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☆ S.Africa's first virtual renewable electricity transfer model to go live next year
▼ + stars: | 2023-10-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Siphiwe Sibeko/File Photo Acquire Licensing RightsJOHANNESBURG, Oct 6 (Reuters) - South Africa's first virtual electricity transfer model is likely to go live by end of next year, a top government official said on Friday, a move that could rapidly ramp up renewable power consumption and reduce the burden on ailing state utility Eskom. The utility in August signed an agreement with Vodacom (VODJ.J), the African telecoms arm of Vodafone (VOD.L), to introduce an electricity transfer model known as virtual wheeling, which will allow a consumer to buy renewable power from any producer anywhere in the country. This is expected to make power from large renewable producers available to smaller users such as standalone buildings, housing societies and factories. "What we're trying to resolve really is to ensure that we protect the South African economy from total collapse," Minister of Electricity Kgosientsho Ramokgopa said during a conference. Vodacom's South Africa Chief Executive Sitho Mdlalose told Reuters this would help it to run its 15,000 network sites on renewable power.

Persons: Sun, Siphiwe, Ramokgopa, Onicah Rantwane, Sitho Mdlalose, Nqobile, Promit Mukherjee, Kirsten Donovan Organizations: Kendal Power, REUTERS, Rights, Vodacom, Vodafone, Electricity, Eskom, Reuters, Thomson Locations: Kendal, Witbank, Mpumalanga, South Africa, Rights JOHANNESBURG

☆ Oil prices rise, but post biggest weekly fall since March
▼ + stars: | 2023-10-06 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Friday but remained posted their steepest weekly losses since March, after another partial lifting of Russia's fuel export ban compounded demand fears due to macroeconomic headwinds. On Friday, Brent futures settled up 51 cents at $84.58 per barrel. The sentiment of the statistics is mixed for oil prices. A strong U.S. dollar is typically negative for oil demand, making the commodity relatively more expensive for holders of other currencies. "Fear for the health of the global economy and thus oil demand going forward is at the heart of the sell-off," SEB analyst Bjarne Schieldrop said.

Persons: Brent, WTI, SEB, Bjarne Schieldrop, Baker Hughes Organizations: . West Texas, Labor Department statistics, ING, Companies, Day, Xinhua Locations: Red, Ras Behar, Egypt, Saudi Arabia, Russia, gasoil, U.S

☆ Why superyacht builders are investing in solar
▼ + stars: | 2023-10-06 | by ( Sydney Boyo | ) www.cnbc.com time to read: +5 min

Early tech adopters are investing in a new toy: solar-powered electric yachts. "I believe electric yachts and electric motors will be the main propulsion of pleasure yachts and even cargo vessels in the near future." The company says it has an order book of 160 million euros ($168 million), with prices ranging from 3.2 million euros for its 60-foot yacht to 30 million euros for the fully equipped version of its 120-foot vessel. "The smallest boat is around 1.5 million euros and on the upper range there really is no limit. "We think there is a sweet spot for solar electric boats between 50 and 120 feet," said Kress.

Persons: Mike Horn, Michael Köhler, it's, Heiki, Stephan Kress, Sunreef, Rafael Nadal, Fernando Alonso, Nicola Lapp, Kress Organizations: SuperYacht Times, of Yachting, ForSea Ferries, Allied Market Research, Silent Yachts, Yachts, Formula Locations: SuperYacht Times ', North America, Sweden, Austria, Italy, Turkey, Gdansk, Poland, Emirate, Ras Al Khaimah, Sunreef

☆ Ukraine could soon be a muddy mess, but its new Abrams were made for this fight
▼ + stars: | 2023-10-05 | by ( Chris Panella | ) www.businessinsider.com time to read: +10 min

The first batch of US-provided Abrams tanks have arrived in Ukraine. The heavy tanks are joining the battle just in time for the infamous muddy season, which has bogged down some systems. AdvertisementAdvertisementUkraine's infamous mud season is on the horizon, raising questions about how the country's new Western-made armor, like the heavy US-provided M1A1 Abrams tanks, will perform in the coming muddy mess. AdvertisementAdvertisementAn Abrams tank from 1st Battalion, 8th Cavalry Regiment pulls security during Combined Resolve XIII at the Joint Multinational Readiness Center Hohenfels, Germany, on Feb. 02, 2002. In order to maintain the Abrams' Honeywell AGT1500 engine, Ukraine will need a consistent support and a solid supply chain able to provide sufficient spare parts.

