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Major Crude Oil Draw Sends Oil Prices Higher

October 18, 2017 Irina Slav 0

A day after API’s estimate of a 7.13-million-barrel draw in U.S. oil inventories led benchmark prices higher, the EIA added to bullishness by reporting inventory figures largely in line with API’s: it calculated an inventory decline of 5.7 million barrels for the week to October 13. At 456.5 million barrels, the authority said, crude oil inventories were within the upper limit of the seasonal average, and they have been within these limits for more than a month now, which should serve to quench—to some extent—worries about…

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Iran Ready For OPEC Oil Deal Extension

October 18, 2017 Irina Slav 0

Iran is ready to take part in a further extension of the OPEC oil production cut deal, the country’s Deputy Minister for Trade and International Affairs said at an event yesterday. The cartel is currently discussing extending the deal to the end of 2018 to ensure stable prices but not all agree it is necessary. “We are pleased with the way OPEC has decided to cut some production in order to bring a semblance of balance between supply and demand. We think that this trend will continue and we will support this trend,” Amir Zamaninia…

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Is Hydrogen Fuel As Dumb As Musk Thinks?

October 16, 2017 Irina Slav 0

Hydrogen fuel cells are a controversial thing. Elon Musk, for example, finds them “incredibly dumb”, and he’s far from the only one. Yet the concept of using the universe’s most abundant element to fuel vehicles is still alive and kicking. The latest of its proponents to make headlines is Swiss company, H2 Energy, which says it has achieved a closed-cycle hydrogen production process that uses all-renewable sources to make hydrogen for fuel and other applications. Its project, in partnership with utility IBAarau, is reportedly…

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UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change

October 13, 2017 Irina Slav 0

The UK’s Financial Conduct Authority’s chief admitted that the watchdog met with executives from Saudi Aramco several months prior to its proposal to change the listing rules for the London Stock Exchange to accommodate the oil giant. In a letter to legislators, Andrew Bailey said that representatives of the regulator “held conversations with Saudi Aramco and their advisors in light of their interest in a possible UK listing in the early part of this year”. The FCA head also said in the letter that “We emphasised during…

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UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change

October 13, 2017 Irina Slav 0

The UK’s Financial Conduct Authority’s chief admitted that the watchdog met with executives from Saudi Aramco several months prior to its proposal to change the listing rules for the London Stock Exchange to accommodate the oil giant. In a letter to legislators, Andrew Bailey said that representatives of the regulator “held conversations with Saudi Aramco and their advisors in light of their interest in a possible UK listing in the early part of this year”. The FCA head also said in the letter that “We emphasised during…

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Kurdistan Accuses Baghdad Of Planning Oil Field Seizure

October 13, 2017 Irina Slav 0

Kurdistan authorities have accused the central Iraqi government of planning to seize oil fields in the autonomous region. Baghdad is amassing military power in two areas south of Kirkuk – the center of the oil-rich region that is formally part of Iraq but de facto controlled by the Kurdish government. The AFP separately quoted an Iraqi general who confirmed the information, saying “Iraqi armed force are advancing to retake their military positions that were taken over during the events of June 2014.” In 2014, the Kurdish Peshmerga forces…

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Chevron Quits Australian Deepwater Oil Exploration

October 13, 2017 Irina Slav 0

Chevron has decided to drop its US$500-million exploration program in the Great Australian Bight off the coast of South Australia as low oil prices make the commercial viability of any potential discovery doubtful, the company said in a statement. Chevron acknowledged that the Great Bight has great potential, but added that in the current price environment, other projects better deserved the capital that Chevron would have had to allocate for exploration in the frontier region. The U.S. giant has become the second Big Oil player to quit the Great…

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The New Challenger To Lithium Batteries

October 12, 2017 Irina Slav 0

With the EV market about to explode and the European Union planning a battery-making consortium to bring the continent onto the global EV battery scene, Stanford researchers released a paper claiming their sodium battery could compete with the lithium-ion market leader. New battery development has been fairly slow against the backdrop of the projected electric car market size, and so far no innovation has proved to be as economical as lithium-ion. The Stanford battery uses sodium—a cheaper, more abundant material than lithium—and is…

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Draw In Crude Inventories Lifts Oil Prices

October 12, 2017 Irina Slav 0

EIA today reported a 2.8-million-barrel draw in U.S. crude oil inventories for the week to October 6, lifting market spirits further amid higher oil demand growth projections from OPEC and growing Middle East tensions around Kurdistan. Analysts had forecast a draw of 400,000 barrels. EIA’s report could reinforce oil price optimism, especially now that oilfield operators in the Gulf of Mexico are returning to normal operation after shutting down 92 percent of production capacity because of Hurricane Nate. That production capacity cut had played…

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