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☆ UN aid chief to Russia: Don't 'chuck away' Black Sea grain deal
▼ + stars: | 2023-07-07 | by ( Michelle Nichols | ) www.reuters.com time to read: +5 min

"The world has seen the value of the Black Sea Initiative ... this isn't something you chuck away," the U.N.'s Martin Griffiths told reporters. Zelenskiy said the Black Sea deal was important to help the world fight hunger. Russia has described the Black Sea deal and the agreement to facilitate its own exports as a single package. The Black Sea deal allows for ammonia exports - a key ingredient in nitrate fertilizer - but none has shipped. As the expiration date looms, the Black Sea grain deal is grinding to a halt.

Persons: Martin Griffiths, Volodymyr Zelenskiy, Tayyip Erdogan, Erdogan, Zelenskiy, Griffiths, Michelle Nichols, Elaine Monaghan, Oleksandr Kozhukhar, Doina Chiacu, Grant McCool Organizations: UNITED NATIONS, U.N, United Nations, Black Sea Initiative, United, Zelenskiy, Russian Federation, Russian Agricultural Bank, International Energy Agency, Sezer, Thomson Locations: Russia, Moscow, Odesa, United Nations, Turkey, Ukraine, Ukrainian, Istanbul, Russian, United, United States, European Union, Britain, Togliatti, Washington, Kyiv

Oil demand growth is an indication of likely oil market strength and forms part of the backdrop for policy decisions by OPEC and its allies, known as OPEC+. OPEC is expected to publish its first demand forecast for 2023 in its monthly report on July 13. Top officials from OPEC countries at a conference this week such as Amin Nasser, chief executive of state-owned oil producer Saudi Aramco, expressed optimism over the oil demand outlook despite economic headwinds weighing on prices. China alone between 2019 and 2023, 3 million bpd growth, India 1 million bpd growth, so there is a pickup in demand," he said. OPEC originally forecast demand growth in 2023 of 2.7 million bpd in its first forecast published in July 2022, later revising it down to 2.35 million bpd.

Persons: Amin Nasser, Ahmad Ghaddar, David Evans Organizations: Saudi Arabian Oil, OPEC, International Energy Agency, IEA, Saudi Aramco, Thomson Locations: VIENNA, OPEC, Saudi, Asia, China, India

Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. OPEC says it does not have a price target and is seeking to have a balanced oil market to meet the interests of both consumers and producers. But Riyadh has repeatedly rebuffed U.S. calls and Prince Abdulaziz said on Wednesday that new joint oil output cuts agreed by Russia and Saudi Arabia this week have again proven sceptics wrong. ENOUGH FOR NOWThe International Energy Agency has said it expects the oil market to tighten in the second half of 2023, partly because of OPEC+ cuts. Additional oil cuts should be enough to help balance the oil market, United Arab Emirates' energy minister Suhail Al Mazrouei told reporters on Wednesday.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Morgan Stanley, Suhail Al Mazrouei, Mazrouei, Dmitry Zhdannikov, Louise Heavens, Jason Neely, Jan Harvey Organizations: Saudi, Saudi Energy, Wednesday, of, Petroleum, Brent, OPEC, Reuters, Bloomberg, Wall Street, International Energy Agency, United, Thomson Locations: Russia, Saudi Arabia, Russia VIENNA, Saudi, OPEC, United States, Ukraine, Riyadh, United Arab Emirates, UAE

TOKYO/SINGAPORE, July 5 (Reuters) - Oil benchmark Brent fell on Wednesday, reversing some of the gains made after Saudi Arabia and Russia announced they would extend and deepen output cuts into August, as concerns over a global economic slowdown weighed on market sentiment. Brent was down 46 cents, or 0.6%, at $75.79 a barrel by 0704 GMT, after climbing $1.60 on Tuesday. Investors remained concerned about oil demand, however, after business surveys showed a slump in global factory activity because of sluggish demand in China and in Europe. "The trajectory of global oil stockpiles may soon become as relevant as OPEC+ supply cuts and macro headwinds given the International Energy Agency's outlook for a tightening oil market in H2 2023," analysts from Commonwealth Bank of Australia said in a note. Reporting by Yuka Obayashi in Tokyo and Muyu Xu in Singapore; Editing by Sonali Paul and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Brent, Tomomichi Akuta, Yuka Obayashi, Xu, Sonali Paul, Muralikumar Organizations: . West Texas, Mitsubishi UFJ Research, Consulting, Federal, Market, U.S, of, Petroleum, Investors, Traders, American Petroleum Institute, Reuters, International Energy, Commonwealth Bank of Australia, Thomson Locations: TOKYO, SINGAPORE, Saudi Arabia, Russia, ., Monday's, U.S, United States, Europe, China, Algeria, OPEC, Tokyo, Singapore