Persons: Abrams, —, Robert Greenway, Volodymyr Zelenskyy, YEVHEN TITOV, George Barros, Vladimir Putin's, Barros, they've, It's, Omar Marques, Mark Cancian, They're, Greenway, Douglas R, Bush, it's Organizations: Service, Hudson Institute, Army, 1st Battalion, 8th Cavalry Regiment, Joint Multinational Readiness Center, US Army, Soviet, Getty, Institute for, ARIS MESSINIS, Nowa, Center for Strategic, International Studies, Marine Corps, Abrams, Honeywell, US Locations: Ukraine, Germany, Russia, AFP, Ukrainian, Bakhmut, Donbas, Southern Ukraine, Kyiv, Kharkiv, Nowa Deba, Poland, Soviet, Soviet Union, Latvia

☆ Crimea: Satellite imagery indicates Russia moving navy ships to other ports after Sevastopol attacks
▼ + stars: | 2023-10-05 | by ( Tim Lister Anna Chernova Gianluca Mezzofiore. Maria Kostenko Paul Murphy | Tim Lister | Anna Chernova | ) edition.cnn.com time to read: +4 min

As many as a dozen ships, including frigates, landing ships and submarines now appear to be moored further east at Novorossiysk, imagery from the past few weeks showed. the home port of the Black Sea Fleet. BlackSkyThe ISW noted that satellite imagery taken on October 2 shows four Russian landing ships and one Kilo-class submarine remaining in Sevastopol. Dmytro Pletenchuk, a spokesman for the Ukrainian Navy, said Thursday that the Black Sea Fleet was “constantly dispersing its ships. They are guarding this facility from the north and from the south.”Even so, Pletenchuk said, “I would not write off the Black Sea Fleet.

Persons: Makarov, Admiral Essen, Dmytro Pletenchuk, ” Pletenchuk, Pletenchuk, “, ”, Aslan Bzhania, ” Bzhania Organizations: CNN, Black, Technologies, Fleet, Ukrainian Navy, Border Guard Service, Sea Fleet, Russian Navy, Reuters Locations: Russia, Sevastopol, Crimea, Moscow, Georgia, Novorossiysk, Feodosia, Technologies Ukraine, Ukraine, Azov, Russian, BlackSky, ”, Abkhazia, Ochamchira

☆ Sam Bankman-Fried isn't the only one on trial. The entire crypto industry is.
▼ + stars: | 2023-10-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +9 min

But first, we're looking at why FTX cofounder and ex-CEO Sam Bankman-Fried's criminal trial has implications that could upend the entire crypto industry. Bankman-Fried, the cofounder and ex-CEO of crypto exchange FTX, was deeply enmeshed in the crypto ecosystem. The proceedings will likely provide more fascinating details about the inner workings of FTX and the broader crypto industry, potentially airing out its dirty laundry and shortcomings. Chelsea Jia FengThe crypto industry, meanwhile, is ready to move on. Some in the crypto industry are embracing a more grown-up approach.

Persons: —, Sam Bankman, Donald Trump's, JANE ROSENBERG, Tom Brady, Kevin O'Leary, Michael Lewis, Katie Balevic, Jacob Shamsian, Grace Kay, Mark Cohen, Caroline Ellison, Chelsea Jia Feng, they'll, Spencer Platt, what's, Michael M, Arvind Krishna, Rahul Pandey's, Seth Wenig, AP Trump, scowled, Donald Trump, Tyler Le, Dianne Feinstein's, Kamala Harris, Sen, Chuck Schumer, Marc Anthony, Sofia Reyes, Pluma, Bad, Wells, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan, Annie Smith, Shona Ghosh, Jack Sommers, Spriha Srivastava Organizations: Service, Tech, Chelsea, Financial, Fidelity, PayPal, Visa, Getty, Treasury, Wall, Nvidia, IBM's, Meta, AP, IRS, trailblazing, Grupo Frontera, NBA, Dallas Mavericks, Minnesota Timberwolves, Etihad Arena, The Dallas Mavericks, Etihad, Corporation National Media Locations: crypto's, Plenty, trailblazing California, Abu Dhabi, New York City, San Diego, London, New York

