Saudi Aramco’s investment arm was among a group of investors who awarded SR187.5 million ($50 million) to a Seattle-based manufacturing and technology software company. Seeq Corp. said it had raised the new funds as part of a Series C funding round as the group of investors backing the financing were …
Read More »IAEA Verifies Iran’s 60% Enrichment
Iran’s ambassador to the International Atomic Energy Agency (IAEA) Kazem Gharibabadi said on Sunday that IAEA has verified Iran’s 60% uranium enrichment. The IAEA released a report to verify that on April 17 that Iran has started producing UF6 with 60% purity through feeding UF6 gas with 5% purity simultaneously …
Read More »US Production Rebound will Lead to New Oil Price War
The US oil industry faces a new oil price war if shale production rebounds next year by rising 1 million bpd compared to this year, chief executive at shale giant Pioneer Natural Resources said at BloombergNEF’s annual summit. Last year, the OPEC+ group broke up their production pact in March …
Read More »Is the Cryptocurrency Really as Bad for the Environment as Critics Make It Seem?
Bitcoin and other cryptocurrencies have received a lot of negative attention in recent months and years for their absolutely staggering energy consumption. Bitcoin alone consumes approximately the same amount of energy the Netherlands thanks to the extremely energy-intensive “mining” process in which miners hook up computers–in some cases entire warehouses …
Read More »Will Russia’s Oil Production ever Return to Record Highs?
Prior to the pandemic, Russia was producing 560 million tonnes of oil, a rate of around 11.3 million bpd, hitting record levels in 2019, Polprice anaylsed. However, in 2020, production levels decreased for the 1st time in over a decade as Russia agreed to cut production alongside OPEC+ countries to …
Read More »Biden Plans Big Pledge on U.S. Emissions Cuts
President Joe Biden has assured foreign governments that the United States will make steep cuts in greenhouse gas emissions over the next decade, a pledge designed to reassert U.S. leadership on climate change and spur other industrial powers to make similar commitments in the run-up to Biden’s climate summit next …
Read More »Iran’s Petrochemical Output to Reach $40b
Iran’s Oil Minister Bijan Zanganeh said in the inauguration ceremony of several oil-related plans that Iran’s petrochemical output would reach 40 billion dollars in 2027, Trend reports citing IRNA. Zanganeh said that the required feed for the super projects launched as part of Iran’s so-called ‘third surge’ plan to increase …
Read More »India should Address Water Management Challenge in Adding Power Capacity
With India’s power sector development over the next two decades set to take place against a backdrop of increasing water stress, the International Energy Agency (IEA) has advised that water management challenges be addressed while boosting power capacity. The agency has come out with two key priorities to ensure a …
Read More »EU Continues to Rely on Russian Gas as Competition Gains Pace
Driven by political motives, the liquefied natural gas (LNG) competition will continue in the European Union. Russia, as one of the major players, will have to battle for its share of the gas market in Europe against the influx of the U.S.’ LNG and tougher competition in general, according to …
Read More »Higher U.S. Shale Output could Spark an OPEC Price War
U.S. shale producers risk another oil-price war with OPEC and its allies if they resume the breakneck production growth of the last decade, according to Pioneer Natural Resources Co. Shale, and not the pandemic, was responsible for the initial oil-market crash of 2020, CEO Scott Sheffield said at BloombergNEF’s annual …
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