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OilPrice.com 11/16/2019 19:00
Activist global warming strategies have now caused the European Investment Bank to ban its fossil fuel project funding. After more than a year of internal and external lobbying by several EU member states and an ever-growing list of activist NGO and pressure groups, the EIB has decided to cut its financial support for all new fossil fuel projects by 2021. It will also support €1 trillion of investments in climate action and environmental sustainability. This is meant to force European countries to put an end to new gas-fueled power projects…
OilPrice.com 11/16/2019 17:00
U.S. sanctions on Venezuela have been squeezing the life out of its economy in an attempt to remove the government of Nicolas Maduro from power, but so far those sanctions haven’t been entirely successful. The reason: Venezuela is still exporting oil. So far in November, according to OilX data, Venezuela has exported an average of 530,000 bpd, up from 523,000 bpd in October. Bloomberg reports, citing shipping data, that Venezuela had loaded almost 11 million barrels of crude in just the first 11 days of November, which is more than twice…
OilPrice.com 11/16/2019 15:00
If climate change and the use of fossil fuels is starting to worry you, consider this: The lion’s share of the petroleum in the United States is being used just to get around--to get people and things from point A to point B. Industrial, residential, commercial and electrical power usage of petroleum pales in comparison.
OilPrice.com 11/16/2019 13:00
Each year Google hold an international science fair for innovative teens to solve a problem they care about with science. The breakthroughs coming from these young, driven researchers have been as far-ranging and impactful as a method of pulling microplastics out of ocean waters (this year’s grand prize winner) to sensors that help mitigate risk for ambulatory Alzheimer’s’ patients (the grand prize winner from 2014). That year, there was another invention that caught the world’s attention, with the potential to not only…
OilPrice.com 11/16/2019 11:00
The world today has a myriad of energy policies. One of them seems to be to encourage renewables, especially wind and solar. Another seems to be to encourage electric cars. A third seems to be to try to move away from fossil fuels. Countries in Europe and elsewhere have been trying carbon taxes. There are also programs to buy carbon offsets for energy uses such as air travel. Maybe it is time to step back and take a look. Where are we now? Where are we really headed? Have the policies implemented since the Kyoto Protocol in 1997 had any positive…
OilPrice.com 11/15/2019 15:00
The Number One Tool For Energy Professionals And Investors Download the Oilprice App Today For FREE (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) (Click to enlarge) Friday, November 15th, 2019 It was a big week for oil market data and projections this week, with both OPEC and the IEA releasing some key reports for the industry.
OilPrice.com 11/15/2019 13:30
Saudi Aramco is worth no more than US$1.5 trillion, a Bloomberg News poll of money managers showed on Friday, two days before the Saudi oil giant is set to announce a price range for the world’s biggest initial public offering (IPO) ever. According to 40 percent of 24 investors surveyed by Bloomberg, Aramco’s value is between US$1.2 trillion and US$1.5 trillion. The high end of this estimate is still US$500 billion below the coveted US$2 trillion valuation, on which Saudi Crown Prince Mohammed bin Salman has insisted since he…
OilPrice.com 11/15/2019 13:20
The US oil and gas rig count continued its downward slide this week, according to Baker Hughes, as the rig count piles on a string of losses with a drop of 11 rigs for the week, according to Baker Hughes. For oil rigs specifically, this week marks eleven decreases out of the last thirteen weeks, falling 96 rigs in that timeframe. The total oil and gas rig count now stands at 806, or 276 down from this time last year. The total number of active oil rigs in the United States decreased by 10 according to the report, reaching 674. The number of active…
OilPrice.com 11/15/2019 12:30
Oil supermajor Royal Dutch Shell has appointed investment bank Citi to run the $1 billion (£781.5m) sale of its oil and gas assets in Egypt’s Western Desert. Sources told Reuters that the sale should be officially launched at the end of the month. Shell announced plans for the sale, which includes a portfolio of 19 oil and gas leases with production of 100,000 barrels of oil per day, in October. The company said that it was getting rid of the onshore assets so it could focus instead on developing its offshore footprint in the country.…