☆ Oil prices rise 2% as market weighs supply cuts against economic outlook
▼ + stars: | 2023-07-04 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

LONDON, July 4 (Reuters) - Oil prices climbed 2% on Tuesday as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. The total cuts now stand at more than 5 million bpd, or 5% of global oil output. "Clearly, the Saudis are taking proactive and pre-emptive steps to stabilize the price of crude oil as well as see gains to reach $80 a barrel to sustain their domestic budgets," said Andrew Lipow, president of Houston-based Lipow Oil Associates. Even so, the market will wait to verify Russia's announced cuts, and concerns continue that high interest rates will weigh on global demand, Lipow said. Oil benchmarks settled about 1% down in the previous session, as a gloomy macroeconomic outlook served to erase early gains.

Persons: Tamas Varga, Andrew Lipow, Russia's, Lipow, Craig Erlam, Natalie Grover, Rod Nickel, Arathy Somasekhar, Trixie Yap, Mark Potter, Alexander Smith, David Goodman, Bill Berkrot Organizations: Brent, . West Texas, Houston, Lipow Oil Associates, Independence, International Energy Agency, Thomson Locations: Saudi Arabia, Russia, Algeria, OPEC, China, Europe, U.S, London, Winnipeg , Manitoba, Houston, Singapore

☆ Oil up as market weighs supply cuts against gloomy economic outlook
▼ + stars: | 2023-07-04 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

LONDON, July 4 (Reuters) - Oil prices ticked higher on Tuesday as markets weighed supply cuts for August by top exporters Saudi Arabia and Russia against a weak global economic outlook. However, oil benchmarks settled down about 1% in the previous session, after an initial rally, on the back of a gloomy macroeconomic outlook. Tuesday morning trade suggests little has changed in oil dynamics despite Monday's announcements, Craig Erlam, OANDA analyst told Reuters. Even before these new cut announcements, International Energy Agency (IEA) data suggested the oil market was set to show a supply deficit of roughly 2 million bpd in the third and fourth quarters, noted Commerzbank analysts. Still, oil prices did not jump significantly on the news, largely due to demand concerns, particularly given sluggish economic recovery in China following the lifting of coronavirus restrictions.

Persons: Tamas Varga, Craig Erlam, Natalie Grover, Arathy Somasekhar, Trixie Yap, Mark Potter, Alexander Smith Organizations: Brent, . West Texas, Reuters, International Energy Agency, Independence, Thomson Locations: Saudi Arabia, Russia, Algeria, OPEC, China, Europe, U.S, London, Houston, Singapore

☆ Analysis: Caught between riots and debt crises, African countries cut fuel subsidies
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +6 min

Senegal, like Nigeria and Angola, is removing costly fossil fuel subsidies – a move once considered politically unthinkable but which has become a necessity due to crushing debt, a spike in borrowing costs and high fuel prices. SHEER FISCAL NECESSITYNearly every country on earth has some fossil fuel subsidies, according to the Organisation for Economic Co-operation and Development (OECD). Now, high costs have effectively locked many out of international bond markets. According to the World Bank, almost half of the countries in sub-Saharan Africa are in or at high risk of debt distress. The World Bank estimates that subsidy removal, and scrapping foreign exchange controls, would save Nigeria some 21 trillion naira ($27.49 billion) from 2023 to 2025.