☆ China is swing factor in diesel’s global squeeze
▼ + stars: | 2023-10-05 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

As demand enters peak season, Xi’s ability to dictate how much Chinese oil companies export looks like the key swing factor. Reuters Graphics Reuters GraphicsGlobally, demand for diesel and gasoil is around 28 million barrels per day (bpd), according to the International Energy Agency. Of the world’s 8 million bpd export flows, Russia exported on average 1 million bpd in the nine months to September, according to consultancy Vortexa. Even so, China last year overtook the United States as the world’s biggest refiner, with total refining capacity of 18.4 million bpd. That would limit Chinese exports to below 400,000 bpd, according to Vortexa, adding to tightness elsewhere.

Persons: Vladimir Putin, Xi, Sun, Brent, George Hay, Oliver Taslic Organizations: Reuters, Reuters Graphics Reuters, International Energy Agency, Longzhong, Bloomberg, Thomson Locations: Saudi, U.S, Singapore, El, Russia, Vortexa, China, United States, Europe, Beijing, Moscow

Lhonak Lake in Sikkim state overflowed on Wednesday, causing major flooding that authorities said had impacted the lives of 22,000 people. The latest flooding was exacerbated by water released from state-run NHPC's Teesta V dam, local officials said. As of Thursday evening, 98 people were missing, 17 of whom were army personnel, state chief secretary V.B. "Due to bad weather conditions we cannot have air service towards the northern part of the state," Rai told Reuters. [1/4]An area affected by the flood is seen in this undated handout image released on October 4, 2023, in Sikkim, India.

Persons: V.B, Pathak, Prabhakar Rai, Rai, G.T, Dhungel, Subrata Nag Choudhury, Jatindra, Tanvi Mehta, Krishn Kaushik, Sarita Chaganti Singh, Ruma Paul, Rajendra Jadhav, YP Rajesh, Robert Birsel, Michael Perry, Kim Coghill, Mark Heinrich Our Organizations: NEW, Authorities, Reuters Graphics Reuters Graphics, Disaster Management Authority, Reuters, India Army, REUTERS Acquire, Army, National Disaster Management Agency, Nature Communications, YP, Thomson Locations: NEW DELHI, KOLKATA, India, Sikkim, Asia's, Bangladesh, Chungthang, Mangan, Gangtok, Nepal, Bhutan, China, Siliguri, West Bengal, Pakistan, Peru, Kolkata, Bhubaneswar, New Delhi

Renewed manufacturing growth will boost industrial energy consumption, especially for diesel, but with inventories still low, prices are set to escalate rapidly, rekindling concerns about inflation. SOFT LANDING? The mid-cycle slowdown or “soft landing” of 1989/90 and the cycle-ending “hard landing” of 1990/91 are usually considered as one episode. Blinder has argued the Federal Reserve would have achieved a soft landing if oil prices had not spiked for unrelated reasons. Related columns:- Global diesel shortage boosts prices (September 13, 2023)- Prolonged U.S. manufacturing slowdown barely dents energy use (September 5, 2023)- U.S. diesel prices surge anticipating a soft landing (August 11, 2023)- U.S. manufacturing slowdown fails to rebuild diesel stocks (August 2, 2023)John Kemp is a Reuters market analyst.

Persons: Bing Guan, Alan Blinder, Blinder, Saddam Hussein’s, ”, Saddam Hussein, Alan Greenspan, John Kemp, Alexander Smith Organizations: Angeles Refinery, California Air Resources Board, Institute, Supply, Federal Reserve, Reserve, Global, U.S, Thomson, Reuters Locations: Angeles, California, Carson , California, U.S, Kuwait, Blinder, United States, Europe, China

Treasury yields later receded on a cooler-than-expected U.S. private payrolls report that helped stocks on Wall Street rebound from Tuesday's sharp sell-off. "The market was so over-sold that it was looking for a catalyst to rally on and found it in ADP." The yield on 10-year Treasury notes touched 4.884%, a fresh 16-year high, while 30-year Treasury yields rose above 5% for the first time since August 2007. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsAustralian, Canadian and British government bond yields have also surged this week. Gold prices crept lower for the eighth consecutive session as elevated Treasury yields amid expectations that the Fed will keep rates higher for longer weighed on investor sentiment.

