Grid operators predict a 20% drop in French gas consumption by 2030
French grid operators announced on Thursday that the consumption of gas in France will drop by nearly 20% by 2030, as a result of changes made to meet climate targets and to reduce costs. France is Europe's biggest energy consumer and its gas consumption has a significant impact on the region's trade and price flows. GRDF GRTgaz Terega conducted a study that forecasts 2030 consumption of 321 terawatt hours (TWh), 78 TWh less than in 2023.
Brent Shoots Past $80 a Barrel
Oil markets climbed for a sixth day on Tuesday, boosted by a tighter supply and firm demand outlook, but power shortages in China which hit factory output tempered the rally.Brent crude futures gained 67 cents, or 0.8%, to $80.20 a barrel at 1016 GMT, after reaching their highest level since October 2018 at $80.75. Brent gained 1.8% on Monday.U.S. West Texas Intermediate (WTI) crude futures rose 79 cents…
Oil up 3% on Hopes of OPEC Cut
Oil prices jumped more than 3% on Monday, reversing an earlier fall to multi-year lows as hopes of a deeper cut in output by OPEC and stimulus from central banks countered worries about damage to demand from the coronavirus outbreak.Brent crude was at $51.91 a barrel, up $1.71 or 3.4%, by 0925 GMT, having earlier hit its lowest since July 2017 at $48.40.Across the Atlantic, U.S. West Texas Intermediate crude hit a 14-month low of $43.32 before recovering to $46.15…
As Renewables Soar, BP sees China Hitting Brakes
Global demand for renewable power will soar at an unprecedented pace over the coming decades, BP said in a benchmark report on Thursday, while China's energy growth is seen sharply decelerating as its economic expansion slows.Still, China is set to remain the largest energy consumer by a long stretch into 2040 although India should overtake it in terms of demand growth beginning in the next decade…
LR to Class India’s First FSRU
Lloyd’s Register (LR) said it signed a contract to class the first ever floating storage regasification unit (FSRU) to be ordered for Indian waters.Due for delivery in December 2019, the new 180,000m³ FSRU will be built to LR’s Rules for the Classification of Offshore Units by South Korean shipbuilder Hyundai Heavy Industries (HHI) for SWAN LNG Pvt. Ltd. (SLPL). It will be stationed at Jafrabad port for 24h-hours-a-day operations…
China's CEFC Investigation Hits $9 billion Russian Oil Deal
Chinese conglomerate CEFC had already started paying for a stake in Russian oil giant Rosneft when the economic crime police took its chairman Ye Jianming away, halting the $9.1 billion deal in its tracks, according to three sources close to the matter. The fate of the deal, one of the largest Chinese investments in Russia, has become a litmus test of how far President Xi Jinping's government is…
CEFC Buys Rosneft Stake as Glencore, Qatar Pull Back
Chinese conglomerate CEFC will buy a 14.16 percent stake in Russian oil producer Rosneft from a consortium of Glencore and the Qatar Investment Authority in a move that further strengthens the energy partnership between Moscow and Beijing. CEFC China Energy has grown in recent years from a niche oil trader into a sprawling energy conglomerate and the transaction will allow China, the world's second largest energy consumer, to boost cooperation with the world's top oil producer.
Oil Prices Fall on Bloated US Fuel Inventories, Stalling China Demand
Oil prices slid on Wednesday, extending falls from the previous session, as a big increase in U.S. crude inventories and a slump in Chinese demand implied too much global supply despite OPEC-led efforts to cut output. International Brent crude futures were trading at $54.69 per barrel at 1501 GMT, down 36 cents from their previous close. U.S. West Texas Intermediate (WTI) crude was at $51.71 a barrel, down 46 cents. The declines came on the back of unexpectedly big increases in U.S.
Oil Falters on U.S. Stocks, Stalling China Demand
U.S. crude oil, gasoline inventories soar as demand stalls; but market can probably accommodate rising shale. Oil prices slid on Wednesday to extend falls from the previous session, as a big increase in U.S. crude inventories and a slump in Chinese demand implied that global oil markets remain oversupplied despite OPEC-led efforts to cut output. International Brent crude futures were trading at $54.81 per barrel at 1257 GMT, down 24 cents from their previous close. U.S.
China's State Grid Asks Brazil to Speed up Power Line License
State Grid Corp of China has asked the Brazilian government and regulators to speed up environmental licensing of a planned power line connecting to the Belo Monte dam in the Amazon forest, according to official documents and a source with direct knowledge of the matter. State Grid, the world's biggest utility, fears it could have to delay construction of the line, possibly forcing the third-largest hydroelectric power dam to begin operating in 2019 below full capacity.
