London (Business Emerge), September 6: OPEC+, the coalition of oil-producing countries led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, has decided to delay its previously scheduled oil output increase. Originally planned for October, the production hike has now been postponed for two months until the end of November 2024, according to a statement released on Thursday. This move comes in response to declining oil prices, which recently hit their lowest point in nine months, and ongoing concerns about weak global demand. A recent virtual meeting involving eight OPEC+ members confirmed that the additional voluntary production cuts…
Author: Samantha Harris
Business Emerge, September 6: Oil prices hovered near their lowest point in over a year on Thursday, driven by ongoing concerns about demand in major markets like the U.S. and China. These concerns, coupled with a potential increase in oil supply from Libya, outweighed a significant reduction in U.S. crude inventories and a potential delay in production hikes by OPEC+ countries. The U.S. West Texas Intermediate (WTI) crude price fell slightly by 5 cents, reaching $69.15 per barrel, marking its lowest close since December 2023 for the third consecutive day. Similarly, Brent crude prices saw a minor decline of 1…
Shanghai (Business Emerge), July 25: The Natural Gas Infrastructure Company of Cyprus (ETYFA), a joint venture between CYGAS (Natural Gas Public Company, 70%) and EAC (30%), had signed an EPCOM (Engineer, Procure, Construct, Operate and Maintain) contract with the CPP-Metrom Consortium (CMC) in December 2019, comprising China Petroleum Pipeline Engineering (CPP), Metron Energy Applications, Hudong-Zhonghua Shipbuilding, and Wilhelmsen Ship Management. The contract aimed to complete the 2 Mt/year LNG import terminal in Vasilikos, Cyprus, within 24 months. Despite four revised delivery schedules—September 2022, July 2023, October 2023, and July 2024—construction, which began in July 2020, faced setbacks. The project, initially…
Business Emerge, July 25: In a landmark move, South Africa has enacted the Climate Change Bill, which details a national strategy for addressing climate change through both mitigation and adaptation measures. This comprehensive legislation is designed to help the nation meet its emission reduction targets as stipulated by the Paris Agreement. The Climate Change Bill outlines the roles of the Presidential Climate Commission, tasked with advising on climate response strategies to ensure a transition to a resilient, low-carbon economy. Key sectors such as energy, agriculture, transport, and industry will have specific emission targets. Relevant ministers will be responsible for implementing…
Shanghai (Business Emerge), July 25: Shanghai’s bold move towards renewable energy, including a massive 29 GW offshore wind capacity project, marks a significant stride in aligning with China’s national climate targets. This initiative is part of a larger strategy to ensure a steady energy supply until long-term storage solutions become feasible. In an effort to provide consistent energy, the local government also plans to develop coal-fired power plants. Additionally, Shanghai aims to transmit over 40 TWh/year of electricity from the Kubuqi Desert in Inner Mongolia, with at least half of this electricity sourced from clean energy. China has consistently increased…
Business Emerge, July 25: Valero Energy, headquartered in San Antonio, Texas, announced a decline in second-quarter profits, significantly impacted by weaker refining margins and a notable increase in global refining capacity. The company’s net income for the three months ending June 30th fell to $880 million, or $2.71 per share, compared to $1.94 billion, or $5.40 per share, in the same period last year. Energy giants had previously indicated that weak fuel prices would negatively affect their quarterly earnings. This trend was evident in Valero’s performance, with refining margins falling to $3.05 billion in the second quarter, down from $4.22…
London (Business Emerge), July 25: In a significant move to bolster clean energy initiatives, Britain’s newly established state-supported power company, GB Energy, will collaborate with the Crown Estate to enhance investment in and development of renewable energy projects. The partnership aims to create a new division within the Crown Estate, focusing on offshore wind farm development. This strategic alliance is projected to attract between £30 billion to £60 billion ($77.48 billion) in private investments. The Crown Estate estimates that this venture could result in up to 20-30 gigawatts of new offshore wind capacity by 2030, sufficient to power nearly 20…
London (Business Emerge), July 25: Leading European oil refiners, including TotalEnergies and Neste, have issued warnings about further declines in profit margins due to reduced demand. This signals the end of a brief period of high profits that followed Russia’s invasion of Ukraine. TotalEnergies, the largest refiner in Europe, experienced a 34% decrease in quarterly operating income from its refining and chemicals division. This drop is attributed to lower margins from processing crude oil into fuels such as diesel, gasoline, and jet fuel. The company’s benchmark European refining margin marker fell by 37% in the second quarter compared to the…
Mexico (Business Emerge), July 26: Mexico’s state-owned oil company, Pemex, has struggled to meet local fuel demands due to its outdated refineries that cannot process the heavy Maya crude it mainly produces. This has forced Mexico to export crude while importing gasoline and diesel, largely from the United States. Outgoing President Andres Manuel Lopez Obrador aimed to end this dependency by commissioning a new refinery to address the fuel supply gap caused by Pemex’s underfunded and aging refineries. The Olmeca refinery in Dos Bocas, Tabasco, commissioned by Lopez Obrador, was designed to process 340,000 barrels per day (bpd) and help…