Persons: Kim Rupert, Rupert, Rhys Williams, Brendan McDermid, Kit Juckes, Brent, Herbert Lash, Tom Wilson, Tom Westbrook, Simon Cameron, Moore, Will Dunham, Mark Potter Organizations: Treasury, ADP, Management, Institute for Supply Management, Federal Reserve, Dow Jones, Nasdaq, Bank of Japan, New York Stock Exchange, REUTERS, Rights Australian, U.S ., Thomson Locations: San Francisco, Bryn Mawr , Pennsylvania, U.S, New York City, Asia, Pacific, Japan, Tokyo, Russia, London, Sydney

☆ Oil falls over $2 on demand fears, Saudi confirms cuts to year-end
▼ + stars: | 2023-10-04 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 4 (Reuters) - Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $2.02, or 2.22%, to $88.90 a barrel at 1228 GMT, while U.S. West Texas Intermediate crude (WTI) fell $2.10, or 2.35%, to $87.13 per barrel. Russian Deputy Prime Minister Alexander Novak said joint voluntary cuts by Russia and Saudi Arabia have helped to balance oil markets. As the trade currency of oil, a strong dollar makes oil comparatively expensive for holders of other currencies, which can dampen demand.

Persons: Agustin Marcarian, Brent, Callum Macpherson, Alexander Novak, Novak, John Evans, Robert Harvey, Laura Sanicola, Muyu Xu, Mark Potter, Louise Heavens Organizations: REUTERS, U.S, West Texas, Wednesday, Saudi, Kommersant, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC

☆ Oil falls over $1 on demand fears, Saudi confirms cuts to year-end
▼ + stars: | 2023-10-04 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsLONDON, Oct 4 (Reuters) - Oil fell on Wednesday, as pledges by Saudi Arabia and Russia to continue crude output cuts to the end of 2023 were offset by demand fears stemming from macroeconomic headwinds. Brent crude oil futures were down $1.51, or 1.66%, to $89.41 a barrel at 1206 GMT, while U.S. West Texas Intermediate crude (WTI) fell $1.59, or 1.78%, to $87.64 per barrel. Saudi Arabia's energy ministry confirmed on Wednesday it will continue its voluntary 1 million barrel per day (bpd) crude supply cut until the end of this year. As the trade currency of oil, a strong dollar makes oil comparatively expensive for holders of other currencies, which can dampen demand.

Persons: Agustin Marcarian, Brent, Callum Macpherson, John Evans, Robert Harvey, Laura Sanicola, Muyu Xu, Mark Potter, Louise Heavens Organizations: REUTERS, U.S, West Texas, Wednesday, Saudi, Kommersant, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC

And if you do, you should stand with me," Sunak said, referring to what he described as 30 years of political short-termism. "It may be helpful, but it won't be sufficient" to help them win the next election. Chris Hopkins, political research director at the polling firm Savanta, said he could not see how Sunak could win. Cabinet ministers have given speeches to sparsely populated rooms and some party members have openly talked what they may do in opposition. Writing by Elizabeth Piper; editing by Kate Holton and Philippa FletcherOur Standards: The Thomson Reuters Trust Principles.

Persons: Rishi Sunak, Sunak, Goldman Sachs, Andy Street, Suella Braverman, pollsters, John Curtice, Chris Hopkins, Savanta, Liz Truss, Nigel Farage, Steve Tuckwell, Elizabeth Piper, Kate Holton, Philippa Fletcher Organizations: Conservative, Conservatives, Labour, University of Strathclyde, European Union, Republican Party, London's Labour, Thomson Locations: MANCHESTER, England, Manchester, British, Birmingham, West Midlands, United States

TASS news agency cited Energy Minister Nikolai Shulginov as saying the government "at all levels" had been discussing partial permission for fuel exports. Europe could also fill some of the gap left by the Russia gasoline ban. Northwest European suppliers, which lost market share in West Africa to Russian supplies this year, could step in, FGE said. Since banning Russian fuel imports, Europe has been seeking suppliers elsewhere, including from the Middle East. As a result, traders said they expected Northeast Asian refiners in China and South Korea to boost diesel exports to Europe.

