Latest Energy News | World News
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Iraq Oil Exports Pick up Pace
New production coming online may allow Iraq to claim the mantle as the fastest growing oil exporter in the world. For 2014, Iraq may post one of the biggest supply additions in its history, fueling optimism both the country’s trajectory and about global oil supplies. The violence in Anbar province over the last few months has largely gone unnoticed in Iraq’s huge southern oil fields, where BP and ExxonMobil are hoping to boost production. In February, Iraq’s oil sales reached 2.8 million barrels per day (bpd), a 500,000 bpd increase from January. Analysts think that Iraq could average 2.9 million…
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BP to Export Crude, Avoiding U.S. Ban
BP is moving to export crude oil from the United States, but doing so in a way that avoids violating the export ban. It has agreed to take 80% of the capacity coming from a small refinery under construction in Houston. The $360 million facility to be operated by Kinder Morgan would partially-refine the oil, just enough to be categorized as a refined petroleum product, rather than crude oil. The U.S. has maintained an export ban on crude oil for 41 years, dating back to the 1973 oil embargo. The ban was intended to insulate the U.S. from price spikes…
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Canada’s Oil Sands Exports to U.S. Hampered by Infrastructure
The volume of exports to the U.S. Gulf in 2013 coming from Canada’s oil sands fell far short of original estimates. The oil industry projected that about 200,000 barrels per day (bpd) of oil from Canada’s oil sands provinces would reach Gulf Coast refiners by the end of 2013. But, data from December – expected to be the year’s peak – show that deliveries were below 40,000 bpd, according to Reuters. Data from Canada’s National Energy Board show higher numbers – about 57,000 bpd – but still far short of the industry’s original projections.Related Article: Oil Train Derailments Reaching Crisis…
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LNG May Suffer Boom-Bust Cycle
A flurry of construction around the world will greatly expand liquefaction capacity for shipping natural gas. Companies are hoping to move low-cost natural gas in places like the United States and Australia and sell it to high-priced markets like East Asia. However, the rapid build out of export capacity may suffer from a classic boom-bust cycle, according to Rice University’s Kenneth Medlock III. He argues that the Fukushima meltdown created a significant, but temporary, shortage in supply. This opened up a wide gulf between natural gas prices in Asia and other regions in the world. LNG exporters are now planning…
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China Declares War on Pollution
On March 5th China’s Premier Li Keqiang declared war on pollution, outlining significant steps the Chinese government will take to improve air quality. China has suffered from truly epic smog over the last two winters, choking its cities’ inhabitants and cutting off visibility. The pollutants in the air have surpassed hazardous levels, at times jumping beyond the index that measures particulate matter."We will resolutely declare war against pollution as we declared war against poverty," Li Keqiang told the legislature, according to Reuters. The central government’s top concern has always been social stability, and the Premier’s announcement that China will take…
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Solar Industry Has Record Year in 2013
The U.S. solar industry had its best year ever in 2013, growing 41% from a year earlier. A new report released by the Solar Energy Industries Association (SEIA) and GTM Research show that a record 4,751 megawatts of photovoltaic solar power were installed last year. Solar energy was the second largest source of added capacity in 2013, with only natural gas installing more generation. Wind energy accounted for most renewable energy installations in years past, but 2013 may have marked a point at which the market switched over to solar. As it stands, the U.S. has over 12 gigawatts of…
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Obama FY15 Budget Would Eliminate Oil Tax Breaks
President Obama released his fiscal year 2015 budget on March 4, a $3.9 trillion package that includes a range of wish-list items in an election year. Among other things, the budget calls for the elimination of a range of tax breaks that benefit oil, natural gas, and coal companies. The tax breaks amount to $4 billion annually, and eliminating them is request that the President has called for multiple times over several years. Over ten years, if enacted, cutting the tax breaks would save $48.8 billion over ten years. The budget also calls for $27.9 billion to fund the Department…
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Marcellus Output Not Slowing Down
The Marcellus Shale will continue to be the country’s biggest driver in the growth of natural gas production, according to a new report from Morningstar. The report, “Shale Shock,” concludes that despite years of phenomenal shale gas production, the Marcellus Shale is not slowing down. “The emergence of the Marcellus Shale—the vast gas-bearing rock formation in the northeastern United States—is a game-changer for the U.S. energy industry,” Mark Hanson, Morningstar’s strategist for energy equity research, said.The Marcellus has been at the heart of the shale gas “revolution.” Far from fizzling out, Marcellus output continues to climb. Production increased by 61%…
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European Utilities Suffer from Increased Renewables
Several German utilities reported losses on their electricity generation business as the increased penetration of renewable energy lower electricity prices and capture market share. German utility giant RWE reported a loss of $3.8 billion for 2013, its first loss in over 60 years. The company hopes to shift towards renewable energy in order to compete in the future.Renewable energy has priority access on German grids, and more and more wind and solar are driving down wholesale prices for electricity – at times even forcing them to go negative. The lower power prices have led to nearly 5 billion euros in…
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Russia Threatens to Cut Gas Discounts to Ukraine
The ouster of Ukrainian President Viktor Yanukovych and the new pro-Western interim government prompted a severe reaction from Russian President Vladimir Putin. Russia sent its military to occupy Crimea and to secure its naval base at Sevastopol. The world is watching Russia’s next move in Ukraine on March 3rd as global markets gyrate up and down. Russia largely controlled Yanukovych due to the discounted gas provided by Gazprom. Ukraine is highly dependent on Russian gas to fuel its economy, and at cheap prices, Yanukovych increasingly looked towards Moscow. With the change in government, Gazprom has threatened to end the discounts,…
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