turkey Won’t Back Down From Cyprus Oil Drilling Despite EU Sanctions

11 hours 46 minutes ago
The Turkish Foreign Affair Ministry on Tuesday rejected the notion of European Union sanctions on Turkey over its drilling for gas in disputed eastern Mediterranean waters, pledging instead to send yet another ship to the area. During their meeting in Brussels on Monday, European Union foreign ministers approved a new batch of sanctions against Turkey. In their statement, they said that in light of Turkey's “continued and new illegal drilling activities,” the EU was suspending talks on an air transport agreement and would call on the…
Charles Kennedy

Oil Falls Back As Iran Risk Factor Fades

12 hours 46 minutes ago
Oil prices started the week slightly higher, but fell on Tuesday after U.S. Secretary of State Pompeo said that Washington is ready to negotiate the Iran missile program Chart of the Week Argentina’s natural gas production from shale has climbed significantly in the last few years, driven by increased drilling in the Vaca Muerta shale. Production from the Vaca Muerta surpassed 1 billion cubic feet per day (Bcf/d) at the end of 2018. Higher production has allowed Argentina to resume gas exports. Argentina’s first LNG shipment departed…
Tom Kool

‘3000MW added to Iran’s power generation capacity since March’

14 hours 12 minutes ago
TEHRAN – Some 3000 megawatts (MW) capacity of new power plants have been added to the country’s electricity network in the current Iranian calendar year (started on March 21) to supply the demands in the summer peak period, IRNA reported on Tuesday quoting an official with the energy ministry.

Iran to export $5b of gas, electricity to Iraq by March 2020

14 hours 14 minutes ago
TEHRAN – The value of Iran’s gas and electricity exports to Iraq are expected to reach $5 billion by the end of the current Iranian calendar year (March 21, 2020), Meh news agency quoted an official with the Iran-Iraq Joint Chamber of Commerce as saying.

UAE Looks To Launch New Regional Oil Benchmark

14 hours 46 minutes ago
The Abu Dhabi National Oil Company (ADNOC), which pumps most of the crude oil of OPEC’s third-largest producer, the UAE, plans to launch its own oil benchmark for the region, possibly as soon as November, as part of an effort to boost its regional influence and bolster its oil trading business, Reuters reported on Tuesday, quoting four sources with knowledge of the plans. The oil benchmark idea is part of an ADNOC plan to overhaul its oil trading business and gain more pricing influence for its oil sales. The company hasn’t finalized…
Tsvetana Paraskova

U.S. Intel: UAE Tanker Could Have Been Forced Into Iranian Waters

16 hours 16 minutes ago
The U.S. intelligence increasingly believes that a United Arab Emirates (UAE) tanker may have been forced into Iranian waters by naval forces of Iran’s Islamic Revolutionary Guard Corps (IRGC), CNN Pentagon correspondent Barbara Starr reported late on Monday. “CNN has learned: US intel increasingly believes UAE tanker MT RIAH forced into Iranian waters over the weekend by #IRGC naval forces,” Starr tweeted. The UAE is not sharing information, while some Gulf sources told CNN that the UAE vessel had simply broken down and has been…
Tsvetana Paraskova

Gulf Of Mexico Oil Production Restarts After Tropical Storm

16 hours 16 minutes ago
After tropical storm Barry passed through the U.S. Gulf of Mexico and made landfall in Louisiana early on Saturday, oil and gas producers began on Monday to slowly restore oil production that had shut in as much as 73 percent of the oil production in the Gulf. Exxon, Chevron, Anadarko, BHP, and Shell began to return workers to the platforms they had evacuated ahead of the storm. Last week, those companies evacuated staff from many platforms in the U.S. Gulf of Mexico. Chevron was evacuating all the staff from five platforms and shutting them down…
Tsvetana Paraskova

U.S. Intel: UAE Tanker Could Have Been Forced Into Iranian Waters

16 hours 16 minutes ago
The U.S. intelligence increasingly believes that a United Arab Emirates (UAE) tanker may have been forced into Iranian waters by naval forces of Iran’s Islamic Revolutionary Guard Corps (IRGC), CNN Pentagon correspondent Barbara Starr reported late on Monday. “CNN has learned: US intel increasingly believes UAE tanker MT RIAH forced into Iranian waters over the weekend by #IRGC naval forces,” Starr tweeted. The UAE is not sharing information, while some Gulf sources told CNN that the UAE vessel had simply broken down and has been…
Tsvetana Paraskova

Azerbaijani Ministry of Ecology, UN mull problem of desertification

16 hours 49 minutes ago
The Ministry of Ecology and Natural Resources of Azerbaijan hosted a meeting with deputy secretary general of the UN, Secretary General of the UN Convention to Combat Desertification Ibrahim Tiaw, Trend reports with reference to the Ministry of Ecology and Natural Resources.

Polish citizen off Azerbaijan's list of undesirable people

18 hours 15 minutes ago
A citizen of Poland, Vice-President of the Polish Olympic Committee Tomasz Poreba addressed a letter to the Azerbaijani Foreign Ministry asking for a removal of his name from the “List of foreign citizens who illegally visited the occupied territories of Azerbaijan”, Trend reports with reference to the press service of the Azerbaijani Foreign Ministry.

Azerbaijan implements educational program for development of farms (FOTO)

18 hours 36 minutes ago
In order to support micro- and small-sized entrepreneurs in the regions of Azerbaijan, the Agency for the Development of Small and Medium-sized Enterprises (SMEs) of Azerbaijan launched trainings under the Enterprise Development Program "Support for the Development of SMEs in Agriculture" implemented by BP and its partners.