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Aramco Boosts Dividends, But it Can Ill-Afford to Do So
by Simon Watkins
18 Mar 2024 at 5:00pm
It is not surprising that profits in 2023 at Saudi Arabia?s flagship company Saudi Aramco were lower than in 2022. After all, the average price per barrel of the Brent crude oil benchmark dropped just over 18% over the year ? from US$100.93 to US$82.49. The fact that Aramco?s profit drop was nearly 25%, rather than 18%, is also not that uprising, given standard operational variances over and above the straight drop in oil price. What may surprise many is that the company not only continues to pay a huge amount in dividends to?

The Gas Find That Could Transform Europe?s Energy Future
by James Stafford
18 Mar 2024 at 4:00pm
Riding on the heels of Austria?s largest gas discovery in 40 years by Austrian OMV, junior explorer MCF Energy (TSXV:MCF; OTC:MCFNF) announced on Monday morning another potentially significant find in their maiden drill in the Austrian Alps. On Monday, just days into its first drill in Austria, MCF Energy and partner ADX encountered 115 meters of rich gas shows between 1,452 and 1,567 meters deep at Welchau-1, ?with strong evidence of natural fracturing, essential for gas production performance,? the company?

Big Oil Chases High Fossil Fuel Returns amid Poor Renewable Showing
by Tsvetana Paraskova
18 Mar 2024 at 3:00pm
Europe?s major oil companies have started to scale back interim emission reduction targets, acknowledging that their priorities now lie with returning more cash to shareholders. And these returns come from the fossil fuel business, not from renewables.   The latest supermajor to ease emission targets was UK-based Shell, following in the footsteps of UK peer BP, which had already reduced emission reduction targets in early 2023.   Both oil and gas giants reaffirm their commitments to become net-zero energy businesses by 2050, but?

Developed Economies Could Stagnate As Fossil Fuels Reach Their Limits
by Gail Tverberg
18 Mar 2024 at 2:00pm
Historical data show that to date, a reduction in energy availability has mostly affected the US, European countries, Japan, and other advanced economies. I expect this situation to continue as energy limits become more of a problem. Advanced economies will start looking and acting more like today?s less-advanced economies. The world economy will face a bumpy path in a generally downward direction. In this post, I give an overview of our current predicament. All economies are subject to the laws of physics. We are biologically adapted to?

China?s Solar Power Dominance Threatens Western Clean Energy Dreams
by Haley Zaremba
18 Mar 2024 at 1:00pm
China is doubling down on solar power production, making the West?s chances of catching up even slimmer. China has been outspending the rest of the world in clean energy deployment for years now, out-investing other economic superpowers by a factor of four. Not only is the window closing for the United States and Europe to produce solar energy competitively in China, the West is increasingly dependent on imports of Chinese clean energy components and raw materials for their own renewable energy expansion strategies.  In 2023 China?

Biden Charges Forward With Historic Auto Emission Crackdown
by OilPrice.com
18 Mar 2024 at 12:00pm
Despite pretty much the entire country making it clear that EV mandates are hurting the industry (with major automakers like Ford and GM slashing investment), President Biden is forging forward with his "green agenda" even further. This go-round, Biden is "preparing to roll out the toughest-ever" emissions restrictions, according to Bloomberg.  The report says that the Environmental Protection Agency is poised to implement emissions limits that (Biden thinks) could significantly boost electric vehicle sales, requiring EVs to constitute about?

Europe Gas Prices To Fall Throughout 2024 Amid High Storage Levels
by Alex Kimani
18 Mar 2024 at 11:30am
Gas prices in Europe could plunge as low as $6.70 per million British thermal units (MMBtu) this summer thanks to a mild winter and ample gas inventories, Wood Mackenzie has said in a new report.  The report states that gas markets kicked off the current year on a more bullish note as colder weather swept through Europe while industrial demand maintained its recovering trend, increasing 12% year-on-year in January and around 6% in February.  WoodMac has forecast that household gas demand in Europe will increase by 12 billion cu m?

What Does Putin?s Re-Election Mean for the World?
by RFE/RL staff
18 Mar 2024 at 11:00am
This we can say with high confidence: Vladimir Putin will be declared the victor of the now ongoing three-day election, ushering in another six years as Russia's president. There's less confidence in what comes next, but there are strong clues: more men for the Ukraine war, new taxes to fund the war, new personnel shuffling within the Kremlin, new threats for NATO, and new repression of dissent. The strongest clues came in Putin's state-of-the-nation speech last month. Above all, says Tatyana Stanovaya, a veteran expert of Russian politics, was?

