Category: Highlights

After touching the highest level since 2009 above $130/bbl, oil prices have pulled back sharply over the past two months with both Brent and WTI crude currently trading at sub-$100/bbl, and the Biden administration is gunning for a much bigger drop. In an interview with Bloomberg, Amos Hochstein, the White House’s senior adviser for global energy security, has said that gas and oil prices need to go even lower while U.S. producers and OPEC+ need to raise output. As of 13:02 p.m. EST, Brent crude was trading down 3.32% on…

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A deepening dependency on U.S. diesel deliveries in many parts of the world could lead to problems in the coming months as domestic demand for the fuel increases while production fails to increase at the same rate. Bloomberg reports that the United States is exporting diesel fuel at record rates, reaching 1.4 million bpd in July, which was the highest in five years, according to data from Vortexa. U.S. diesel shipments go mainly to Brazil, Mexico, Chile, and Argentina, but now they are going to Europe as well. A lot of the…

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The world’s refining capacity is expected to increase by nearly 3 million barrels per day (bpd) by the end of next year when at least nine refinery projects are expected to start up in the Middle East and Asia, the EIA said on Tuesday. The expansion of refinery capacity would offset the losses in global refining capacity in 2020 and 2021 when several refineries around the world—including 1 million bpd capacity in the United States—were either permanently closed or slated to be converted to produce biofuels. Tight refining capacity, coupled…

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The China PV Industry Association (CPIA) recently hosted a virtual seminar on the industry’s growth in the first half of 2022 and the outlook for the second half of the year. Dr. Max Li, Senior Product Manager at LONGi, spoke on the technical advancement of crystalline silicon PV cells and modules, with an emphasis on efficiency, cost reduction, power generation performance and size optimization. According to Bohua Wang, Honorary Chairman of the CPIA, the market share for large-size silicon wafers has increased rapidly, owing to the growing demand for large-format…

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The former British colony of Guyana, a nation whose economy was hit hard by the pandemic, has emerged as the world’s hottest offshore drilling location. Since 2015 global energy major ExxonMobil as well as its partners Hess Corporation and CNOOC have made a slew of quality oil discoveries in the offshore Stabroek Block which have delivered resources in excess of 11 billion barrels of oil. This is driving a massive economic boom for Guyana, which was among the poorest nations in Lain America and the Caribbean. According to the IMF,…

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