Persons: Tatiana Meel, Alexander Novak, Vortexa, Nikolai Shulginov, JP Morgan, FGE, Edmund Blair, Mark Potter Organizations: REUTERS, Traders, Kremlin, Kommersant, TASS, Analysts, FGE Energy, WHO, BE, European Union, Gulf, Diesel, Northwest, Competition, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, LONDON, SINGAPORE, Soviet, United States, Ukraine, Europe, Brazil, Turkey, North, West, East, Gulf, gasoil, India, Africa, Kpler, U.S, Gulf Coast, America, West Africa, China, South Korea

☆ Russia may partially lift ban on diesel exports soon - Kommersant
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tatiana Meel/File photo Acquire Licensing RightsOct 4 (Reuters) - The Russian government is ready to partially lift its ban on diesel exports in coming days, the daily Kommersant reported on Wednesday, citing unidentified sources. The ban on gasoline exports will remain in force for now. Russian exports of diesel are the largest of all types of oil products. Russia's gasoline and diesel prices have continued to slide on the local exchange. Since the ban was introduced, gasoline prices have declined by almost 10%, while diesel prices plummeted by 23%.

Persons: Tatiana Meel, Alexander Novak, Novak, JP Morgan, Lidia Kelly, Vladimir Soldatkin, Simon Cameron, Moore, Kim Coghill Organizations: REUTERS, Kommersant, FGE Energy, Thomson Locations: Nakhodka Bay, Nakhodka, Russia, Russian, Melbourne, Moscow

☆ Tank battles in Ukraine are putting several generations of 'crappy Russian armored vehicles' and their flaws on display
▼ + stars: | 2023-10-04 | by ( Benjamin Brimelow | ) www.businessinsider.com time to read: +11 min

AdvertisementAdvertisementT-72s, T-80s, and T-90sUkrainians load a Russian T-72 onto a truck outside Izyum in September 2022. It also has a coaxial 7.62 mm machine gun mounted in the hull and a 12.7mm heavy machine gun on the turret. AdvertisementAdvertisementUS soldiers examine a Ukrainian T-80 tank during an exercise in September 2014. AdvertisementAdvertisementA Danish instructor leads a Ukrainian tank crew and translators through training on a Leopard 1A5 in Germany in May. AdvertisementAdvertisementA Ukrainian Leopard 1 tank crew at a test site in Ukraine in September.

Persons: —, ANATOLII STEPANOV, ALEXANDER ZEMLIANICHENKO, Sean Gallup, Uralvagonzavod, Russia hasn't, Sven Creutzmann, Barry Posen, John Moore, Posen Organizations: Service, Getty, REUTERS, NATO, Soviet, Massachusetts Institute of Technology, MIT, LB, Leopard 2A5, Royal United Services Institute, 47th Mechanized Brigade Locations: Ukraine, Russia, Soviet, Russian, Izyum, AFP, Moscow, Ukrainian, Kharkiv, Syria, Poland, Soviet Union, Germany, Posen, Spain, Norway, Canada, Portugal, Denmark, Sweden, British

☆ Oil prices drop 6% as worries mount over demand destruction
▼ + stars: | 2023-10-04 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Oil prices fell 6% on Wednesday as worries grow about lower demand and a slowing economy. Reports surfaced that Russia might end its ban on diesel exports, and oil inventories rose in some areas. AdvertisementAdvertisementUS and Brent oil prices both fell as much as 6% on Wednesday, representing a sharp reversal of an uptrend that began in July. According to JPMorgan, oil could be suffering from demand destruction as a result of the sharp rise in prices this summer, especially as the peak travel season winds down. "Demand destruction has begun (again)," JPMorgan's Natasha Kaneva said in a Wednesday note, adding that "global oil stock draws have ended."

