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25 мая, 00:04

Kuwait Favors OPEC Production Cut Extension For A Whole Year

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Kuwait wants the OPEC deal extension to span a whole year,, as opposed to six months or nine, according to comments by the nation’s oil minister at the bloc’s headquarters in Vienna, Austria. Either the extension lasts 12 months or the cuts deepen to 1.8 million barrels per day, minister Essam al-Marzouq added, just ahead of OPEC’s official quarterly meeting on Friday. All options “should be on the table,” al-Marzouq told the International Business Times when asked to specify the preferred option for Kuwait. Both avenues…

24 мая, 23:56

Iraq Considers Massive Oil Hedge Akin To Mexico’s

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Top Iraqi oil marketer Falah Al Amri suggested that Iraq is interested in creating an oil price hedging program that would lock in prices for future trades well in advance—just like Mexico’s existing strategy, but almost twice as large in size. “We will not rush. This is a long process,” SOMO chief Al Amri said. “We must make sure we do not lose money. You know the Iraqi parliament, it would not accept that.” Iraq is still in the early stages of exploring the possibility, the official said, adding that the proposal…

24 мая, 23:56

Nigerian Oil Production To Reach 2.2 Million Bpd By June

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The CEO of Nigerian oil company Oando says the worst of the west African country’s output disruptions are over as the twice-attacked Forcados pipeline returns to full capacity by the end of June. National production will touch 2.2 million barrels per day by June as well, Pade Durotoye told reporters at the Africa Independents Forum in London on Wednesday. "We think that the worst is behind us," he said. "Before the end of June, we will have Forcados back, which would take us comfortably back to 2.2 million bpd." The first cargo from…

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24 мая, 23:43

Goldman: Oil Glut To Return When OPEC Deal Expires

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OPEC is about to extend its production cuts for another nine months in an effort to bring the oil market back into balance. Keeping in place the 1.2 million barrels per day (mb/d) of OPEC cuts, plus the 558,000 bpd of non-OPEC reductions, for nine months rather than six should be enough to “normalize” crude oil inventories, according to most analysts. Great. Mission Accomplished. By the end of the first quarter of 2018, the market will have tightened and OPEC members can go back to producing as they were before, producing as much as…

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24 мая, 23:36

Will This Miracle Material End All Energy Storage Problems?

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It’s the thinnest material known to man—1 million times thinner than a human hair. It’s the world’s first 2D material, and it’s ultra light and transparent. It’s 200 times stronger than steel, but unlike steel, it’s flexible and superconductive—and it could be a game-changer for energy storage. This material is called graphene—a nanomaterial hailed as a miracle material since it was isolated in 2004 by researchers at The University of Manchester, Professor Andre Geim and Professor Konstantin…

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24 мая, 21:28

Does The U.S. Still Need A Strategic Petroleum Reserve?

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President Donald Trump released his official budget proposal this week, a plan that includes the sale of a significant chunk of the U.S. Strategic Petroleum Reserve. The blueprint proposes beginning sales as soon as next year, and the initial sale could raise as much as $500 million. Over the next decade, the U.S. Department of Energy would sell off tranches of crude from the SPR, with plans to halve the nearly 700 million stockpile. The White House expects to raise $16.6 billion over that timeframe. The SPR was initially setup in the 1970s after…

24 мая, 21:27

Plasma Jet Engines: Is Flying At 20Km Per Second Possible?

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Those who watched The Space Between Us would surely have a fresh memory of the plane that Gary Oldman’s character flew from the ground into space. The plane probably used plasma jet engines and they are being developed on Earth right now. Still, to make that plane a reality will take quite some time. A team of researchers from the Technical University of Berlin spoke to New Scientist about their plasma jet fuel engine that can propel a plane into the air, to the edge of space, using nothing but electricity and air. Well, “nothing but”…

24 мая, 21:26

Is China’s Oil Demand Growth About To Plummet?

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When OPEC sits down on Thursday, keeping the price of Brent above $50 (to avoid a budget catastrophe and social upheaval in Saudi Arabia) and below $60 (to prevent US production from going exponential), will be just one problem the cartel nations and various hangers-on will be desperate to solve. A much bigger one, literally, is the problem that led to this week's OPEC meeting in the first place, and years of headache for OPEC and non-OPEC nations: a record global oil inventory glut. The supply glut that began in mid-2014 has dumped almost one…

24 мая, 21:18

Can Private Investment Turn Mexico’s Ailing Oil Industry Around?

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Five years after Mexican President Enrique Peña Nieto made campaign promises to open his country’s oil reserves to foreign interests, a private well been has drilled in Mexico for the first time in nearly 80 years. London’s Premier Oil Plc, Houston’s Talos Energy LLC and Mexico’s Sierra Oil & Gas began offshore drilling on the joint venture on Monday, according to a statement by Premier. It marks the first private exploration in Mexican waters since the country nationalized its oil industry in 1938. The last time…

24 мая, 20:53

Iran Discovers New Gas Field Next To South Pars

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Iran has discovered a new gas field close to the giant offshore field South Pars in the Persian Gulf, Iranian media reported on Wednesday, quoting an unnamed official with the National Iranian Oil Company (NIOC). According to Press-TV the field, called Sepand, has 1.5 trillion cubic feet of sweet gas, of which about 792 billion cubic feet could be recoverable. The new field is independent from South Pars, which Iran shares with Qatar, the NIOC official told media. It is not yet clear if the newly discovered gas field is also shared with Qatar,…

24 мая, 20:53

Renewables Jobs To Double By 2030

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The number of people working in the renewable energy industry globally could rise to 24 million by 2030, compared to 9.8 million in 2016, the International Renewable Energy Agency (IRENA) said on Wednesday in its annual review 2017. “As the scales continue to tip in favour of renewables, we expect that the number of people working in the renewables sector could reach 24 million by 2030, more than offsetting fossil-fuel job losses and becoming a major economic driver around the world,” IRENA Director-General Adnan Z. Amin said in…

24 мая, 20:24

China Opens Up To Foreign Investment In Oil Sector

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China has said it will allow private companies to invest in the country’s oil and gas storage sector, the government said in a document laying out changes it plans to make to the energy sector. In a document approved Sunday, the State Council said it plans to increase government investment in the country’s oil storage facilities while also allowing non-state firms to operate storage. It did not give further details. China’s new energy plan that acts on earlier promises to reform the country’s oil and gas industry was approved…