Persons: Abdoulaye Diallo, Diallo, Stanley Achonu, Goolam Ballim, Angola's, David Amaglobeli, Amaglobeli, Gregoire Garsous, Achonu, Karin Strohecker, Ngouda Dione, Hugh Lawson Organizations: ONE, LONDON, CFA, Global, International Energy Agency, Reuters Graphics, Organisation for Economic Co, Development, Standard Bank, World Bank, OECD, Bank, Christian, Thomson Locations: Africa, Nigeria, Senegal's, Dakar, Senegal, Angola, Ukraine, Russia, Johannesburg, China, Saharan Africa, Zambia, London, Brazzaville

☆ Explainer: Why are OPEC+ supply cuts failing to boost oil prices?
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +4 min

Members Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. Here are the main reasons why OPEC+ output cuts are failing to significantly lift oil prices:CONCERNS ABOUT WEAK DEMANDData from China has sparked fears that the economic recovery from coronavirus lockdowns in the world's second-largest oil consumer is losing steam. The Energy Information Administration projects U.S. crude oil production will climb by 720,000 bpd to 12.61 million bpd this year, above a prior forecast increase of 640,000 bpd. This compares with around 10 million bpd as recently as 2018. LESS BULLISHIn 2020, Saudi Energy Minister Prince Abdulaziz bin Salman warned traders against betting heavily in the oil market, saying those who gamble on the oil price would be "ouching like hell".

Persons: Brent, Carsten Fritsch, Tamas Varga, Prince Abdulaziz bin Salman, pare, Ole Hansen, Maha El Dahan, Ahmad Ghaddar, Mark Potter Organizations: of, Petroleum, Eurasia Group, U.S . Federal Reserve, International Energy Agency, OPEC, Energy Information Administration, Saudi Energy, Saxo Bank, Thomson Locations: DUBAI, LONDON, OPEC, Russia, Saudi Arabia, China, Japan, U.S, Eurasia, WTI

2 oil exporter, said shortly after the Saudi announcement that it would cut crude shipments by 500,000 bpd for August. Taken together, the Saudi and Russian moves mean that the total output cuts pledged by members of the OPEC+ producer group are 5.16 million bpd, or about 5% of daily global demand. The subtext to Saudi calls for stability and balance is that the kingdom wants to keep oil prices at a level it deems high enough. The allocation of additional crude import permits is a factor that could keep crude imports strong in the second half, but it's likely that much will depend on crude prices. This level of stockpile building gives China's refiners options should crude oil prices rise as OPEC+ cuts output.

Persons: refiners, Jamie Freed Organizations: Saudi, Brent, Organization of, Petroleum, International Energy Agency, Refinitiv Oil, Reuters, Thomson Locations: LAUNCESTON, Australia, Saudi Arabia, Russia, Saudi, OPEC, Russian, CHINA, Beijing, China

☆ There's a lot of talk about hydrogen's potential. But transportation costs represent a big challenge
▼ + stars: | 2023-07-04 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +5 min

In the world of business, multinationals from Iberdrola to Siemens Energy are also looking to make plays in green hydrogen. The DOE adds that more research is required to "analyze the trade-offs between the hydrogen production options and the hydrogen delivery options when considered together as a system." "You produce the hydrogen, the green hydrogen, and then you would synthesize it into ammonia with nitrogen," he said. Despite some clearly big obstacles, partnerships and programs related to the supply and distribution of green hydrogen are starting to take shape. Elsewhere, German firm Enertrag says it's been "operating a tanker and transport trailer to deliver large quantities of green hydrogen to customers" since 2021.

Persons: Angel Garcia, Olaf Scholz, Murray Douglas, Wood Mackenzie, Douglas, Wood Mackenzie's Douglas, —, Jorgo Chatzimarkakis, Chatzimarkakis, Enertrag, it's, Cepsa Organizations: Bloomberg, Getty, Siemens Energy, International Energy Agency, CNBC, U.S . Department of Energy, DOE, Octopus Energy, Port Locations: Spain, German, Australia, North Africa, Madrid, Rotterdam, Europe

It also defies protests from a minority of activist investors who want oil companies to be more closely aligned with global efforts to mitigate climate change. An oil and gas price rally driven by energy producer Russia's invasion of Ukraine translated into record profits for the energy majors. That has increased confidence in the most costly, high-risk offshore exploration that can also deliver the highest rewards. Wood Mackenzie analysts predict a continued increase in activity, forecasting offshore exploration and drilling activity to grow by 20% by 2025. Wood Mackenzie meanwhile predicts the commitment of up to $185 billion to develop 27 billion barrels of oil reserves, with international oil companies focused on the higher-cost, higher-return deepwater developments.

