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Latest Energy News | World News

  • State Of Emergency In Ukraine As Russia Cuts Off Coal

    Published: 27 November 2014

    First it was a cutoff of Russian natural gas, now Ukraine faces Moscow’s suspension of coal deliveries as winter approaches. As a result, Kiev has been forced to declare a state of emergency in its electricity market as it faces the onset of a dark, frigid winter. Historically, Ukraine has been self-sufficient in coal, but fighting between government forces and pro-Russian separatists in eastern Ukraine’s Donetsk and Luhansk regions has closed more than half the coal mines there and shut down rail lines needed to ship coal to power plants, according to Europe’s coal association, Eurocoal. Because of the fighting,…

  • Pressure Mounts On Quebec To Ban Uranium Mining

    Published: 26 November 2014

    Demonstrators outside hearings for the Matoush uranium project. (Image from archives) A group of young members of the James Bay Cree Nation began an 800-kilometre trek from Mistissini to Montreal Sunday to demand a ban on uranium development in northern Quebec. They plan to arrive in Montreal on Dec. 15, the final day of hearings on uranium development by Quebec’s environmental watchdog, the Bureau d’audiences publiques sur l’environnement (BAPE). The march underlines the Crees’ opposition to uranium exploration and mining, which they say would invade their territory, pollute the environment and threaten their traditional way of life. "Our message is…

  • Russia Struggling Under Low Oil Prices, Sanctions

    Published: 25 November 2014

    The plunge in oil prices combined with Western sanctions is costing Russia’s economy as much as $140 billion this year, according to Finance Minister Anton Siluanov. “We’re losing around $40 billion a year because of geopolitical sanctions, and about $90 billion to $100 billion from oil prices falling by 30 percent,” Siluanov told a Moscow news conference on Nov. 24. “The main issue that affects the budget and economy and financial system … is the price of oil and the fall in monetary flows from the sale of energy resources.” That estimate jibes with the economic principle that for every…

  • Khamenei: West Will Not 'Bring Iran To Its Knees' On Nuclear Issue

    Published: 25 November 2014

      "In the nuclear issue, arrogants have made their best to bring Iran to its knees, but they were not able and will not be able to do so," according to a tweet attributed to Supreme Leader Ayatollah Ali Khamenei. Supreme Leader Ayatollah Ali Khamenei has warned the West that it will never "bring Iran to its knees" in negotiations on a deal to curb Tehran's nuclear program. "In the nuclear issue, arrogants have made their best to bring Iran to its knees, but they were not able and will not be able to do so," a November 25 posting…

  • Moscow Must Look Elsewhere As Western Oil Companies Quit Russian Projects

    Published: 24 November 2014

    As sanctions force Western companies to abandon joint projects in Russia, the country’s energy minister says it’s time for Moscow to replace them with partners that are allowed to follow through with joint ventures. “If companies in the long-term perspective decide not to participate in the investment projects, we will attract investors from those countries that have not imposed sanctions targeting our oil and gas companies,” Alexander Novak said Nov. 22 at a student energy forum in Moscow. Already, the US oil company ExxonMobil, France’s Total and the Anglo-Dutch Royal Dutch Shell have withdrawn from joint ventures with Russian oil…

  • Russian Finance Minister Says Ruble Will Continue To Fall, But More Slowly

    Published: 24 November 2014

      A Former Russian finance minister says that, although the wild fluctuations in the ruble may have ended, its value could continue to fall for as much as two years more. Alexei Kudrin said in Moscow on Nov. 22 the ruble has finally begun to adjust to the sanctions imposed by the United States and the European Union, the sharp drop in the price of oil and the country’s sluggish economy. “These factors are by and large are already priced in,” Kudrin said. “The ruble has found its equilibrium.”Related: Russia Might Be Forced To Cut Oil Production So far this year…

  • Goldman Sachs Winding Down Coal And Uranium Trading

    Published: 24 November 2014

    Goldman Sachs, the biggest trading firm on Wall Street, will wind down its uranium trading business and may sell its coal mine subsidiary in Colombia, according to a Senate report released last week. Speaking ahead of a Senate hearing last Thursday, the co-head of Goldman Sachs' Commodities Trading Gregory Agran said "the uranium business had posed no environmental risks and the bank never took physical possession of the material," Reuters reported.Related: The Unwelcome Reality For U.S. Coal Exports "Notwithstanding these various considerations, given the misconceptions about this business, we have decided to manage down Nufcor's assets to zero," Agran said in…

  • Iran Would Double Oil Exports If Sanctions Are Lifted

    Published: 21 November 2014

    Iran’s oil minister, Bijan Namdar Zanganeh, says that once UN sanctions are lifted, his country could quickly double its exports of crude oil and wouldn’t give up “even one barrel” of its share in the world market. In an interview broadcast on Iranian television, Zanganeh didn’t say whether he was optimistic about the outcome of Iran’s crucial talks with six world powers, Germany plus the five permanent members of the UN Security Council, Britain, China, France, Russia and the United States, known in shorthand as the P5+1. The talks end on Nov. 24. Nor did Zanganeh say how much oil…

  • Opposition To TransCanada Pipeline Growing In Quebec

    Published: 21 November 2014

    Image credit: Wikimedia Commons Quebec Environment Minister David Heurtel has set seven conditions TransCanada (NYSE, TSE:TRP) will have to meet before the provincial government lets the company run a portion of its massive Energy East pipeline project trough Canada’s east-central province. The move, reported by Radio-Canada (in French), comes on the same day the Université de Montréal published the results of a poll showing that only a third of Quebec’s residents support the controversial project. According to the Canadian broadcaster the provisions outlined by Quebec in a letter to TransCanada CEO Russel K. Girling are: 1. A full environmental assessment that…

  • Norway Unfazed By Drop In Oil Prices

    Published: 20 November 2014

    There’s no doubt that, like other major energy-producing countries, Norway faces challenges from the plunge in oil prices. But state-owned Statoil says its can continue to be profitable through partnerships with other oil companies and developing more “fast-track projects.” The price of Brent crude, a benchmark oil that’s harvested by Norway and its neighbors, has dropped $35 from its record high in June to below $80. This cuts into profits and limits oil companies’ investments, especially in expensive ventures such as Arctic drilling. Should Norway be concerned about drilling farther north in its Barents Sea, which holds an estimated 40…