Saudi stocks continue to fall after energy attacks shock sentiment
Saudi Arabian stock prices fell again on Monday as investors were unnerved by the escalating attacks against the kingdom's shipping routes and energy infrastructure. However, some major Gulf markets edged up. Saudi Arabia's benchmark index fell 0.3%. Oil?major Saudi Aramco dropped 0.5%. Saudi Arabian Mining Company, Saudi Basic Industries Corp and Saudi Arabian Mining Company both declined 1% and 0.5% respectively.
Nepal rescuers reach remote regions, and electricity is restored almost a week following devastating floods
Rescuers in Nepal built temporary bridges and dug into the ruins of hydropower projects to rescue nearly 300 trapped workers. This was almost a week after devastating floods devastated the towns and valleys across the country. Around 600 people are still trapped in several hydropower stations which have become the focal point of rescue efforts. Prime Minister Balendra Shah stated that over 11…
Trump bans new Chinese humanoid robotics to protect US AI development
U.S. officials have said that the 'Trump Administration' plans to announce bans on imports of Chinese robots and inverters to protect U.S. AI from a?national-security threat and to reshore industries slated for a?explosive increase. According to the people, on Tuesday afternoon, the Federal Communications Commission plans to "roll out" the measures that bar Chinese imports for new humanoid robots and quadruped robots…
South Africa's 'data centre gold rush' could lead to a resource shortage
The rapid expansion of data centers has made South Africa the continent's largest digital hub. Critics warn that the industry's appetites for electricity and drinking water could worsen the shortages of millions of people. Cyril Ramaphosa, the president of South Africa, has praised the rapid growth of data centers as being essential to the security of the country and its business.
Five charts of the week's financial events: energy shock, chip winners, Fed relief and more
Every Friday, Open Interest distills the previous five days' financial data into five charts that highlight the trends, surprises, and overlooked moves. 1. THIN BUFFERS RON BOUSSO, 'ROI Energy Columnist': The renewed U.S.-Iranian blockades of Strait of Hormuz has sharply reduced?oil exports and gas from the Middle East, adding to the pressure on global energy markets that were forced to adapt quickly earlier this year.
Pollution from Musk’s unpermitted xAI project is worst in Black Communities
Elon Musk's artificial-intelligence company xAI installed 59 natural-gas turbines in Tennessee for its Colossus 2 project without obtaining federal clean air permits. This was according to communication between regulators, xAI representatives and the EPA. The potential emissions from these turbines would exceed the federal threshold for a permit and would be released in predominantly Black communities…
Sources say that the US is working on a ban against Chinese energy inverters.
Five?people familiar with the situation' say that the Trump administration is working on a ban of imports of foreign inverters which connect solar panels and batteries to the power grid. They are concerned China may use them to disrupt the supply of electricity. Sources say that the rule?being drafted? by the U.S. Federal Communications Commission could be published this year and would apply to 'new foreign' inverter models.
Dutch Grant Backs SolarDuck's Offshore Solar Power Hub Scheme
Offshore floating solar company SolarDuck and the Maritime Research Institute Netherlands (MARIN) have been awarded a $3.7 million (€3.2 million) subsidy from the Netherlands Enterprise Agency (RVO) to advance the development of an offshore floating platform designed to provide power and utilities to remote subsea assets.The funding will support the Steady Seas research program…
Sources say that the ousted BP chair met with activist shareholder Elliott, without knowing other directors directly.
Two sources familiar with the situation said that former BP chairman Albert Manifold had met with activist shareholder Elliott Management while he was on the board, without telling his fellow members. Manifold was fired by BP this week, after?less that eight months as Chairman. This sent BP's share price plummeting and dealt a serious blow to the leaderships 'attempt' to prove they had stabilized the ship.
Saudi Arabia will burn more oil to generate electricity this summer, as gas production falls
Analysts say that Saudi Arabia will burn more fuel oil imported for power generation in the summer due to a lack of natural gas from oilfields which have been closed?after Iran war curtailed its?oil?exports. Fuel oil consumption at power plants is on the rise just as summer cooling demands are increasing. This is a setback to the Kingdom's efforts to switch to cleaner fuels.
