IEA Sees Lower-Than-Previously Expected Demand Loss This Year

Global oil demand is set to crash by 7.9 million barrels per day (bpd) this year, the International Energy Agency (IEA) said on Friday, but this forecast is slightly more optimistic than last month’s expectation of an 8.1-million-bpd demand drop. The IEA, however, noted that the recent rise in COVID-19 cases and the reinstating of partial lockdowns in some countries continue to weigh with uncertainty on the world’s global oil demand in 2020. This year, the world is expected to consume an average of 92.1 million bpd of oil, compared…

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Shorts To Make Tesla The First Stock With $20 Billion Bet Against It

Short interest on Tesla is set to make the EV maker’s stock the first stock to hit US$20 billion in bets against it, data from financial analytics firm S3 Partners showed, as short sellers seem unfazed by Elon Musk’s open mocking in recent days. Short interest in Tesla has reached US$19.95 billion, S3 Partners data, cited by Business Insider, shows. While Tesla’s stock continues to rally, closing at a record $1,394 on Thursday, Ihor Dusaniwsky, managing director of S3 Partners, said in a note on the same day that Tesla…

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ARCI develops easy-to-clean solar panel coating

Indian scientists have developed nanoparticle-based solar panel coating that minimizes dust deposition and enables easy cleaning by the action of water, thus preventing a reduction in panel efficiency due to soiling.The coating was developed by the International Advanced Research Centre for Powder Metallurgy and New Materials (ARCI), an autonomous organization of the Department of Science and Technology.Key features of this novel coating are its low cost, highly transparent nature (no loss in transmittance or power conversion efficiency), super-hydrophobic property (water contact angle more than 110°), high weather stability and high…

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PTI will improve Karachi power distribution system in ‘record time’: Asad Umar

Minister for Planning, Development and Special Initiatives Asad Umar on Thursday said the lack of a proper power transmission and distribution system in Karachi was the reason behind increased load shedding in the metropolis and promised that the federal government will improve it in “record time”. Speaking on the floor of the National Assembly, Umar said the main reason behind a weak distribution and transmission system was the apathy of previous governments, including those led by the PPP and the PML-N. The minister said “the work they [previous governments] did…

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Indebted Mexican State Oil Firm Plans $22-Billion Debt Swap

Mexico’s state-owned oil firm Pemex, which has US$105 billion in debt, is planning a debt swap for a total of US$22.4 billion long-term bonds, according to a filing to the SEC reported by Reuters. The Mexican oil firm has been amassing enormous debt for years, and in October last year, it carried out a massive operation to refinance around US$20 billion of its debt via new bond offerings and debt swaps. Mexico’s leftist populist President Andrés Manuel López Obrador planned to make Pemex the pillar of a turnaround for the…

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Researchers Look For Ways To Cut Norway’s Gargantuan $100 Billion Decommissionin

A new innovation center in Norway aims to find alternative and cost-efficient solutions aimed at reducing the huge US$100 billion decommissioning cost that the North Sea operators and countries face, researchers and officials told Bloomberg. The SFI Swipa (Subsurface Well Integrity, Plugging and Abandonment) center was granted the status of Center for Research-Driven Innovation for the next eight years by government-run Board of the Research Council of Norway. The SFI Swipa center and its researchers will look into innovative ways for well plugging and abandoning (P&A), which makes up much…

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Libya’s Oil Production Set To Halve In Next Few Years

Libya’s oil production that has dropped sharply in recent months is set to nearly halve in the coming years thanks to an oil blockade that has been in force since January. Libya’s production has dropped from 1.186 million bpd last November to 796,000 bpd by January 2020, before slipping to 82,000 bpd in June, according to OPEC’s Monthly Oil Market Report. Libya had planned to increase production to 2.1 million bpd by 2024, but those plans are now in jeopardy due to recent skirmishes that have embroiled the country’s oil…

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EIA Raises Brent Crude Oil Price Outlook

The Energy Information Administration raised its price outlook for Brent crude to $41 per barrel for the second half of 2020—this is $4 per barrel higher than the EIA’s forecast last month. In its Short-Term Energy Outlook (STEs expectation that global oil inventories will continue to decline in the second half of the year and throughout next year. “EIA expects high inventory levels and surplus crude oil production capacity will limit upward price pressures in the coming months, but as inventories decline into 2021, those upward price pressures will increase,”…

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Brent oil scores lift from Saudi price rise, China optimism, while U.S. crude weighed down by rising coronavirus cases

nergy-producing nations have “weathered the COVID-19 demand devastation storm and non-compliance [with output cuts] should become the end-of-summer theme for OPEC+,” said Moya. On Monday, West Texas Intermediate crude for August CLQ20, -0.09% was down 13 cents, or 0.3%, at $40.49 a barrel on the New York Mercantile Exchange, after posting a weekly gain of 5% on Thursday, with U.S. markets closed for Independence Day on Friday. Global benchmark Brent oil for September BRNU20, -0.04% rose 38 cents, or 0.9%, at $43.18 a barrel on ICE Futures Europe. U.S. markets…

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Highest ever hydel electricity generated in 2019-20: Asad Umar

ISLAMABAD: Minister for Planning, Development and Special Initiatives Asad Umar on Sunday said WAPDA produced the highest ever hydel electricity in 2019-20 with an increase of 20 per cent, compared to the previous year. In his tweet, the minister said massive hydel capacity increase was taking place with Dasu, Mohmand and Diamir Bhasha Dams being built. “We need to rely on local renewable energy instead of expensive imported thermal fuels,” he added. Read More: NEPRA directs power distribution companies to immediately minimise load shedding Earlier, on June 25, Prime Minister…

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