Persons: Natasha Kaneva, —, Brent, Platts, Kaneva Organizations: Service, Brent, West Texas Intermediate, Energy Department, JPMorgan Locations: Russia, Saudi Arabia

☆ Exxon 3Q profits to climb from last quarter on higher prices
▼ + stars: | 2023-10-04 | by ( Sabrina Valle | Thomson Reuters | U.S. Energy Correspondent Focused In Covering Global Operations Of Oil Majors Out Of Houston. | ) www.reuters.com time to read: +2 min

Exxon's snapshot of operating profits, delivered in a securities filing after the market close, signals a good quarter for oil companies on high oil prices and strong demand for gasoline and diesel. Exxon's oil and gas production earnings were boosted by an about 30% increase in average crude oil prices during the period. The securities filing put oil and gas operating profits at between $5.2 billion and $6.7 billion, compared to last year's $12.4 billion in its third-quarter oil and gas business. Refining also slipped to less than half the year ago's $5.8 billion operating profit. Exxon shares fell nearly 4% on Wednesday to $111.50 as oil prices tumbled on a global bond sell-off and rising interest rates.

Persons: Dado Ruvic, Brent, Tanay, Maju Samuel, Lisa Shumaker Organizations: Exxon Mobil, REUTERS, Rights, JPMorgan, Refining, Exxon, Thomson Locations: U.S, Ukraine, Bengaluru

☆ Jay Leno towed 30 tons with a Tesla Semi and said it felt like nothing
▼ + stars: | 2023-10-03 | by ( Tim Levin | ) www.businessinsider.com time to read: +3 min

Jay Leno got to drive the Tesla Semi, Elon Musk's electric big rig. AdvertisementAdvertisementJay Leno had a field day with Tesla's new Semi truck on the latest episode of his car show, "Jay Leno's Garage." The comedian and car connoisseur got a tour of Elon Musk's electric big rig and even got to take it for a spin that culminated in hauling another Tesla Semi. Leno took the Semi out on the road and remarked that it felt easy and familiar to drive. Then Leno and the Tesla team hooked up a trailer carrying another Semi and kept going.

Persons: Jay Leno, —, Jay, Elon, Tesla, Franz von Holzhausen, Dan Priestley, Tesla's, Leno, I'd, Priestley Organizations: Elon, Service, Pepsi

Funds continued to purchase NYMEX and ICE WTI (+16 million barrels), reflecting the intensifying squeeze on crude inventories around the delivery point at Cushing in Oklahoma. WTI purchases have totalled 152 million barrels over the five most recent weeks and taken the net position to 286 million barrels (60th percentile for all weeks since 2013). But funds were net sellers of Brent in the most recent week (-22 million barrels) after buying in the three previous weeks (+63 million). Chartbook: Oil and gas positionsOn the product side, fund managers were significant sellers of U.S. gasoline (-13 million barrels) and European gas oil (-7 million), which was only partially offset by some small buying of U.S. diesel (+2 million). U.S. NATURAL GASInvestors became increasingly bearish on the outlook for U.S. gas prices despite progressive elimination of the large inventory surplus inherited from 2022.

Persons: Nick Oxford, Brent, Cushing, John Kemp, Jan Harvey Organizations: REUTERS, ICE Futures, U.S . Commodity Futures Trading Commission, Funds, ICE, U.S ., U.S, Investors, Henry Hub, Climate, Nino, Thomson, Reuters Locations: Cushing , Oklahoma, Cushing, Oklahoma, Brent, Louisiana, U.S, Pacific, Saudi

Al-Jaber serves as the CEO of the state-run Abu Dhabi Oil Co., which has the capacity to pump 4 million barrels of crude oil a day and hopes to reach 5 million barrels a day. He also made the call to the annual Abu Dhabi International Petroleum Exhibition and Conference, which brings together the largest players in the oil and gas industries. And al-Jaber himself has repeatedly said the world must rely on oil and gas for the near-term to bridge that gap. Though all smiles at Monday's conference, al-Jaber has acknowledged the withering criticism he's faced. Iraqi and regional Kurdish government officials did not immediately acknowledge the pipeline reopening, though Iraq's oil minister has said it was anticipated, without elaborating.

