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Oil prices sank on Tuesday after President Trump and U.S. Secretary of State Mike Pompeo struck a softer tone on Iran. The market acted swiftly, selling off crude oil. The comments come a day after Iran’s foreign minister Javad Zarif spoke with NBC News, where he seemed to crack open the door to negotiations of some sort. When asked what it would take to get Iran to the bargaining table, Zarif took issue with the premise of the question. “No, we are at the bargaining table. It is the United States that left the bargaining table,”…
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Reducing global carbon emissions to net zero “is the only way to go,” Shell’s chief executive Ben van Beurden said earlier this month, in yet another reminder from a top executive that Big Oil needs to produce and sell more energy with low carbon intensity. Oil majors are investing in various alternative energy solutions in response to increased investor pressure to start thinking about reducing emissions instead of just growing profits. Some supermajors are investing in EV charging networks, others in research and development…
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President Andrés Manuel López Obrador presented the Business Plan of Petróleos Mexicanos (Pemex) this morning for 2019-2023, stating that the Plan he is supporting he has acted in Pemex's best interests and in those of the Mexican oil industry, and that "sowing oil" is the only strategy to save Pemex.He explained that this plan advocates supporting Pemex in the first three years of his government, with a budget and tax reduction so that Pemex has resources and can invest, and that in the last three years, with more production…
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A marked decline in spending on renewable energy projects during the first half of the year has suggested that wind and solar have yet to become fully competitive with fossil fuel power generation despite the wealth of reports saying they already are cheaper in some parts of the world. BloombergNEF reports that spending on renewable projects between January and June totaled US$117.6 billion, which was 14 percent less than a year earlier and the lowest amount for a comparable period since 2013. The decline was evident in all key renewables markets,…
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The American Petroleum Institute (API) reported a small crude oil inventory draw of 1.401 million barrels for the week ending July 11, compared to analyst expectations of a 2.69-million barrel draw. The inventory draw this week is disappointing after last week’s large draw of 8.129 million barrels, according to the API. A day later, the EIA had estimated an even bigger inventory drawdown of  9.5 million barrels. After a string of inventory draws, the net build is now just 12.16 million barrels for the 29-week reporting period so far…
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Tesla and Apple both suspect that their self-driving car technology has been stolen by engineers who went over to a Chinese competitor. That’s a very time-sensitive claim, with intellectual property theft being a central issue in President Donald Trump’s intense trade war against China. The electric carmaker filed a lawsuit against XMotors.ai, the U.S. research arm of China-based Xpeng, and included a subpoena for Apple to cooperate in the suit. Tesla accused an engineer who worked on its Autopilot system of stealing thousands of highly…
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The Turkish Foreign Affair Ministry on Tuesday rejected the notion of European Union sanctions on Turkey over its drilling for gas in disputed eastern Mediterranean waters, pledging instead to send yet another ship to the area. During their meeting in Brussels on Monday, European Union foreign ministers approved a new batch of sanctions against Turkey. In their statement, they said that in light of Turkey's “continued and new illegal drilling activities,” the EU was suspending talks on an air transport agreement and would call on the…
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Major energy firms could be interested in buying stakes in Brazilian state-held natural gas distribution companies as Brazil is looking to open the sector to more competition, experts have told Reuters. According to experts and analysts who spoke to Reuters, Brazil’s plan could lead to a wave of privatizations in the natural gas sector. Some major energy firms, including France’s Engie, Spain’s Repsol and Naturgy Energy, Portugal’s GALP, and Brazil’s Cosan SA could be interested in taking stakes in the natural gas…
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Oil prices started the week slightly higher, but fell on Tuesday after U.S. Secretary of State Pompeo said that Washington is ready to negotiate the Iran missile program Chart of the Week Argentina’s natural gas production from shale has climbed significantly in the last few years, driven by increased drilling in the Vaca Muerta shale. Production from the Vaca Muerta surpassed 1 billion cubic feet per day (Bcf/d) at the end of 2018. Higher production has allowed Argentina to resume gas exports. Argentina’s first LNG shipment departed…
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While Canadian oil producers are scrambling to sell their oil at a fair price due to a pipeline shortage to take away the crude to foreign markets, Canada’s own domestic oil supply could be threatened due to court decisions and heightened tension in the Middle East. Canada, the world’s fourth largest oil producer, may not be as energy secure as its producer status would otherwise suggest, Peter Tertzakian, Executive Director of the ARC Energy Research Institute in Calgary, Alberta, writes in Financial Post.  That’s because…
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