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Oil prices take a beating
Pessimism about the strength of the oil market recovery and concerns over the consequences of the so-called Brexit strategy dragged oil prices lower Wednesday. Short-term supply disruptions triggered by wildfires in Canada and rebel attacks on oil installations in Nigeria, a member of the Organization of Petroleum Exporting Countries, weighed on market dynamics as demand for petroleum products spiked in part because of lower fuel costs. With markets already balancing on the back of modest global economic growth, the price for crude oil last week topped $50 per barrel for the first time in nearly a year. A survey from Goldman Sachs described the recovery, however, as […]
Renewables getting cheaper, report finds
The costs for electricity generated by solar and wind technologies is cheap and getting cheaper, a report released Wednesday by an international group said. With the right policies in place, the International Renewable Energy Agency said the cost for solar and wind could drop by as much as 59 percent by the middle of the next decade. Already, the price for solar installations fell by 80 percent and 30 percent for wind since 2009. Adnan Amin, the IRENA’s director-general, said cost has in the past been one of the main barriers to shifting away from fossil fuels toward low-carbon alternatives. “To continue driving the energy transition, we must […]
OPEC oil export revenue seen down for third straight year: U.S. EIA
OPEC’s full-year 2016 oil export revenues will probably fall 15 percent, down for the third straight year and possibly the lowest in more than a decade before rising in 2017, the U.S. Energy Information Administration (EIA) said on Wednesday. Members of Organization of the Petroleum Exporting Countries (OPEC), including Iran, will likely earn about $341 billion in 2016, about 15 percent below 2015 levels, based on projections of global oil prices and the group’s production levels, the U.S. government’s EIA said in a report. The last time OPEC’s export revenues fell for three years straight was 1983-86. At the projected level, OPEC’s 2016 export earnings would be the lowest since 2004, when it earned about $295 billion Early in 2016, oil prices touched 12-year lows before staging […]
Hundreds arrested in Venezuela after latest unrest over food
Venezuelan security forces have arrested at least 400 people after the latest bout of looting and food riots in the crisis-hit OPEC member country, local officials said on Wednesday. Another death was also reported in the state of Merida from unrest which is breaking out sporadically across the South American OPEC nation. On Tuesday, violence engulfed the eastern Caribbean coastal town of Cumana as looters swarmed through dozens of shops and security forces struggled to maintain control. There were unconfirmed reports on social media of several deaths in Cumana, which is the capital of Sucre state. But regional governor Luis Acuna from the ruling Socialist Party said those reported deaths were unrelated to the looting. “There were only 400 people arrested and the deaths were not linked to the looting,” […]
Oil’s Recovery Looks Fragile to Goldman Sachs as Supplies Return
Play VideoPlayMuteCurrent Time 0:00/Duration Time 0:00Loaded: 0%Progress: 0%Stream TypeLIVERemaining Time -0:00Playback Rate1Chapters Chapters Subtitles subtitles off Captions captions settings captions off Fullscreen This is a modal window. No compatible source was found for this video. Foreground — — Background — — Window — — Font Size 50% Text Edge Style None Font Family Default Defaults Done Advertisement Crude Oil Gets Left Behind From Risk Off Rally The recovery in oil, which has rallied 80 percent from lows reached in February, remains “fragile” as disrupted supplies return to market and prolong a global surplus, according to Goldman Sachs Group Inc. Canadian output halted by wildfires is resuming, OPEC members are pumping more than expected and the price rebound may revive shale drilling in the U.S., the bank said in a report. Goldman maintained its forecast that U.S. crude will trade at $49 a barrel in three months’ time. “We continue […]
