Daily Archives: March 10, 2017

Colo.’s Democratic Leaders Tout Benefits of Oil and Gas, Urge ‘Collaborative Conversation’

At an event sponsored by the Colorado Petroleum Council and the American Petroleum Institute (API) yesterday, Colo. Gov. John Hickenlooper (D), Denver Mayor Michael Hancock (D), and API president and chief executive officer Jack Gerard hailed the contributions of the oil and natural gas industry to the state and urged collaboration and conversation on the challenges surrounding development.
Regarding Boulder County’s five-year-old series of oil and natural gas moratoria, the governor said he was “hopeful” that the county would adopt a framework that would allow for development to move forward, so “it’s not going to try and ban the industry, ban

Read Full Article Here

Saudi Arabian Budget Deficit Set to Narrow in 2017 on Higher Oil Prices

Higher oil prices and well-planned spending will narrow the deficit in Saudi Arabia’s budget this year, according to a research note published by Merrill Lynch. In 2017, the shortfall should shrink to 12 percent of GDP, instead of the 16.9 percent deficit the country faced last year, Bank of America’s investment wing predicted. Non-oil sector growth coupled with improved liquidity will improve the budget “given the gradual pace of fiscal tightening,” the note said. The current budget predicts a $55-dollar barrel, but reaches…

Read Full Article Here

Musk Guarantees Tesla Technology Can Solve South Australia’s Power Deficit

Elon Musk bets his company, Tesla, can bring over 100 megawatts of energy to South Australia’s grid via battery in 100 days, according to a recent Twitter exchange the Silicon Valley CEO had with Australian billionaire Mike Cannon Brookers. If Tesla fails in this wager, Musk guaranteed that the company would still complete the task, free of cost. Record high temperatures in South Australia have increased the burden on the local electrical grid, causing outages in the region. Software mogul Cannon Brookers had cited an article that featured…

Read Full Article Here

Vitol Expects U.S. Crude Exports Growing ‘A Lot More’

Rising production in the Permian, coupled with cheap pipeline and railway transport fees to the Gulf of Mexico, will enable the U.S. to significantly raise its already record-high crude oil exports, Mike Loya, head of the Americas business at oil trading giant Vitol Group, told Bloomberg in an interview published on Friday. “We will see a lot more growth in U.S. crude exports,” said the manager of Vitol, the company that handled the first U.S. cargo after restrictions on oil exports were lifted at the end of 2015. Since the restrictions…

Read Full Article Here

Could This Be One Of The Biggest Biotech Breakthroughs Of The Decade?

A little-known, visionary biotech company is gearing up to release a potentially ground-breaking medical device that could help prevent strokes. It could help save six million lives a year—or a life every 4 minutes. The unique new technology is the Carotid Stenotic Scan (CSS), by CVR Medical, and its futuristic system is designed to sense the leading indicator of strokes in only 2 minutes, and at a cost that will make it affordable and accessible to everyone. CVR Medical (TSX:CVM.V ; OTC:CRRVF) is ready to burst out of the gate directly into…

Read Full Article Here

Global Rig Count Suggests An Oil Price Rally Is Near

Like us humans, it seems that oil markets have two ears. Going in one ear, is the squeal of the resurgent U.S. oil industry. In the other ear, it’s loud chatter about whether or not OPEC and friends are complying with production cuts. In between the ears, in the minds of the traders, the price of a barrel of oil reacts to every sound, most recently tumbling on the back of a noisy EIA report. Occasional bullish shout outs of unrelenting consumption growth, scary geopolitics and declining production may be heard. Others growl like bears that…

Read Full Article Here

Falling Oil Prices Could Upend The OPEC Deal

A bearish report from the EIA, particularly the inventory data and an output forecast which predicts U.S. production rising to a level not seen since 1970, sent WTI prices plunging this week: between Wednesday and Friday, the price of oil fell 8 percent and dipped below $50 for the first time since December. That the sudden fall came amidst the industry convention CERAWeek 2017 in Houston, where representatives and spokesmen hobnobbed and prognosticated, may only have been a coincidence and certainly added to the week’s excitement. But the…