Persons: Sultan al, Jaber, al, Al, “, he's, it’s, ” al, Haitham, Ghais, Alparslan Bayraktar, ”, Bayraktar Organizations: United, United Arab Emirates, Abu Dhabi Oil Co, Abu, Abu Dhabi International Petroleum Exhibition, Conference, Brent, United Arab, Turkish Energy, Kurdish Locations: ABU DHABI, United Arab, United Nations, Abu, Abu Dhabi, Russia, United Arab Emirates, Jaber, OPEC, Iraqi, Turkish, Turkey, Ceyhan

The world's top importing region saw arrivals of 24.95 million barrels per day (bpd) in September, down from August's 25.22 million bpd, according to data complied by LSEG. September's imports were also almost 3 million bpd weaker than the 27.92 million bpd seen in July, which was the highest monthly total so far in 2023. China imported 11.53 million bpd in September, down from August's 12.49 million bpd, according to LSEG data. Russia was China's top supplier in September, providing 1.81 million bpd, eclipsing the 1.44 million bpd from Saudi Arabia. The main question for Asia's oil demand in the fourth quarter is just how hard the recent price rally will bite demand.

Persons: Vietnam's, China doesn't, Asia's, Jamie Freed Organizations: LSEG, Imports, Reliance Industries, SK Energy's Ulsan, Taiwan's CPC, Brent, U.S, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, August's, Jamnagar, India, South Korea, Saudi Arabia, Asia, CHINA, China, Russia, Iran

☆ Goldman Sachs names 6 global stocks to play the energy transition — giving one over 90% upside
▼ + stars: | 2023-10-02 | by ( Amala Balakrishner | ) www.cnbc.com time to read: +2 min

Goldman Sachs is bullish on the bioenergy sector, calling it the "largest source of renewable energy in the world." Specifically, the bank's analysts, led by Michele Della Vigna, foresee growth in the areas of renewable diesel, sustainable aviation fuel, and renewable natural gas. Stock picks Several global stocks are slated to benefit from this push toward sustainability and the transition to renewable energy, Goldman said. Among its top picks is Neste , which it describes as the "biggest renewable diesel and sustainable aviation fuel producer in the world." The company turns edible by-products and food waste into sustainable products and is the largest renewable diesel producer in North America.

Persons: Goldman Sachs, bioenergy, Michele Della Vigna, Goldman, —, — CNBC's Katrina Bishop Organizations: Renewable, Stock, ENI, U.S Locations: U.S, Italy, North America

A sign is pictured in front of the Vitol Group trading commodities building in Geneva October 4, 2011. The two Pemex documents are also not public. As part of the settlement, Vitol also dropped a lawsuit against PMI Comercio Internacional, Pemex's international trading arm, for $1.21 million for alleged damages to a refinery in Cressier, Switzerland. Meanwhile, legal proceedings tied to the graft scandal continue in Mexico but also the U.S., where a former employee is on trial, and Ecuador. The graft scandal Vitol acknowledged dates back to Lopez Obrador's predecessors.

Persons: Denis Balibouse, Pemex, Andres Manuel Lopez Obrador, Vitol, Lopez, Adriana Barrera, Stefanie Eschenbacher, Ana Isabel Martinez, Stephen Eisenhammer, Marguerita Choy Organizations: Vitol, REUTERS, MEXICO CITY, Reuters, U.S . Department of Justice, PMI Comercio Internacional, Mexican, Thomson Locations: Geneva, MEXICO, Swiss, Brazil, Ecuador, Vitol, Mexican, U.S, Cressier, Switzerland, Veracruz, Mexico

☆ Russia's gasoline, diesel prices continue to slide after export ban
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

A view shows petrol pump nozzles at a fuel station of Neftmagistral company in Moscow, Russia, September 8, 2023. Diesel prices were down 4.97% on the day at 59,130 roubles per ton according to the data from the St. Petersburg International Mercantile Exchange (SPIMEX). Russian Deputy Prime Minister Alexander Novak said on Saturday that the fuel export ban started to produce positive results with a decline in gasoline and diesel prices. Russia's Federal Anti-Monopoly Service opened last week six cases looking into violations of the fuel market. ($1 = 98.7850 roubles)Reporting by Alexander Ershov; writing by Vladimir Soldatkin, editing by Ed OsmondOur Standards: The Thomson Reuters Trust Principles.

Persons: Maxim, Alexander Novak, Alexander Ershov, Vladimir Soldatkin, Ed Osmond Organizations: REUTERS, Rights, St . Petersburg International Mercantile Exchange, Monopoly Service, Thomson Locations: Moscow, Russia, St, Russian, Federal

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