Is a Copper Crisis Coming? Prices Hit New Highs on Smelter Cuts
by Metal Miner
18 Mar 2024 at 10:00am
Via Metal Miner   By mid-March, copper prices hit their highest level since April 2023. Prices previously found a bottom in early February before strong upside momentum saw them topple previous peaks within their long-term sideways trend. While prices clocked a moderate1.74% month-over-month decline throughout February, they rose 4.12% during the first two weeks of March. Overall, the Copper Monthly Metals Index (MMI) remained sideways, with a modest 0.55% decline from February to March. Copper Ore Shortage Forces Smelter Cuts Long-awaited?

U.S. Gasoline Prices Rise for Third Consecutive Week
by Charles Kennedy
18 Mar 2024 at 9:30am
With gasoline demand rising, U.S. gasoline prices increased last week for a third week in a row, up by 4.4 cents from a week ago to an average $3.44 per gallon, GasBuddy said on Monday. As of today, the national average is up 18.7 cents from a month ago and 1.6 cents per gallon higher than a year ago, according to GasBuddy, which has compiled price data from more than 12 million individual price reports covering over 150,000 gas stations.   Ongoing refinery maintenance and the switch to the more expensive summer-blend gasoline?

AI Infiltrates Oil Industry To Speed Up Drilling, Cut Costs
by Irina Slav
18 Mar 2024 at 9:00am
Many tech analysts have accused the oil industry of being too slow to adopt new technology. Yet the industry is itself the source of much technological progress in its narrow, specialized field. Over the past ten years, however, oil and gas have started to open up for digital technology and automation. In fact, the energy industry has very much embraced all things digital and AI. And now, these technologies are helping it produce more oil and gas for less money. Bloomberg recently reported how the oil industry was using artificial intelligence?

CNOOC Makes Another Major Oil Discovery Offshore China
by Charles Kennedy
18 Mar 2024 at 8:31am
CNOOC Limited has made a major oilfield discovery in the Bohai Sea offshore China, with more than 100 million tons of oil equivalent of in-place volume proved, the Chinese state-held oil and gas giant said on Monday, days after announcing a sizeable discovery in the South China Sea.    The Bohai Sea discovery, dubbed Qinhuangdao 27-3 Oilfield, is located in the north-central waters of the Bohai Sea, at an average water depth of approximately 25 meters (82 ft). The oil is medium to heavy, according to the Chinese oil giant. The?

Norway Launches Its First Offshore Wind Auction
by Charles Kennedy
18 Mar 2024 at 8:00am
Norway launched early on Monday local time its debut offshore wind auction, targeting up to 1.5 gigawatts (GW) of power capacity in the North Sea south of its coasts. ?I hope for a good auction with several strong players who want to develop offshore wind at Soerlige Nordsjoe II,? Astrid Bergmål, State Secretary in the Norwegian Energy Ministry, told Reuters ahead of the auction start on Monday.    Norway, whose first area up for grabs for offshore wind development, Soerlige Nordsjoe II, is close to Denmark,?

Nations Divided Over Fees on Shipping Industry Emissions
by Tsvetana Paraskova
18 Mar 2024 at 7:30am
Nearly 50 countries, including the EU, Canada, and Pacific island nations most affected by climate change, are proposing a fee on carbon emissions in the shipping industry, while others are opposed to such charges, according to documents from ongoing talks reviewed by Reuters. The United Nations agency, the International Maritime Organization (IMO), is holding this month's meetings to discuss ways of cutting greenhouse gas (GHG) emissions from ships, including talks on economic GHG pricing mechanisms and technical fuel standards. In 2022,?

New Technology Is Fueling America?s Oil Boom
by Robert Rapier
18 Mar 2024 at 7:00am
In mid-December, I wrote here that the U.S. had set a new annual oil production record:   ?The U.S. set a new annual oil production record on December 15, based on data from the Energy Information Administration. Although the official monthly numbers from the EIA won?t be released for a couple of months, we can calculate that a new record has been set based on the following analysis.? I could project that new record based on the weekly production numbers from the EIA, but I noted that official confirmation wouldn?t?

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