Day: July 3, 2020

he Houthi rebels in Yemen claim they have sent a team to repair an oil tanker full of 1 million barrels of oil sitting off the Yemeni coast for five years and threatening to leak oil into the sea or to explode. The maintenance team may not prevent the tanker from leaking oil because the Saudi-led coalition is not allowing access to the equipment needed for the repairs, Bloomberg quoted Mohammed Ali Al-Houthi, a member of the ruling political council of the Iran-aligned Houthis, as saying. The tanker is in…

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Oil Powers Bought Iraqi Compliance – And Something Else, Too They may have paid for compliance, but they were really buying something else.  With COVID-19 cases now starting to ravage a politically fragile Iraq – which is also the center of a proxy war between the US and Iran – there’s never been a better time for the country to ask for aid. Aid is a bargaining chip, and oil production cuts are the end game because Iraq is never in a financial position to comply.  What Iraq wants, specifically,…

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In partnership with the business sector, the Japanese government will invest some $14.4 billion (1.5 trillion yen) in liquefied natural gas development in Mozambique, the Nikkei Asian Review reported. According to the report, the money will fund the development of a gas field in the African country to produce some 12 million tons of LNG annually, beginning in 2024. As part of the deal, trading major Mitsui & Co. and Japan Oil, Gas and Metals National Corp. will together buy a 20-percent stake in the field. Three Japanese private banks will…

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Elon Musk took his Twitter feud with Tesla’s short sellers and the Securities and Exchange Commission to a whole new level on Thursday evening, mocking the traders who had bet against the EV maker, as well as the U.S. market regulator, as Tesla’s stock hit a new record-high of $1,208, rallying 7.95 percent. In a series of tweets, Musk asked, ‘Who wears short shorts?’, and said that “Tesla will make fabulous short shorts in radiant red satin with gold trim,” and “Will send some to the Shortseller Enrichment Commission to…

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Out of Spain’s 15 coal-fired plants, seven ceased operations on June 30. Four more will soon follow, putting Spain on track to ultimately become coal-free. The country closed all its coal mines two and a half years ago as a result of the European Union banning their state aid. The demise of coal in SpainThe seven plants that have shut generated 4,630 megawatts (MW) of power and provided jobs for around 1,100 people. The four that have filed for permission to shut down create 3,092MW of power and employ around…

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