Persons: Olivier Le Peuch, Baker Hughes, Wood Mackenzie, Leslie Cook, TotalEnergies, Yujnovich, QatarEnergy, Shell, Graff, La Rona, Ron Bousso, Barbara Lewis Organizations: Shell, BP, SLB, Reuters, International Energy Agency, Barclays, West Africa –, Nambia's Petroleum, Thomson Locations: Namibia, Ukraine, Gulf of Mexico, South America, West Africa, NAMIBIA, Canada

☆ Oil and gas will continue to power the world for decades to come, big oil firms say
▼ + stars: | 2023-06-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

"We think the biggest realization that should come out of this conference ... is oil and gas are needed for decades to come," said John Hess, CEO of U.S. oil company Hess Corporation. A.S. Sahney Executive Director of Indian Oil CorporationHess said oil and gas are key to the world's economic competitiveness, as well as an affordable and secure energy transition. "The world is facing a structural deficit in energy supply, in oil and gas, in clean energy," he said. "That shows our belief in [the] continuance of fuel," the executive director said, acknowledging that energy transition is here to stay. Oil demand an 'ancient story'Commodities trading firm Vitol is less bullish, predicting that demand for crude will peak in 2030 — two years later than the IEA's forecast.

Persons: John Hess, Hess, Indian Oil Corporation Hess, Haitham Al Ghais, Erin McGrath, Dan Yergin, TotalEnergies, Patrick Pouyanne, Amin Nasser, Russell Hardy, Russia's Organizations: Barcroft Media, Getty, Energy Asia, Hess Corporation, International Energy Agency, Sahney, Indian Oil Corporation, OPEC's, Hess Corp, Energy Asia Summit, Bloomberg, ExxonMobil, CNBC, U.S, Commodities, EV Locations: Lake, China's Jiangsu, Malaysia's, Kuala Lumpur, India, A.S, Malaysia, Asia, Africa, America, Europe, China, Korea, Japan, Vietnam, Saudi Arabia's, Aramco

Goldman Sachs said this week that rising interest rates would remain a "persistent drag" on oil. "There's been little sign of weakness in China's oil demand even if the general reopening boost has disappointed some investors. Global oil demand is forecast to grow between 1 to 2 million barrels per day (bpd), as per the poll. "Once these deficits become visible in on-land oil inventories, we expect prices to trend higher," said UBS analyst Giovanni Staunovo. Respondents also largely agreed that the Organisation of the Petroleum Exporting Countries would take measures to keep the floor for oil prices at $80.

Persons: Brent, Ole Hansen, Saxo, Goldman Sachs, There's, Ian Moore, Bernstein, Giovanni Staunovo, Seher, Arpan Varghese, Noah Browning, Elaine Hardcastle Organizations: bbl, International Energy Agency, Saudi, of, Petroleum, Thomson Locations: China, Saudi, OPEC, Saudi Arabia, Saudi Aramco, India, Moscow, Turkey, Bengaluru

☆ Premarket stocks: Why Wall Street is bullish on beaten-down energy
▼ + stars: | 2023-06-30 | by ( Analysis Krystal Hur | ) edition.cnn.com time to read: +5 min

New York (CNN) Some investors are turning bullish on energy stocks, despite their disappointing performance this year and some major challenges facing Big Oil. But energy stocks have fallen 7.8% this year, compared to a gain of 14.5% for the S&P 500. Why are energy stocks down? The energy sector rose about 59% last year after Russia's invasion of Ukraine sent commodity prices skyrocketing. There are two main reasons why investors are keen on energy stocks: They're priced attractively, and the companies are making money.

Persons: It'sthe, Jay Rhame, Eric Diton, Catherine Thorbecke Organizations: CNN Business, Bell, CNN, International Energy Agency, Asset Management, Brent, West, downer, Federal Reserve, Apple, Nvidia, ExxonMobil XOM Energy, Chevron, Wealth Alliance Locations: New York, Ukraine, Europe, West Texas, China, India

☆ Asia must reach net zero before the world can do so, says Petronas CEO
▼ + stars: | 2023-06-28 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

Petronas sign against the backdrop of the Twin Towers. Goh Seng Chong | Bloomberg | Getty ImagesAsia needs to achieve net zero before the world can do so, according to the CEO of Malaysia's state-owned oil and gas company Petronas. "The bulk of the emissions [that] are expected to emit will be produced in Asia going forward," Tengku Muhammad Taufik told CNBC's JP Ong Tuesday on the sidelines of the Energy Asia in Kuala Lumpur, Malaysia. "The world cannot achieve net zero without Asia achieving net zero," Taufik pointed out during the opening address of summit. Asia will represent half of global GDP by 2040, as well as 40% of global consumption, he added.

