No Picture

Oil Tycoons Make Billions In Saudi Purge

November 8, 2017 Zainab Calcuttawala 0

Oil tycoons are applauding Saudi Arabia’s recent anti-corruption raid, which has boosted the net worth of the world’s 21 largest oil tycoons by $1.4 billion, according to Bloomberg. The boost came on the back of increased crude prices as reports of the arrests emerged. The net worth of Saudi investor Prince Alwaleed bin Talal, on the other hand—one of the arrested princes—sunk to its lowest level in 5.5 years. His biggest asset, the Kingdom Holding Co., took most of the losses. The Bloomberg index of billionaires dropped…

The post Oil Tycoons Make Billions In Saudi Purge appeared first on aroundworld24.com.

No Picture

Nigeria To Back OPEC Extension If Conditions Are Favorable

November 6, 2017 Zainab Calcuttawala 0

Nigeria would back an extension of OPEC’s production cut deal to the end of 2018 “as long as the right terms are on the table” relative to Abuja’s planned economic recovery, Oil Minister Emmanuel Ibe Kachikwu said, according to a report by Reuters. “There isn’t any reason to change what is a winning formula,” Kachikwu said, adding “there is a consensus to extend. The issue will be the duration.” So far, the bloc and ten other producers have agreed to extend the agreement through next March.…

The post Nigeria To Back OPEC Extension If Conditions Are Favorable appeared first on aroundworld24.com.

No Picture

New U.S. Sanctions Threaten Russian Oil Projects

November 1, 2017 Zainab Calcuttawala 0

Washington’s newest round of sanctions against Moscow’s oil and gas industry targets Russia’s upcoming projects worldwide, according to drafts of the measures introduced at the United Nations by the U.S. The punitive measures – designed to be a political reaction to Russia’s annexation of Crimea in 2014 – will have a limited effect on Moscow’s current operations abroad, experts said. A new provision in a preexisting sanction levied by the U.S. Department of Treasury now prohibits companies from assisting…

The post New U.S. Sanctions Threaten Russian Oil Projects appeared first on aroundworld24.com.

No Picture

3 Potential OPEC Deal Killers

October 30, 2017 Zainab Calcuttawala 0

The Middle East isn’t yet ready to agree on the future of OPEC’s output reduction deal as the bloc’s November 30 summit approaches, during which the cartel is set to decide on the depth and length of the cuts one year from their initial approval. Here are the three key geopolitical issues wreaking havoc on the region’s ability to collectively raise the price of oil. The Trump Administration’s Ongoing Iran Nuclear Deal Drama From the day that Donald Trump declared he would run for president, he made it clear that he…

The post 3 Potential OPEC Deal Killers appeared first on aroundworld24.com.

No Picture

The Qatar Blockade Could Cause A Regional Recession

October 26, 2017 Zainab Calcuttawala 0

Five months into the Gulf’s blockade against Qatar, and neither side looks ready to budge. But the repercussions of the ongoing spat—and Kuwait’s failure to end the dispute—could deliver a huge blow to the Gulf economy. Doha has stood its ground: It refuses to shut down its renowned news station Al Jazeera or abide by the sectarian politics orchestrated by Riyadh. Saudi Arabia and its allies (the United Arab Emirates, Bahrain, Egypt and others) maintain that Qatar’s relationship with Iran and other Shi’ite regimes…

The post The Qatar Blockade Could Cause A Regional Recession appeared first on aroundworld24.com.

No Picture

Aramco: Mass EV Adoption Still Decades Away

October 24, 2017 Zainab Calcuttawala 0

Though electric vehicles are gaining popularity worldwide, Saudi Aramco CEO Amin Nasser believes that the new cars will not compose a significant portion of on-road vehicles for decades, according to a new interview with CNBC. “Electric vehicles will continue to grow,” Nasser said. “They will take good market share, but it will be decades before they shoulder a significant percentage of the energy mix.” Still, the rise of fuel-efficient cars could wipeout crude consumption equal to Iran annual output by the year 2025, analysis by Barclays…

The post Aramco: Mass EV Adoption Still Decades Away appeared first on aroundworld24.com.

No Picture

Trump Admin Announces Largest Oil And Gas Lease Sale In U.S. History

October 24, 2017 Zainab Calcuttawala 0

Interior Secretary Ryan Zinke announced the largest oil and gas lease sale in U.S. history this week. The sale will include almost 77 million acres of federal waters in the Gulf of Mexico and is scheduled to take place in March 2018.  “In today’s low-price energy environment, providing the offshore industry access to the maximum amount of opportunities possible is part of our strategy to spur local and regional economic dynamism and job creation and a pillar of President Trump’s plan to make the United States energy dominant,”…

The post Trump Admin Announces Largest Oil And Gas Lease Sale In U.S. History appeared first on aroundworld24.com.

No Picture

Oil Nears $52 With Record OPEC Deal Compliance

October 23, 2017 Zainab Calcuttawala 0

WTI prices closed in on $52 a barrel on Monday as OPEC reported record compliance to its 10-month old output reduction agreement. A slowdown in North American drilling coincided with the industry cartel’s announcement, which propped up hopes of a shrinking oil supply glut. A Saturday statement by the Organization of Petroleum Exporting Countries (OPEC) showed that member countries, along with its NOPEC partners (Russia and the like) had been keeping up with their commitments from last November. The countries reached a 120 percent compliance…

The post Oil Nears $52 With Record OPEC Deal Compliance appeared first on aroundworld24.com.

No Picture

Energy Giant Bets On Battery Breakthrough Within 5 Years

October 23, 2017 Zainab Calcuttawala 0

 North Carolina-based utility provider Duke Energy is betting on the rise of increasingly efficient battery technology to propel the rise of solar and wind power over the next five years, according to a new report by Forbes. “There’s going to be a lot of excitement around batteries in the next five years. And I would say that the country will get blanketed with projects,” Duke Energy business development managing director Spencer Hanes said on Thursday as part of a conference in Chicago. The cost of generating and storing…

The post Energy Giant Bets On Battery Breakthrough Within 5 Years appeared first on aroundworld24.com.

No Picture

India’s Urban Explosion Boosts Oil Demand

October 10, 2017 Zainab Calcuttawala 0

An urbanizing Indian population poses a threat to the international agenda to reduce carbon emissions in the coming years, according to most models of development that are based on the economic trajectory of the United Kingdom, the United States and most other “first world” nations. “Like China since the start of this century, India is in the midst of a huge wave of urbanization, the scale of which has few parallels in history,” the Indian Department of Industry, Innovation and Science said report last week. The report said…

The post India’s Urban Explosion Boosts Oil Demand appeared first on aroundworld24.com.