Brazil’s grid operator is capping the amount of electricity wind and solar producers can supply to the national grid, seriously threatening future renewable energy investments in the country. Industry executives and representatives have lamented that renewable energy investments are less viable under the National Electric System Operator’s (ONS) current “curtailments” …
Read More »Ford’s $5 Billion EV Loss Sparks Strategic Shift towards Hybrids
The trend of legacy automakers ditching their plans and investments in EVs continues, with Ford reportedly the latest to cancel plans for a large three-row electric sport-utility vehicle, according to a new report from the Wall Street Journal. The company will take $1.9 billion in related special charges and write-downs …
Read More »Europe’s Gas Supply Tightens as Norway Begins Field Maintenance
Europe is facing a tighter gas market as Norwegian field operators enter scheduled maintenance season. Any unplanned extension of the maintenance period would cause an imbalance on gas markets on the continent and leas to price rises, Bloomberg reported. “Europe is already struggling,” Florence Schmit, a European energy strategist at …
Read More »India Surpasses China as Largest Importer of Russian Oil
India has become the world’s biggest importer of Russian oil, surpassing China, Reuters has reported. Data on Indian shipments from trade and industry showed that the country imported 2.07 million barrels per day (bpd) of Russian crude in July, good for a 4.2% M/M and 12% Y/Y increase. According to …
Read More »Iran Producing 70m Liters/Day of Euro 5 Gasoline
Head of National Iranian Oil Refining and Distribution Company (NIORDC) Jalil Salari says the country is currently producing over 30 million liters of Euro 4 gasoline and 70 million liters of Euro 5 gasoline on a daily basis. Referring to the growth of all the country’s refineries in the production …
Read More »China has Cut New Coal Power Plant Permits by Nearly 80%
China, the world’s largest builder of coal-fired power stations, cut the number of permits for new plants by nearly 80 per cent in the first half of 2024, an environmental group report finds, saying time would tell whether it was a turning point. The Greenpeace East Asia report, based on …
Read More »Iraq Ranks Fourth Largest Oil Supplier to China in July
Iraq was the fourth-largest oil exporter to China in July 2024, according to data released by China’s General Administration of Customs on Wednesday. Iraq shipped 4.36 million metric tons of crude oil to China in July, equivalent to approximately 33.93 million barrels, marking a 12.1% decrease from June 2024, when …
Read More »Turkey Makes Rapid Inroads into Africa’s Oil and Gold Sectors
Two decades ago, China pioneered the so-called “Angola model” wherein it provided oil-backed loans from China to Angola and other African cuntries to finance the building of roads, hydroelectric dams, railways, and other infrastructural projects. Between 2000 and 2022, Angola borrowed $45 billion from China, repaying some of it in …
Read More »Ghana Breaks Ground on Africa’s next Major Petroleum Hub
Ghana has officially embarked on constructing a massive $12 billion petroleum hub, a project expected to significantly enhance the country’s position in the global oil and gas industry. Located in the southwestern city of Jomoro, the hub will include a 300,000-barrel-per-day refinery, petrochemical plants, and other related infrastructure, positioning Ghana …
Read More »Oil Prices Fall as Middle East Worries Ease
Oil markets have turned decidedly bearish after U.S. Secretary of State Antony Blinken revealed that Israeli Prime Minister Benjamin Netanyahu has accepted a cease-fire proposal to stop the war in Gaza, and all that’s remaining is for “Hamas to say yes.” Blinken met on Monday with top Israeli officials in …
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