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China Cuts Oil Output by Most in 15 Years, Coal Production Slows
China cut crude production by the most in 15 years as producers shut higher cost fields. The world’s second-largest oil consumer reduced oil output in May by 7.3 percent from a year ago to 16.87 million metric tons, according to data from National Bureau of Statistics released on Monday. That’s the biggest decline since Feb. 2001. Coal production fell by 15.5 percent, the most in data going back to April 2015, when the bureau resumed releasing those figures. Lower domestic output reflects spending cuts by the country’s oil drillers amid low prices, Gordon Kwan, head of Asia oil and gas research at Nomura Holdings Inc. in Hong Kong said in an e-mail. PetroChina Co., the nation’s biggest producer, said in March it expects oil and gas output to fall the first time in 17 years as it shuts fields that have “no hope” of turning a profit, while Cnooc […]
Venezuela PDVSA near deals to boost Schlumberger presence: executive
Venezuela’s state oil company, PDVSA, is close to reaching deals to boost Schlumberger’s presence after the oilfield services provider said in April it would reduce operations because of payment problems, PDVSA’s president told Reuters. PDVSA, the exclusive operator of the OPEC country’s vast oilfields, has run up billions of dollars in unpaid bills to service providers as a result of cash-flow problems. U.S. oil services company Halliburton Co in April also said it would begin curtailing activity in Venezuela. Eulogio Del Pino, president of PDVSA, on Friday night said some of Schlumberger’s operations had been reduced but added others were being reinforced. “There are 14 Schlumberger drills that will start operations soon under a different financing scheme,” said Del Pino, without elaborating. “And in the […]
Greenland witnessed its highest June temperature ever recorded on Thursday
Greenland has been abnormally warm this spring. (NASA) Nuuk, Greenland’s capital, soared to 75 degrees (24 Celsius) Thursday , marking the warmest temperature ever recorded in the Arctic country during June. Nuuk sits on Greenland’s southwest coast, where the country’s warmest weather typically occurs. It was warmer in Nuuk than it was in New York City, where the high was only 71 degrees. The Danish Meteorological Institute has confirmed on a preliminary basis that the Nuuk measurement would replace the previous record of 73.8 degrees (23.2 Celsius), which was set in Kangerlussuaq on June 15 in 2014 . That temperature was also recorded in southwest Greenland about 200 miles (320 km) north of Nuuk. John Cappelen, a senior climatologist at the DMI, told The Washington Post that the warm weather was brought on by winds from the east that set up between high pressure over northeast Greenland and low […]
In Oklahoma, $50 oil may test new quake regulations
Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Oil producers around the country enticed by crude’s jump to $50 a barrel are hoping to get production back on line, but for producers in Oklahoma, new regulatory barriers may keep key parts of the state shut due to worries about earthquakes. Crude’s recent rebound will mark the first test of more stringent regulations recently implemented in Oklahoma – and already, companies are looking for workarounds. Seismic activity has soared in the state in the last five years, linked to disposal of saltwater from fracking activity. Fracking is the process of drilling down into the earth and injecting liquid at high pressure in order to extract oil or gas, which has prompted environmental concerns. […]
Two-third of world population to suffer from water scarcity in 10 years
The Secretary of Iran Urban Economics Scientific Association (IUESA) Seyed Mohsen Tabatabaei made the remarks noting that that global demand for water follows extremely urbanization growth. he underlined that water and its resources remain as core issues related to sustainable development and access to proper drinking water is one of the most important goals of the third millennium; “food security, health and the environment are all affected by water.” Saying that water leads to the improvement of social welfare and overall growth and the livelihoods of billions of people worldwide, he added “water is the source of many development vertices, but we consider concerning trends globally to the extent that some experts claim conflicts, tensions and civil, regional and international wars will be over water access in the not-too-distant future; therefore, this requires more accurate attention.” Tabatabaei highlighted that global demand for water is largely followed by urbanization growth, […]