After a slow year, the biodiesel sector is now facing record US biofuel goals.
This year, the U.S. Biodiesel Industry, which is still recovering from a difficult year, will find it hard to ramp up production quickly enough to meet one of the most ambitious biofuel blend mandates ever set by the Environmental Protection Agency. The EPA's ambitious biofuel goals were set in late March, as fuel prices soared during the U.S. - Israel war?on Iran.
ROI-Spiking central bank dissent risks stoking volatility: McGeever
Central bankers from Washington to Tokyo are increasingly divided over how to deal with the global energy crisis. Investors should expect less unity, more uncertainty and volatility in the months to come. The policymakers' dilemma has become clear as Brent crude reaches $120 per barrel, which is double what it was at the beginning of the year. Should they increase interest rates to curb inflation or 'cut them to support the growth?
Can Big Tech survive the energy squeeze with profits that are 'AI-or-die'? McGeever
Last week, Kristalina Georgeeva, Managing Director of the International Monetary Fund, spoke to a panel during the IMF/World Bank Spring Meetings in Washington about the challenges facing businesses, industries and economies across the globe, given the 'transformative power' of artificial intelligence. Her remarks also apply to the stock exchange. U.S.
Suelopetrol claims it was not notified about Chevron’s expansion in the Venezuela joint venture
The international 'arm' of Venezuelan oil company Suelopetrol announced on Tuesday that it had not received any notice or resolution authorizing U.S. Chevron?to increase?its stake to 49% in a major?Venezuela -project. Chevron signed this week two agreements with Venezuelan officials granting the company rights to expand its joint venture with PDVSA, the state-owned oil company in Orinoco Belt.
METI does not see any need for an emergency LNG supply, despite the fact that Japanese utilities have increased their LNG reserves
The Ministry of Economy, Trade and Industry said that major Japanese utilities have increased their liquefied gas stocks by 10% to?2,19 million metric tonnes last week. The LNG stocks of Japan's utilities, the second largest LNG buyers in the world, equaled around 12 days domestic consumption for the week ending March 1. The LNG stockpiles of utilities in Japan…
NY court refuses overturn arbitral ruling that favors Venture Global over Shell
A state judge in New York rejected Monday the request of British oil giant Shell to overturn an arbitration award which favored Venture Global. The dispute was about Venture Global's alleged improper sales of liquefied gas by American company. Justice Joel Cohen, of the Supreme Court of California, determined that no further discovery was necessary because the court must defer to arbitral rulings.
Venezuela suspends 19 oil, gas production-sharing contracts signed under Maduro, sources say
Four sources familiar with the matter said that Venezuela's oil ministry suspended 19 contracts signed with private companies under the?administration? of President Nicolas Maduro. Sources say that the suspension of the contracts has not affected the oil and gas production in the country. The sources added that the state oil giant PDVSA sells the crude produced by the contracts even though they are suspended.
Shell's legal battle against Venture Global is centered on communication with the engineer, a court transcript shows
Shell's appeal against its arbitration loss to liquefied gas producer Venture Global centers on possible communications between the U.S. company and independent engineer Lummus Consultants. A draft court transcript, seen by shows, details these potential communications. The transcript of a New York Supreme?Court?hearing on January 12 includes more…
Gas subsidies for the government are shrinking in China's North, causing villagers to shiver.
He Wenxiang, a 72-year old farmer, sits on his bed, wearing several layers, including a fur-collared black jacket and a hat. He removes the thermometer from the wall, which reads "about 14 degrees Celsius" (57 degrees Fahrenheit). Despite temperatures outside of minus one C (30 F), he only runs his gas heater?occasionally in order to?warm the radiator in his room.
Venture Global responds to Shell's fraudulent claims in LNG arbitration
Venture Global responded late Tuesday night to Shell's legal challenge over its loss in an arbitration case involving liquefied gas cargoes. The company rejected allegations of fraud, and accused Shell of breaching arbitration confidentiality. The legal documents filed in New York Supreme Court are the latest in a long-running saga about Venture Global's inability to deliver LNG in accordance with long-term contracts…