China's State Grid Asks Brazil to Speed up Power Line License
State Grid Corp of China has asked the Brazilian government and regulators to speed up environmental licensing of a planned power line connecting to the Belo Monte dam in the Amazon forest, according to official documents and a source with direct knowledge of the matter. State Grid, the world's biggest utility, fears it could have to delay construction of the line, possibly forcing the third-largest hydroelectric power dam to begin operating in 2019 below full capacity.
Oil at 11-Year Low as Saudi-Iran Row Impacts Markets
Saudi-Iran split dashes chance of OPEC deal to curb oil glut; analysts expect rise in U.S. crude stocks. Oil prices slid more than 4 percent to new 11-year lows on Wednesday as the row between Saudi Arabia and Iran made any cooperation between major exporters to cut output even more unlikely. The furore over Saudi Arabia's execution of a Shi'ite cleric has stripped nearly 8 percent off the price of oil in the last three trading days…
Oil Prices Steady Around Multi-Year Lows
Brent steady at around multi-year lows. Oil prices steadied around 11-1/2-year lows, after rising earlier during the day following Chinese shares higher, as persistent global oversupply and a bleak demand outlook weighed on prices. Beijing deactivated a circuit breaker mechanism that was blamed for aggravating equity market crashes earlier this week. Oil prices plunged to 12-year lows on Thursday after leading energy consumer China allowed its yuan currency to slip…
China Sees Energy Consumption Rising in 2016
China expects its energy consumption to grow in 2016, the official Xinhua news agency of the world's largest energy consumer said on Tuesday. China's apparent demand for crude oil will reach 550 million tonnes (11 million barrels per day) and apparent demand for natural gas will hit 205 billion cubic metres, Nur Bekri, head of the National Energy Administration (NEA), said, according to Xinhua.
China Sees 2016 Energy Consumption Rising
China expects its energy consumption to grow in 2016, the official Xinhua news agency of the world's largest energy consumer said on Tuesday. China's apparent demand for crude oil will reach 550 million tonnes (11 million barrels per day) and apparent demand for natural gas will hit 205 billion cubic metres, Nur Bekri, head of the National Energy Administration (NEA), said, according to Xinhua.
Oil Down on China Data, Uncertain OPEC Action
China posts weakest manufacturing data since 2012; net long positions in Brent rise most in four years - ICE. Oil fell nearly four percent on Monday as weak economic data from China, the world's largest energy consumer, weighed on prices and an OPEC source played down talk of an emergency meeting to stem the decline. China's manufacturing sector contracted at the fastest pace since 2012 in January…
Oil Sinks, Pressured by China, OPEC and Warmer US Weather
U.S. crude oil prices slid almost 7 percent on Monday, pressured by weak economic data from China, a U.S. forecast for mild weather and growing doubts that OPEC would act to reduce the swelling global supply glut. Chinese manufacturing contracted in January at the fastest pace since 2012, adding to worries about energy demand from the world's largest energy consumer. "China is the last standing consumer of oil outside of the U.S.
India's ONGC Sees Higher Output This Year
India's Oil and Natural Gas Corp Ltd (ONGC) said on Friday it expects output to rise this financial year as it invests billions of dollars in ramping up production from its ageing fields. India's biggest exploration company is targeting 300 billion rupees ($4.5 billion) of capital expenditure in the year to March 2017, after spending a similar amount in its previous financial year, Chairman D.K. Sarraf said.
Saudi Offers More Oil to Asia Ahead of OPEC Meet
Saudi offers more oil to Asia after field maintenance; output from Shaybah oilfield to hit 1 mln bpd in next 2 weeks. Saudi Arabia is offering extra crude to customers in Asia, a sign the world's largest oil exporter does not intend to cut output as it battles for market share with other top producers. Saudi's offers of more oil come after it recently completed maintenance programmes that had reduced supplies from some fields during the second quarter, traders said.
Oil Lower on Exporters' Possbile Talks
Reaction to Saudi market comments cools; China crude oil production slips 8 pct to five-year low. Oil prices fell slightly on Friday, remaining near the previous day's highs, on the prospect of talks by exporters about ways to prop up a market grappling with a supply overhang. Brent crude futures were down 19 cents a barrel higher at $45.84 per barrel by 1000 GMT, from a three-week high of $46.66 earlier in the day. U.S.
