Day: July 2, 2020

The Coal Industry May Never Recover From The Pandemic

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According to analysts predictions, global coal industry will never recover from the COVID-19 pandemic as the pandemic crisis proves that renewable energy is cheaper for consumers and a safer asset for investors. The transition from highly polluting fossil fuels to cleaner energy sources is accelerating even during the blockade, which has led to the closure of power plants in several countries and provided new evidence that coal use may finally peak after more for 200 years on stage. Coal is dying, but renewables are a small part of the reason.…

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U.S. Looks For Ways To Cut Off Iranian Gasoline Shipments To Venezuela

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ederal prosecutors in the United States are looking to seize Iranian gasoline on tankers currently en route to Venezuela by filing a civil-forfeiture complaint, The Wall Street Journal reported on Thursday, as the U.S. steps up sanctions and pressure against both Iran and Venezuela. Four tankers loaded with gasoline are currently traveling to Venezuela, after the first of five tankers carrying Iranian fuel for gasoline-starved Venezuela reached the country sitting on top of the world’s largest oil reserves in May. Lack of diluents, lack of maintenance, lack of money, and…

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Exxon Is Set For Second Consecutive Loss In Q2

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This isn’t a revolution. It’s an evolution, and while that may lack the shock and awe of something like the shale boom, its long-term impact is extreme. This is the world of renewable energy, and three decades of progress shows a clear and undeniable pattern. It’s hard to believe that we’ve been using solar and wind power for about thirty years now. The technology behind this type of renewable power generation may be even older, but the first data for solar and wind generation dates back only to 1990. Even…

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OPEC Production Falls To Three Decade Low

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OPEC’s oil production in June came in at the lowest level since May 1991 during the Gulf War, and collectively meeting its promised cut. For June, OPEC cut its production to 22.69 million bpd, according to a Bloomberg survey using data compiled by Kpler, Rystad Energy, Rapidan Energy Group, and JBC Energy GmbH. Saudi Arabia met its promised cut, holding production to 7.53 million bpd. Saudi Arabia also met its additional voluntary reduction that phases out in July. While Kuwait and the UAE also met their promised cuts, they did not…

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Energy Transfer Twists Oil Companies’ Arms On Dakota Access Pipeline

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Energy Transfer, the company behind the controversial Dakota Access oil pipeline, has declared force majeure on the project to stop companies from pulling out of its plan to double the pipeline’s capacity. Reuters reported, citing unnamed sources in the know, that Energy Transfer is using force majeure to prevent companies that think the pipeline is no longer necessary to stick to their capacity commitments. The reason they think the pipeline is no longer necessary is that U.S. oil production has fallen substantially, removing the need for additional pipeline capacity. The Dakota…

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