Persons: Goh Seng Chong, Tengku Muhammad Taufik, CNBC's JP Ong, Taufik, idealists Organizations: Petronas, Bloomberg, Getty, Energy, International Energy Agency Locations: Asia, Malaysia's, Energy Asia, Kuala Lumpur, Malaysia, Paris

☆ Hydropower IPO tests appetite for weather risks
▼ + stars: | 2023-06-28 | by ( Yawen Chen | ) www.reuters.com time to read: +4 min

LONDON, June 28 (Reuters Breakingviews) - A jumbo hydropower listing may define how investors assess extreme weather risks. Over the last decade, hydropower has been the largest source of clean energy, International Energy Agency data shows. At the top of the range it would raise up to 2 billion euros and be Europe’s largest IPO so far this year. Alarmingly, Hidroelectrica’s gross hydropower generation fell about 15% last year from its annual average of 15.9 terawatt-hours in the decade to 2022. The IPO carries a price range of between 94 Romanian lei and 112 lei (18.95 euros and 22.58 euros) per share, giving the company a potential market capitalisation of 42.3 billion lei to 50.4 billion lei (8.53 billion euros to 10.16 billion euros), Hidroelectrica said in its prospectus.

Persons: Romania’s, Austria’s Verbund, Bogdan Nicolae Badea, Hidroelectrica, Fondul Proprietatea, Franklin Templeton, Lisa Jucca, Oliver Taslic Organizations: Reuters, International Energy Agency, World Bank, Alarmingly, Investors, U.S, Thomson Locations: Europe, Romania, Ukraine, Romanian, China, France

☆ Oil, Gas Companies Urged to Pursue Relatively Cheap Fix on Emissions
▼ + stars: | 2023-06-27 | by ( Will Horner | ) www.wsj.com time to read: +5 min

The energy sector accounts for 40% of all human-caused methane emissions, most of which come from oil and gas companies that release it as a byproduct. The Biden administration’s Inflation Reduction Act includes a plan to charge oil and gas companies for methane emissions, as well as almost $1.6 billion to help these businesses emit less methane. The U.S. and the European Union have also spearheaded a pledge, signed at the COP26 summit in 2021, to reduce global methane emissions. The U.S. Methane Emissions Reduction Act Plan includes tighter regulations, increased transparency and incentives including $47 million to fund research into technologies that reduce methane emissions. The investment would enable oil and gas companies to reduce methane emissions by identifying and quickly repairing methane leaks as well as upgrading older infrastructure that is prone to leaking.

Persons: Biden, Will Horner Organizations: International Energy Agency, Biden, European Union, Energy, Sustainable Business Locations: Paris, North America, U.S, inching, China, India, Russia, Brazil, Indonesia, william.horner

☆ OPEC says oil demand will hit 110 million barrels per day in 2045
▼ + stars: | 2023-06-26 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

In October last year, the oil cartel announced its decision to cut output by two million barrels per day. Joe Klamar | Afp | Getty ImagesKUALA LUMPUR — Global oil demand will rise to 110 million barrels a day in about 20 years, pushing the world's energy demand up by 23%, said OPEC on Monday. "In our worldwide outlook, we see global oil demand rising to 110 million barrels a day by 2045," he said, adding that oil will still comprise about 29% of the energy mix by then. Stock Chart Icon Stock chart iconThe forecast contradicts the International Energy Agency's predictions of annual demand growth thinning down from 2.4 million barrels per day in 2023 to 400,000 barrels per day in 2028. Two weeks ago, the IEA projected that global oil demand will increase 6% from 2022 to 105.7 million barrels per day in 2028 on the back of petrochemical and aviation sectors.

