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Russia says oil market talks with Saudi developing: newspaper
Russia, the world’s top oil producer, is consulting with Saudi Arabia and other producers to achieve oil market stability, Energy Minister Alexander Novak said, adding that the door is still open for more discussions on freezing output levels if needed. In an interview published on Monday Novak also told Saudi-owned newspaper Asharq al-Awsat that a complete return of market stability is only likely in 2017. “With regard to the cooperation with Saudi Arabia, the dialogue between our two countries is developing in a tangible way, whether in the framework of a multi-party structure or on a bilateral level,” Novak was quoted as saying. “We are cooperating in the framework of consultations regarding the oil market with OPEC countries and producers […]
OPEC Could Still Tip Next Year’s Oil Deficit Into Surplus: Chart
The re-balancing of oversupplied oil markets is on track as demand climbs and U.S. shale production falters, according to the International Energy Agency. The world will face a 560,000 barrel-a-day supply deficit in 2017 if OPEC members pump at the same rate as this year, IEA data show. If Iran and Iraq add just some of the new capacity they’re planning, Libya recoups a fraction of the supplies lost to political conflict and Nigeria restarts oil fields halted by militant attacks, there’ll be an 810,000 barrel-a-day excess — a fourth year of oversupply.
Iraq Appoints Oil Minister as Costly War Limits Growth in Output
Jabbar al-Luaibi was former head of state-run South Oil Co. Al-Luaibi replaces Adel Abdul Mahdi who resigned in March Jabbar al-Luaibi, former head of Iraq’s biggest oilproducer, was appointed oil minister as a costly war against Islamic State militants has capped investments in the OPEC country’s crude production. The appointment was approved by parliament on Monday as part of a government reshuffle, according to statement by deputy parliament speaker Humam Hamoudi. Al-Luaibi is former head of the state-owned South Oil Co. which produces most of the country’s crude. He replaces Adel Abdul Mahdi who had suspended his participation in the cabinet in March, citing disarray in government ministries. Iraq, the second-biggest producer in the Organization of Petroleum Exporting Countries, holds the world’s fifth-largest oil reserves. The drop in crude prices over the past two years has squeezed state revenue as the government waged a costly campaign against Islamic […]
Undermining China: towns sink after mines close
Deep in the coal heartlands of northern Shanxi province, people in Helin village are fighting a losing battle as the ground beneath them crumbles: patching up cracks, rebuilding walls and filling in sinkholes caused by decades of coal mining. Around 100 pits in Helin – buried in the hilly rural outskirts of the city of Xiaoyi – have been exhausted, and cluttered hamlets totter precariously on the brittle slopes of mines. But while local authorities have begun evacuating hundreds of thousands of residents most at risk elsewhere in Shanxi province, Helin’s situation – though serious – isn’t yet considered a priority. “We haven’t been told to leave yet, but when the government gives us the order, we’ll be happy to go,” said Wang Junqi, who lives in a one-room tenement with his family. “It isn’t safe here and the people who have a bit of money have already […]
MIT analysis finds current EVs could replace ~90% of personal vehicles now on the road based on driver’s energy consumption
A study by a team at MIT has concluded that roughly 90% of the personal vehicles on the road in the US could be replaced by an electric vehicle available on the market today, even if the cars can only charge overnight. MIT Associate Professor Jessika Trancik, corresponding author of the paper published in Nature Climate , noted that this would more than meet near-term US climate targets for personal vehicle travel. The team spent four years on the project, which included developing a way of integrating two large datasets—one highly detailed set of second-by-second driving behavior based on GPS data, and another broader, more comprehensive set of national data based on travel surveys—to estimate the energy requirements of personal vehicle trips […]
