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CommodityOilPrice.com

Off-Grid Solar Is Now the Cheapest Power for Nearly 400 Million People

The World Bank now ranks off-grid solar as the cheapest way to bring electricity to at least 398 million people who still live without it. A joint report released this week by the World Bank’s Energy Sector Management Assistance Program (ESMAP) and the off-grid solar industry association GOGLA treats the technology as permanent infrastructure. Systems once sold as a stopgap until the grid arrived…

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What’s Next for Global Natural Gas Demand?

The Iran war and the lack of LNG supply from the Middle East have upended forecasts of near-term natural gas demand and import costs. So far this year, economies in Europe and Asia have relied more on renewables and coal for power generation to offset reduced gas supplies procured at very high prices. This year’s crisis has prompted governments to rethink energy policies with energy security the…

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China’s Battery Factories May Sit Atop Lithium Resources

The world’s largest battery maker and user, the country that dominates all alternative energy technology, is about to find out whether it could also boost its already dominant presence in a critical battery metal: lithium. China, according to a new study, could have significant, untapped resources of lithium right underneath its battery factories. The possibility was detailed in a recent study…

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Trump's Russian Diesel Is a Legal Hot Potato With a Five-Year Fuse

A Malta-flagged tanker called the Agioi Fanendes left the Russian port of Primorsk on Oct. 22 carrying nearly 40,000 metric tons of ultra-low-sulfur diesel, and ship-tracking data has it arriving at the Port of New York and New Jersey on Nov. 7, four days after the midterm elections. Nobody has publicly said who bought the fuel, and Sen. Richard Blumenthal, D-Conn., has asked the ship’s owner to…

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Exxon, Chevron Executives Cancel Gulf Visit Over Security Concerns

ExxonMobil CEO Darren Woods and Chevron upstream president Clay Neff have canceled plans to attend next week's ADIPEC conference in Abu Dhabi over security concerns, according to sources cited by Reuters on Thursday. Both executives were expected at the November 2-5 event, one of the oil industry's largest annual gatherings, and Woods is still showing up on the roster. Neither company would…

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World's First Permanent Nuclear Waste Site Wins License in Finland

The world’s very first permanent nuclear waste repository just got one major step closer to opening its doors for business. Posiva, the waste management company responsible for the project located in Eurajoki, Finland, just received its operating license for the Onkalo facility from the country’s government. The solution that we have, it's the missing point for sustainable use of nuclear energy,"…

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BYD Earnings Miss Estimates as China's EV Price War Takes Its Toll

Chinese electric vehicle giant BYD reported weaker-than-expected third-quarter earnings on Thursday, highlighting the growing challenges facing China's automakers even as overseas sales continue to surge. BYD's net profit rose 28% year-over-year to 10.02 billion yuan ($1.5 billion), missing analysts' expectations of approximately 11.1 billion yuan. Revenue increased 13.6% to 221.5 billion yuan…

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Europe to Release 42 Million Barrels of Oil

Europe will release 42 million barrels of emergency oil stocks over the next three months, half of it diesel, as governments try to bring down fuel prices before winter, French Economy Minister Roland Lescure said Thursday. France's share includes 10 million barrels of diesel, which Lescure said will begin reaching the market in the coming days. The fuel will be supplied at cost, with Lescure…

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Mexico’s Richest Man Sells $1.15 Billion in Oil Stocks

Carlos Slim has sold more than $1.15 billion of U.S. oil stocks this year as the Iran war sends crude prices and energy shares higher. The Mexican billionaire has cut his stakes in PBF Energy and Talos Energy roughly in half, yet the shares he still owns are worth about $1.4 billion—roughly what his holdings were worth in January. Much of his estimated $124 billion fortune is tied to…

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The CCS Project That Passed Every Test Except the Investment Test

Heidelberg Materials’ proposed carbon capture project in Edmonton appeared to contain almost every ingredient policymakers say a successful CCS development needs. It targeted cement, a hard-to-abate industry where most emissions come from the chemistry of producing clinker rather than simply burning fuel. A pilot confirmed that capture was technically feasible. The Canadian government offered…

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Sinopec Third-Quarter Profit Jumps 64% as Oil Prices Climb

Higher oil prices helped raise Sinopec’s third-quarter earnings by 64% from a year earlier, even as China’s top refiner couldn’t fully capture the record-high global refining margins. China Petroleum & Chemical Corporation, as Sinopec is officially known, said on Thursday that its profit attributable to the shareholders of the company surged by 63.6% on the year to $2 billion (13.6 billion…

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UK Budget Signals Wave of New North Sea Oil and Gas Drilling

John Healey’s Budget has assumed the government will approve North Sea discovery drilling projects that produce in excess of a billion barrels of oil and gas, in the clearest sign yet that ministers plan to rubber-stamp a wave of new drilling after Jackdaw and Rosebank. In its scorecard for the Chancellor’s maiden fiscal event, the Office for Budget Responsibility accounted for a boost in tax…

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Trafigura Signs New Gas Supply Deal with German SEFE

Trafigura has signed a $1.5 billion five-year loan agreement that will back a contract for the commodity trading giant to supply more than 150 TWh of natural gas to Germany’s state-owned gas importer Securing Energy for Europe (SEFE) over the next five years. Trafigura’s current deal with SEFE expires at the end of October. The trading group will supply SEFE from its global gas portfolio under…

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Investors Are Piling Into Dangote. But Is the Price Right?

Nigerian downstream giant Dangote Petroleum Refinery has closed its public offer (IPO). It is now bringing Africa’s industrial ambitions onto investors’ balance sheets. The outcome is already substantial. However, questions remain about the investment case. Yes, a refinery can transform a country’s energy security. However, it can still deliver disappointing returns to shareholders, especially if…

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