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All the latest in Oil, Gas, Commodity news and analysis
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19 февраля, 03:00

Why The Oil Rally Isn’t Over Yet

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Crude oil sentiment is shifting in a bullish direction, with OPEC+ cuts and a growing list of serious outages taking supply off of the market. Saudi Arabia recently signaled that it would slash its production to just 9.8 million barrels per day (mb/d), or about 0.5 mb/d more than required under the OPEC+ deal. That would take Saudi production down to close to a four-year low, a sign that Riyadh is aggressively trying to push up oil prices. That is significant, especially since Russia is not really carrying its weight. Russia cut output by 42,000…

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19 февраля, 03:00

Oil Majors Double Down On Battery Investment

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Last week, Shell became the latest supermajor to make a big bet on battery storage with the announced acquisition of German energy storage startup Sonnen. Sonnen focuses specifically on household energy storage, a nascent market but one with a huge potential if ambitious renewable power plans by governments around the world work out. Household energy storage has not garnered as much attention as EV batteries, but it has a bright future as rooftop solar installations become increasingly popular in places like Europe, Australia, and North America…

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19 февраля, 02:00

Bank Of America: Oil ‘Anchored’ Until 2024

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Brent oil prices should trade between a relatively narrow range of $50 to $70 per barrel through 2024, with prices “anchored” around $60, according to a new report from Bank of America Merrill Lynch. This dovetails with the current futures prices five years out, centered around $60 per barrel. Prices will bounce around, but should remain within that $20-per-barrel range. But, of course, there are plenty of caveats with this outlook. A year ago the bank said that the risks to the forecast were skewed to the upside. Now, it believes that…

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19 февраля, 02:00

Saudis Started Slashing Crude Oil Exports In December

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Saudi Arabia’s crude oil exports plunged by nearly 550,000 bpd to 7.687 million bpd in December 2019, down from a two-year high in November, as the Kingdom started to limit supply after the U.S. granted waivers to eight Iranian customers and the market swung into oversupply.  According to data by the Joint Organisations Data Initiative (JODI) database, which collects self-reported figures from 114 countries, the Saudi oil production also dropped in December—to 10.6 million bpd from an all-time high of 11.09 million bpd…

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19 февраля, 01:00

Does Saudi Arabia Really Have As Much Oil As Analysts Think?

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Officially, Venezuela has the world’s largest crude oil reserves with 303 billion barrels of proved reserves. But, a lot of this oil is extra-heavy crude oil, and may not be economical to produce at prevailing prices. Thus, some portion of Venezuela’s barrels may in reality no longer be in the “proved reserves” category. Consider that Venezuela’s proved reserves jumped from 80 billion barrels in 2005 to 300 billion barrels in 2014. The main reason for that wasn’t a bunch of new oil discoveries. No, it was the…

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19 февраля, 00:30

Europe Scrambles For Sour Crude Oil Amid Tight Market

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OPEC’s production cuts and the U.S. sanctions on Venezuela and Iran have been limiting the availability of heavy and sour crude grades to Europe, where prices for heavier grades have recently shot up amid an increasingly tightening market, crude traders tell S&P Global Platts. The U.S. sanctions on Iran had already limited some of the heavy grade supply into Europe. Then with the new round of OPEC/non-OPEC cuts that began in January, Iraq’s Basra Light and Heavy—typically very popular among European refiners—have also…

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19 февраля, 00:00

Scientists Develop Wave Energy Device That Generates Low-Cost Electricity

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Engineers from Scotland and Italy have developed a new wave energy technology that could generate low-cost electricity for thousands of homes. Engineers from the University of Edinburgh and from several universities in Italy have designed, developed, and tested a device that costs less than conventional designs and that can be incorporated into existing ocean systems, the University of Edinburgh has said in a statement, describing the scientists’ study published in the Proceedings of the Royal Society A scientific magazine. The ocean and…

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19 февраля, 00:00

Saudi Arabia Boosts Pakistan Energy Relations With $20 Billion Pledge

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Amid increasing tensions between longtime regional antagonists India and Pakistan, Saudi Arabia’s Crown Prince Mohammed bin Salman (MbS) pledged $20 billion to Pakistan on his trip to Islamabad on Sunday. The amount is reportedly higher than originally estimated, while more will be forthcoming. “It’s big for phase 1, and definitely it will grow every month and every year, and it will be beneficial to both countries,” MbS said.“We have been a brotherly country, a friendly country to Pakistan. We’ve walked together…

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18 февраля, 23:00

U.S.-China Trade Deal Could Boost Gasoline Prices

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After months of persistent concerns that global economy will suffer from a heated U.S.-China trade war, leading to lower oil demand growth in the world, renewed hopes that an agreement could be reached instilled optimism in market participants last week.   Oil prices rallied on Friday to their highest in three months and the highest so far this year, with Brent Crude reaching $65 a barrel and WTI Crude exceeding $55 per barrel. A possible deal between the two biggest economies in the world would drive higher economic activity and could lead…

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18 февраля, 21:30

Iran Says It’s Now Self-Sufficient In Gasoline

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Iran has launched the third phase of a new refinery, making the country self-sufficient in gasoline production, Iranian Oil Minister Bijan Zangeneh said on Monday. At the opening ceremony of the third phase of the Bandar Abbas Gas Condensate Refinery, also called the Persian Gulf Star Refinery, the minister said that Iran’s gasoline production had more than doubled since 2013. Despite holding large crude oil reserves, the Islamic Republic have been importing gasoline for its domestic needs for years, because under the previous Western sanctions,…

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18 февраля, 21:00

Forget EVs, Detroit's Big 3 Battle For Heavy-Duty Truck Segment

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The Detroit 3 are in a heated battle to take the lead in a highly-profitable segment:  heavy-duty pickups. The days of striving to take the lead in selling the market’s most fuel-efficient pickup truck, along with high-mileage cars and electrified vehicles, has been set aside by General Motors, Ford, and Fiat Chrysler. Today the race is on for selling heavy-duty pickups capable of serving construction companies, agri-business, and commercial fleets. Ford leads the segment, and is showing off a refreshed Super Duty F-Series pickup at…

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18 февраля, 20:30

Gas Expert Says U.S., Russia Need To Focus On Cutting Emissions

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An Austrian natural gas expert has warned Washington and Kremlin they have to set their priorities straight and focus their efforts on reducing the world’s carbon emissions rather than growing their market share on the European gas market. Bloomberg quotes Nebojsa Nakicenovic as saying “We need to be at zero emissions by mid century,” warning there was no time to waste on less important, according to him, issues such as who sells how much natural gas to European consumers. Nakicenovic was half a century ago a member of a joint…