Read Full Article Here

Huge Oil Find Could Save Alaska’s Oil Sector

Spanish oil firm Repsol SA just announced the largest onshore oil discovery in the U.S. in three decades, a 1.2 billion barrel find on Alaska’s North Slope. Repsol has been actively exploring in Alaska since 2008 and finally hit a big one. The find came after drilling two wells with its partner, Armstrong Oil & Gas. Repsol says that it if it moves forward and develops the project, first oil could come by 2021. The field could produce 120,000 bpd, a significant volume given the predicament the state of Alaska finds itself in. Alaskan oil…

Read Full Article Here

Libyan Oil May Be Slipping Out Of Putin’s Reach

Last Friday, news broke that the Benghazi Defense Brigades seized control of two major Libyan ports on the “Oil Crescent,” posing a real challenge to Khalifa Haftar and Russia’s grip on the area after weeks of clashes. According to the unified National Oil Corporation (NOC), the takeover of the Ras Lanuf and Es Sider ports has caused exports to fall by roughly 80,000 barrels per day to a rate of 620,000 bpd. The commercially vital area has now turned into a military zone with Haftar’s Libya National Army on the sidelines.…

Read Full Article Here

Why Is Big Oil Backing The Paris Climate Agreement?

Joining the ranks of former Exxon CEO, and now Secretary of State, Rex Tillerson, the chief executive of another big U.S. energy company, ConocoPhillips, is saying that the U.S. should stay in the Paris Climate Agreement. “It would be good for the U.S. to stay in the climate agreement,” ConocoPhillips chairman and CEO Ryan Lance told reporters on the sidelines of the CERAWeek conference in Houston, Axios reports. While on the campaign trail, President Trump repeatedly criticized the Paris Agreement which enlisted almost every country…

Read Full Article Here

Will Germany’s 100% EV Plan Actually Reduce Emissions?

Germany currently has a plan to usher in renewable energy: 100 percent of cars on the streets will be electric. However, as it stands, the plan to create the world’s first 100 percent electric vehicle country would actually increase emissions – an unintended consequence of what appears to be a good-natured piece of legislation. Indeed, if Germany reaches their goal of 100 percent EV, their emissions would increase by the amount produced by present day Uruguay or the entire state of Montana. The plan to phase-out all gasoline vehicles…

Read Full Article Here

Rise Of U.S. Shale Could Jeopardize OPEC Deal Extension

OPEC and the U.S. continue to fight for dominance in the global oil market. The battle has been recently been defined by OPEC’s production cuts, but new U.S. shale production has been countering strongly as of late. Despite the current supply glut (especially in the United States), the price of oil has been kept in the lofty $50s for a while now, ever since OPEC and Russia agreed to restrict 1.8 million barrels of crude oil from the world market. The higher prices have led to higher profits, however, even in the U.S. These prices have incentivized…

Read Full Article Here

Investors Confident Of A Big Upwards Move In Commodity Prices

After finishing 2016 up 25 percent, commodities are getting another boost from bullish investors. Investment bank Citigroup forecasts commodity prices will increase this year on strengthening demand in China and mounting inflation inspired by President Donald Trump’s “America First” policies. Commodity assets under management globally stood at $391 billion in January, up 50 percent from the same time the previous year, according to Citigroup. Meanwhile, hedge fund managers significantly raised their bets that copper and oil prices…

Read Full Article Here

Is The Lithium Bubble About To Burst?

After rising aggressively, some would argue that lithium prices have already peaked. Reuters quotes Paul Robinson, director at consultancy CRU Group saying that prices have little upside because demand growth has been met with aggressive supply build up, similar to rare earths and vanadium in past cycles. Even though demand is projected to soar 60 percent to 300,000 metric tons of lithium carbonate equivalent (LCE) annually by 2020, the newspaper quotes a National Bank Financial report saying new players could flood the market. Strong Demand is…

Read Full Article Here

Turkmenistan’s Gas Gloom

Turkmenistan President Gurbanguly Berdymukhammedov and his government just cannot seem to get a break lately. Not that they necessarily deserve it. But all the same, Turkmenistan’s last realistic hope to export a significant amount of additional natural gas to a customer has just evaporated. Line “D” of the Turkmenistan-China gas pipeline network was to be more than just the largest of four pipelines connecting western China to gas fields in Turkmenistan — it also would have been the largest single gas pipeline connecting Turkmenistan to any consumer…

Read Full Article Here

© 2014 RenewaNews