Sources say that Chinese exporters will increase prices and renegotiate after the tax rebates are cut.
Analysts and traders said that Chinese exporters will increase prices on a variety of products, from used cooking oil to aluminium, and renegotiate their contracts to pass the cost of Beijing’s tax incentives. On Friday, the world's second-largest economy announced that it would reduce its export tax rebate rates for certain refined oil products, solar panels, batteries, and non-metallic minerals from 13% down to 9%.
Chugoku's nuclear reactor restart plan shows Japan's commitment to the sector
Chugoku Electric Power Company, Japan, said Tuesday that it plans to restart the 820 megawatt (MW), No.2 nuclear reactor at Shimane Nuclear Power Plant in December and resume its commercial operations in January. The restart shows that Japan is committed to bringing more nuclear power plants back into operation. Shigeru Shiba, the new prime minister, has changed his initial opposition due to energy security concerns.
Rural towns in New Mexico's arid region are looking to treated oil wastewater for a drought solution.
Stephen Aldridge, a pilot of a four-seater helicopter, could see a dozen lagoons filled with toxic waste glistening in the distance between drill rigs. The mayor of Jal, a tiny town nestled in the middle of U.S. Oil Country near the Texas border, saw the scene as a chance to find water for the state that is suffering from a worsening drought.
UK energy prices rise 10% due to extreme weather and geopolitics
The British energy regulator Ofgem raised the price cap for household energy bills on Friday by 10%, from October 1, to a level of 2,250.64 pounds per year. This increase was blamed on extreme weather conditions and conflicts like the war in Ukraine. Brearley stated that the increase in price cap will be difficult for many families. The…
Energy @ Sea: Powering Up in the Blue Desert
Last year marked the beginning of the United Nations Decade of Ocean Science for Sustainable Development, lasting from 2021 until 2030. With 10 years comes 10 challenges—goals for regional, national and global participants to work towards for positive, collective impact on our oceans. Included in the 10 are ocean-based solutions for climate change…
Rystad: Oil Demand to Peak in 2026
The rapid adoption of electric vehicles (EV) around the world will probably cause global oil demand to peak two years earlier than previously expected, Norway's biggest independent energy consultancy Rystad said on Wednesday.World demand is now seen peaking at 101.6 million barrels of oil per day (bpd) in 2026, down from a forecast made in November of a peak in 2028 at 102.2 million bpd…
DNV GL: Oil Demand, CO2 Emissions Probably Peaked in 2019
Global oil demand and carbon dioxide emissions probably peaked in 2019 as the COVID-19 pandemic will have a lasting impact on both, energy consultancy DNV GL said on Wednesday.The Norway-based consultancy, which advises both petroleum and renewable energy companies on risk management and technology, said global energy use would be 8% lower…
China's Saudi Oil Imports Surge to All-time High
China's crude oil imports from Saudi Arabia nearly doubled in May from a year earlier to all-time high as refineries snapped up cheap fuel, while the kingdom retained its position as the top supplier to the world's biggest oil buyer.Arrivals from Saudi last month reached 9.165 million tonnes, or 2.16 million barrels per day (bpd), up about…
Refineries around Asia Join Chinese Peers in Increasing Production
Refineries from India to South Korea are expected to increase output from June, joining their Chinese counterparts as the easing of lockdown measures boosts demand for oil products, industry executives said.The average operating rate for refineries in Asia is expected to rise to 75.5% and 82.2% in the third and fourth quarters, respectively…
China's Daily Crude Oil Imports Rebound in April
China's crude oil imports rebounded in April from a month earlier on daily basis as refiners ramped up output amid a recovery in fuel demand with the impact of the coronavirus outbreak easing while crude prices crashed on slumping consumption elsewhere.Crude oil arrivals were 40.43 million tonnes last month according to a full data table released by the General Administration of Customs on Thursday…
K2 Advices Creyke Beck A & B OWFs
Renewable energy consultancy K2 Management announced it is working as Lender’s Technical Advisor (LTA) on the Doggerbank Creyke Beck A and B Wind Farms, two of the three projects which make up the Doggerbank development.In September, all three wind farms were selected in the Contracts for Difference (CfD) allocation round 3 by the UK Government.The projects will have a combined capacity of up to 3.6 GW…
Xodus Hires Rivers
Energy consultancy Xodus Group said it has appointed Stephen Rivers as Subsea & Pipelines Manager for Asia-Pacific as the company targets strategic growth and new projects in the region. He will be based in in Perth, Australia.Rivers’ previous roles have included Engineering Director for Peritus International Pty Ltd and Senior Vice President…
Anadarko Approves $20 Bln Mozambique LNG Project
U.S. energy firm Anadarko Petroleum Corp gave the go-ahead on Tuesday for the construction of a $20 billion gas liquefaction and export terminal in Mozambique, the largest single LNG project approved in Africa, according to the government of Mozambique and energy consultancy Wood Mackenzie.The announcement, which occurred at an event in Mozambique…
Oil Prices Jump 2% After Tanker Attacks
Oil prices settled 2.2% higher on Thursday after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude trade flows through one of the world's key shipping routes.The attacks near Iran and the Strait of Hormuz reignited worries about an impact to flows from the Middle East if insurance companies begin to reduce…
Oil Majors Rush to Dominate US Shale
In New Mexico's Chihuahuan Desert, Exxon Mobil Corp is building a massive shale oil project that its executives boast will allow it to ride out the industry's notorious boom-and-bust cycles.Workers at its Remuda lease near Carlsbad - part of a staff of 5,000 spread across New Mexico and Texas - are drilling wells, operating fleets of hydraulic…
Billions Spent, Little to Show
How Russia sank billions of dollars into Venezuela quicksandReuters estimates that after sinking more than $9 billion into Venezuela in loans, acquisitions and project spending since 2010, Rosneft, which is majority owned by the Russian state, has yet to show a profit.At the end of 2018, Rosneft had spent approximately $1.5 billion more in Venezuela than it had earned in the form of oil allocated to it as dividends…
OWC, TCE Targets Offshore Wind in India
UK-based Offshore Wind Consultants (OWC) and Tata Consulting Engineers Limited (TCE) have signed an agreement to partner up for upcoming projects in the Indian offshore wind sector.Under the agreement, OWC and TCE will combine its powers to deliver engineering and project management services to Indian offshore wind developments, said the…
Deepwater Oil Output to Reach 10 mb/d in 2019
Global deepwater oil production was expected to grow 700,000 barrels per day (b/d) this year to hit a record high of more than 10 million b/d.Norwegian research group Rystad Energy said that it "expects global deepwater production to reach record high level and surpass 10 million bb/d.""With new fields starting up in Brazil and Gulf of Mexico…
Total Plans Biggest Exploration Drive in Years
Total is launching its biggest exploration campaign for years in 2019 as part of a turnaround plan that is ditching the company's focus on risky long-shots in favor of areas known to contain commercial levels of oil or gas.The French major aims to drill 23 wells this year, its senior vice president for exploration, Kevin McLachlan, told Reuters…
K2 Management Opens Beijing Office
Offshore wind and sustainable energy consultancy K2 Management has opened an office in Beijing to support China’s wind and solar market.Active in Asia since 2010, K2 Management has been working in China on several projects for local and international clients.Country Director for K2 Management in China, James Wu, said: “We think the time is right for us now to be present in China…