OilPrice.com 11/15/2019 12:00
Crude oil prices trended up slightly in the second half of this week on a surprise crude oil inventory draw, but disappointments over U.S.-China trade talks mean there’s not much to move this needle. Any excitement over a prospective deal has been quashed by another conflict over China’s apparent agreement to buy $50 billion in American agricultural products annually. More than anything, this is what oil prices are responding to these days. ‘Latin Spring’ Starts in Bolivia … Where Will It Stop? After the…
OilPrice.com 11/15/2019 12:00
Chesapeake Energy (CHK) has been a controversial stock for years. Its co-founder, Aubrey McLendon, who left the company in 2013, was indicted in 2016 for allegedly conspiring to fix lease prices in Oklahoma, then died in a fiery, single-vehicle car crash the next day. Even before that, allegations of impropriety surrounded McLendon, who reportedly used corporate funds for all manner of personal expenses. Even without the personality issues, Chesapeake attracts controversy as one of the early adopters of and leaders in hydraulic fracturing, or fracking.…
OilPrice.com 11/15/2019 12:00
U.S. West Texas Intermediate crude oil futures are in a position to finish flat for the week. The price action was driven this week by two-sided news about the progress of U.S.-China trade relations, and renewed worries over demand, driven by reports from OPEC and the Energy Information Agency. This week’s government inventories report was also bearish, however, the focus didn’t seem to be about supply this week, but rather future demand growth due to the impact of the on-going trade war on the global economy. US-China Trade News Fuels…
OilPrice.com 11/15/2019 12:00
Market Movers - Data in OPEC’s latest edition of the Monthly Oil Market Report suggests that deeper production cuts will be needed to balance the oil market. Production for the cartel was up in October from September, as Saudi Arabia regained its footing after the attacks on Aramco oil infrastructure and as Venezuela managed to pull a rabbit out of its hat, increasing production to 687,000 bpd in October from 644,000 bpd in September. Still, October production for the cartel was below August production. But the real kicker is that OPEC oil…
OilPrice.com 11/15/2019 12:00
Friday, November 15, 2019 1. China’s economic slowdown- China’s retail and industrial activity continues to decelerate, with a particular dip notable in 2019 as the trade war takes its toll. - But Germany and Japan also just reported dismal numbers. Germany narrowly avoided a recession with third quarter GDP growth at 0.3 percent, and that anemic growth rate was actually an improvement over the second quarter. Japan’s GDP figure stood at 0.2 percent, a sharp slowdown from 1.8 percent previously. - “We are in a manufacturing…
OilPrice.com 11/15/2019 11:30
New refining capacity coming online in China has lifted the prices of Middle Eastern crude oil grades to multi-year premiums that are pressuring refiners’ margins. Bloomberg reports that the startup of the new facility of independent refiner Hengli Petrochemical Co. and of another one, property of Zhejiang Petrochemical Co., has pushed up Qatari crude to the highest price since late 2014, while Abu Dhabi’s Murban grade traded at $0.50 per barrel over its official price. Chinese refineries have been processing oil at record rates for…
OilPrice.com 11/15/2019 11:30
It may not be faster than a speeding bullet, but the newest electric vehicle unveiled this week at the Dubai Motor Show can travel at an astonishing 250 miles per hour. The superfluousness of traveling that speed aside, the car has grabbed the attention of the world over and has been crowned the “fastest accelerating car in the world”, but falling short of carrying the title of the fastest car in the world, but it certainly is in the top ten. The Japanese Aspark Owl, as it’s called, can reach 60 mph within 1.69 seconds. Tesla’s…
OilPrice.com 11/15/2019 10:30
The Veneto regional council that decides policies for Venice was struck by a flood just minutes after the majority of the council members rejected a plan for tackling climate change, CNN reports. The ironic twist comes amid the worst floods in Venice for the last fifty years, CNN’s Gianluca Mezzofiore notes in the report, adding that the room in which the council was debating the regional budget for 2020 began to flood two minutes after the right-wing majority rejected amendments to the budget aimed at reducing the city’s carbon footprint.…

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