OPEC Oil Deal Compliance Falls To 86%

Amid a fresh oil price rally, albeit a moderate one, on the back of events in Kurdistan, the head of the International Energy Agency said that OPEC’s compliance rate with the oil production cut deal had fallen to 86 percent. Speaking to Reuters on the sidelines of the World Knowledge Forum, Fatih Birol added that the compliance rate is “higher than in the past” and that if OPEC decides to pursue the deal beyond its March 2018 deadline, the market will move closer to rebalancing. This compliance rate is not particularly high, and…

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Mexico Locks In $46 Per Barrel In 2018 Oil Hedge

Mexico has locked in an average export price of US$46 per barrel of crude oil for 2018 in its annual oil hedge, which is closely watched as the biggest in the world. In an interview with Bloomberg, Mexico’s Deputy Finance Minister Vanessa Rubio said that the hedge will be supported by a specially set up Oil Revenue Stabilization Fund, which, along with the central bank’s exchange-rate surplus, will serve to guarantee the price. The Mexican oil hedge, or the Hacienda Hedge, is considered the biggest hedging bet on Wall Street as well…

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Is Hydrogen Fuel As Dumb As Musk Thinks?

Hydrogen fuel cells are a controversial thing. Elon Musk, for example, finds them “incredibly dumb”, and he’s far from the only one. Yet the concept of using the universe’s most abundant element to fuel vehicles is still alive and kicking. The latest of its proponents to make headlines is Swiss company, H2 Energy, which says it has achieved a closed-cycle hydrogen production process that uses all-renewable sources to make hydrogen for fuel and other applications. Its project, in partnership with utility IBAarau, is reportedly…

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Aramco Says No Plans To Shelve IPO

Following an FT report from Friday, Saudi Aramco tweeted on Saturday that it had no intention of shelving its plan for an initial public offering in 2018. The company called the FT report “entirely speculative”. The FT on Friday quoted sources as saying the Saudi state energy company was considering foregoing a foreign listing, and instead opting for a private share sale in addition to the home-bourse listing. Talks with private investors and sovereign wealth funds have picked up in recent weeks, according to Financial Times sources.…

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Clashes In Kurdistan Send Oil Prices Higher

Reports of clashes between Iraqi troops and Kurdish armed forces near Kirkuk yesterday sent WTI and Brent higher in Asian trade today. The latest reports coming in say the Iraqi army has seized a refinery in Kirkuk as well as a gas plant in the area. Exports from Kirkuk, however, are flowing normally for the time being. At 9:10AM, WTI was trading at US$52.31 and Brent was at US$58.44, on supply worries as the Iraqi-Kurdish conflict intensifies. After last week Kurdistan accused Baghdad of planning a takeover of the oil fields around Kirkuk and…

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UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change

The UK’s Financial Conduct Authority’s chief admitted that the watchdog met with executives from Saudi Aramco several months prior to its proposal to change the listing rules for the London Stock Exchange to accommodate the oil giant. In a letter to legislators, Andrew Bailey said that representatives of the regulator “held conversations with Saudi Aramco and their advisors in light of their interest in a possible UK listing in the early part of this year”. The FCA head also said in the letter that “We emphasised during…

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The New Challenger To Lithium Batteries

With the EV market about to explode and the European Union planning a battery-making consortium to bring the continent onto the global EV battery scene, Stanford researchers released a paper claiming their sodium battery could compete with the lithium-ion market leader. New battery development has been fairly slow against the backdrop of the projected electric car market size, and so far no innovation has proved to be as economical as lithium-ion. The Stanford battery uses sodium—a cheaper, more abundant material than lithium—and is…

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Draw In Crude Inventories Lifts Oil Prices

EIA today reported a 2.8-million-barrel draw in U.S. crude oil inventories for the week to October 6, lifting market spirits further amid higher oil demand growth projections from OPEC and growing Middle East tensions around Kurdistan. Analysts had forecast a draw of 400,000 barrels. EIA’s report could reinforce oil price optimism, especially now that oilfield operators in the Gulf of Mexico are returning to normal operation after shutting down 92 percent of production capacity because of Hurricane Nate. That production capacity cut had played…

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Busting The Lithium Bubble Myth

Forget about oversupply of lithium, and ignore the naysayers. There’s no bubble here. Everyone’s talking about electric cars, and lithium miners are getting more than a kick out of it. They’re enjoying share price rallies and better growth prospects, all thanks to boisterous demand-growth predictions. Since lithium demand won’t stop growing, voices caution of a lithium bubble that will someday burst. But this year, the demand prospects for the abundant metal improved quickly and substantially, after the UK became the third…

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Oil M&A Deals Set To Rise

Mergers and acquisitions in the oil and gas industry are on the rise, and the trend will intensify over the next 12 months, the latest Mergers and Acquisitions in Oil and Gas report from A.T. Kearny has found, as price uncertainty diminishes and new investment areas draw the industry’s attention. More than 66 percent of the industry executives A.T. Kearney surveyed said they expected at least 10 percent more M&A deals over the next 12 months as a transition from fossil fuels to renewable energy, a change in oil and gas demand expectations,…

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