China's coal production fell 3% in August due to production curbs
China's coal production fell by 3% in August compared to the same month last year, according to data released on Monday by the statistics bureau. Production restrictions continued. The output was 390.5 million metric tonnes, down from the previous year but up from the 380.99 millions tons in July, which was a low for a whole month. China has launched a "anti-involution campaign" to reduce industrial overcapacity and support prices.
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap for emissions in the oil and gas industry if both the province and the industry reduced their carbon footprints in other ways. Sources who weren't authorized to publicly discuss the discussions said that the government of Prime Minister Mark Carney has discussed the removal of the cap with the oil companies…
Sources say that Canada could drop its oil emission cap as part of a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized to publicly discuss the talks said that the government of Prime Minister Mark Carney has discussed the removal of the cap with the oil companies and Canada’s top oil producing province if both parties make other concessions on the environment.
Sources say that Canada could drop its oil emission cap as part a new climate plan
Three sources familiar with the discussions said that the Canadian government was in talks with Alberta and energy companies about removing a federal cap on the emissions of the oil and gas industry if they reduced their carbon footprints in other ways. Three sources who weren't authorized to publicly discuss the talks said that the government of Prime Minister Mark Carney has discussed removing a federal cap on emissions from Canada's…
CANADA-CRUDE-Discount on Western Canada Select narrows
On Tuesday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) narrowed. WCS for Hardisty, Alberta delivery in October settled at $11.20 per barrel below the U.S. benchmark WTI according to brokerage CalRock. This compares with a $11.40 discount on Monday. * The discount on WCS was narrowest since late July. Discounts widened in August due in part to the shutdown of BP's 440…
China solar stocks rise on hope of a turnaround
China solar stocks rose in Friday's trading after a polysilicon manufacturer said that the industry has reached its bottom. Regulators also called for additional measures to increase sector revenue. Silicon wafers, which convert sunlight into electricity, are made from polysilicon. The government campaign to curb excessive and unsustainable competition between Chinese firms in order to increase solar prices was a major factor in driving up the stock price. GCL Technology Holdings shares closed Friday with a gain of more than 10%.
Norwegians choose new parliament after a closely contested election clouded with geopolitical anxiety
Norwegians will head to the polls to elect a new Parliament on Sunday and Monday. It is a tight race between the left-wing Labour Party, which has been in power for many years, and the right-wing Progress Party and Conservatives. According to the average of polls taken this month by pollofpolls.no, centre-left parties Labour, Socialist Left and Communists are expected to win 87 seats. This is just two seats more than what's needed for a majority.
Trump's options for easing Russia sanctions are limited in comparison to Europe
Donald Trump, the U.S. president, could lift some sanctions against Russia quickly as a way to reward Moscow for successful peace talks with Ukraine. However only Europe can make the larger steps necessary to ease Russia's cash crisis. Trump has threatened to impose additional sanctions and tariffs against Russia and its oil buyers if there are no signs of progress in the three-and-a-half-year long war in Ukraine. If the talks are successful, Trump could start to ease some of his punitive measures.
Russia claims to have extinguished a fire at a large oil refinery following the latest Ukrainian drone attacks
Russia announced on Thursday that an attack by a Ukrainian drone had put out a fire in an oil refinery located in the southern Krasnodar Region. The drone was part of a campaign launched by Kyiv against President Vladimir Putin's most important economic sector. On Russian oil refineries, and infrastructure for exporting to show that it can fight back while the United States attempts to broker a peaceful deal. According to calculations made this week…
China's solar industry is suffering from a massive loss due to falling prices
Analysts say that restructuring the industry in order to reduce oversupply can help it return to profitability. Longi Green Energy, in a rare positive development, saw its net loss shrink to 2.6 billion Yuan ($364million) from 5.2 billion Yuan a few months earlier. Analysts at Huatai Securities in a note published on Monday attributed this improvement to "strengthened management", which led to lower costs and asset impairment losses. A surge in solar panel installations in the domestic market due to frontloading also helped sales.
China urges solar industry to reduce overcapacity
The Chinese industry ministry announced on Tuesday that it had held its second meeting in two months with representatives of the solar industry. It urged the industry to tighten regulations, reduce overcapacity, and reduce the extreme competition between firms. The ministry issued a press release in which it told the representatives to "jointly encourage the sustainable and healthy development of the industry". The statement said that parties should "curb low price disorderly competition"…
China urges solar industry to reduce overcapacity
The Chinese industry ministry announced on Tuesday that it had held its second meeting in two months with representatives of the solar industry. It urged the industry to tighten regulations, reduce overcapacity, and reduce the extreme competition between firms. The ministry issued a statement in which it told the representatives at the meeting to "jointly encourage the sustainable and healthy development of the industry". The statement said that parties should "curb low price disorderly competition"…
Angola aims to increase gas production as oil output stagnates despite OPEC's exit
Azule Energy, a company optimistic about Angola's gas potential and having had success with its first gas drilling campaign last month, is now considering another exploration. Angola is expecting gas production to increase by more than 20 percent in the next five year as the country targets increased exports to Europe, Asia and domestic demand. Its oil output will stagnate despite leaving OPEC. Angola, Sub-Saharan Africa’s second…
Angola Looks to Gas Growth as Oil Output Flatlines
Optimistic over Angola’s untapped gas potential, Azule Energy is considering another gas exploration well after leading the country’s first drilling campaign targeting gas and hitting success last month, the CEO told Reuters.Angola expects gas production to rise more than 20% in the next five years as it targets higher exports to Europe and Asia and to meet growing domestic demand, while its oil output stagnates despite the country exiting OPEC.Sub-Saharan Africa's second-largest crude producer after Nigeria…
Norway spy chief accuses Russian hackers of dam sabotage April
The head of Norway's counterintelligence agency revealed on Wednesday that Russian hackers temporarily took control of a Norwegian dam earlier this year. This is the first official time Oslo has attributed the cyberattack by its neighbor. Authorities previously stated that on April 7, while in control of the Bremanger dam, west Norway, the hackers opened a flooding gate and released 500 litres of water (132 gallons per second) for four hours until the attack was detected. The attack did not result in any injuries.
Norway spy chief accuses Russian hackers of dam sabotage April
The head of Norway's counterintelligence agency revealed on Wednesday that Russian hackers temporarily took control of a Norwegian dam earlier this year. This is the first official time Oslo has attributed the cyberattack by its neighbor. Authorities previously stated that on April 7, while in control of the Bremanger dam, west Norway, the hackers opened a flooding gate and released 500 litres of water (132 gallons per second) for four hours until the attack was detected. The attack did not result in any injuries.
Mexico shifts to fracking in order to boost Pemex oil production
Mexico plans to use hydraulic fracturing more to access unconventional hydrocarbons and boost oil and natural gas production, after years of declining production. This marks a change in Mexico's stance towards what some call a highly-polluting practice. Evaluation and development of unconventional hydrocarbon deposits hidden deep underground in complex geological formations are part of the 10-year plan to revitalize Petroleos Mexicanos (Pemex), Mexico's heavily indebted energy company.
Investors are sceptical about China's anti price war rally
Fund manager Yang Tingwu reaped his profits quickly after a furious rally in Chinese stocks of steel and cement, spurred on by Beijing's anti-price war and excessive industrial production campaign. Yang, along with many other investors does not think China's ambitious plan of pulling producers out from a spiraling deflation will succeed. It is difficult to reduce excess capacity because "closing factories hits local tax revenue, employment and GDP", said Yang, vice general manager of Tongheng Investment.
US investors target strategic Bulgarian gas storage
Five people with knowledge of the matter report that two American financiers with the support of a former campaign manager for U.S. president Donald Trump approached Bulgarian authorities about a potential investment in a government-owned underground gas storage facility stocked primarily with Russian natural gases. The group, led by Stephen P. Lynch (a Florida financier trying to purchase a gas pipe linking Russia to Germany) and Fei Wang (another U.S.-based investor)…
Brazil talks to TPG and Brookfield about $4 billion climate finance
Brazil is in discussions with global investors, including TPG and Brookfield, to raise almost $4 billion for climate projects. This comes as the country ramps up its green finance campaign ahead of hosting COP30 in November. The move, led by the state development bank BNDES is the latest effort by the government of President Luiz inacio Lula da Silveira to encourage private sector investment into the climate agenda for Latin America's biggest economy despite rising fiscal pressure.