Persons: Joe Klamar, Haitham Al Ghais, Al Ghais, Al Ghais OPEC's Organizations: Afp, Getty, of, Petroleum, Energy Asia, International Energy, IEA, Gas Locations: OPEC, KUALA LUMPUR, Malaysian, Kuala Lumpur

The Global Wind Energy Council said earlier this year that a record 680 gigawatts (GW) of wind energy capacity is expected to be installed by 2027. But the expected revenues of those planning to build wind turbines have not risen in tandem. Many governments index the prices paid for wind energy, usually through auctions, which are often too low, analysts at Wood Mackenzie said. COMPONENTSAmong the issues which arise from operating wind turbines, wear and tear on turbine blades over time can lead to erosion. Its shares fell more than 6% on Friday, while shares in Siemens Energy, the second biggest wind turbine maker, sank 37%.

Persons: Wood Mackenzie, WindEurope, Nina Chestney, Christoph Steitz, Barbara Lewis Organizations: Siemens Energy, LONDON, Siemens, World Energy, Wind Energy Council, International Energy Agency, Thomson Locations: China, Ukraine, Frankfurt

☆ Peak oil is another reason to shun OPEC club
▼ + stars: | 2023-06-26 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

The group known as OPEC+, which includes the organization’s 13 oil-producing members as well as allied nations like Russia, produces over 40% of the world’s oil. Guyana’s recoverable reserves of around 11 billion barrels in that field alone make it an obvious candidate to join OPEC. Non-OPEC oil nations, such as the United States, Brazil and Canada, are growing production. Even OPEC+ members aren’t united in their desire to prioritize price over production. OPEC+, which comprises the cartel’s 13 oil-producing states and ten other allied nations such as Russia, represents over 40% of the world’s oil production.

Persons: Groucho Marx, It’s, aren’t, Abdulaziz bin Salman, Haitham, Bharrat Jagdeo, Hess, Peter Thal Larsen, Oliver Taslic Organizations: YORK, Reuters, Organization of, Petroleum, Wall Street, Exxon Mobil, International Energy Agency, OPEC, United Arab Emirates, Cooperation, Saudi Energy, Wall Street Journal, Exxon, Thomson Locations: Guyana, OPEC, Russia, United States, Brazil, Canada, Nigeria, Saudi Arabia

An array of startups offers second-life energy storage using old EV batteries. The second-life energy storage idea is in theory simple. The problem is a lack of old EV batteries that shows no sign of easing. He has just sold the car for $3,000 to pay down credit card debt, but wants another used EV. Commercial vehicles provide the best hope thus far for second-life batteries, industry officials said.

Persons: Steven Meersman, Nick Carey LONDON, Hans Eric Melin, Melin, EVs, Elmar Zimmerling, Thomas Becker, Antoni Tong, Jonathan Rivera, Rivera, —, Asad Hussain, Zenobe, Nick Carey, Paul Lienert, Daniel Leussink, Ben Klayman, Barbara Lewis Organizations: REUTERS, Global, Nissan, Energy, EV, Mercedes, P Global Mobility, CES, Tesla, BMW, International Energy Agency, Leaf, Mobility Impact Partners, Victoria Waldersee, Thomson Locations: Portsmouth, Britain, recyclers, U.S, Leipzig, 16GWh, Paris, Europe, Coeur d'Alene , Idaho, London, Australia, New Zealand, Detroit, Berlin, Tokyo

New capacity in China is expected to make up more than half of that growth, according to the International Energy Agency. Reuters GraphicsIn 2023, WoodMac sees China's output growth creating a local surplus of 4.24 million metric tons of ethylene and an even bigger oversupply of propylene at 8.69 million metric tons. Reuters GraphicsMARKET SHARE BATTLENewly launched refinery complexes by state giant PetroChina's (601857.SS) Guangdong Petrochemical and privately-run Jiangsu Shenghong Petrochemical have added to surging petrochemical supply from mega refiners Zhejiang Petrochemical Corp and Hengli Petrochemical (600346.SS) that has come online in recent years. Rongsheng Petrochemical (002493.SZ) and Hengyi Petrochemical (000703.SZ) swung to net losses in the first quarter. While Chinese demand from some sectors such as inexpensive clothing and daily essentials is robust, other sectors such as automative have yet to recover in line with expectations, said Salmon Lee, global head of polyesters at consultancy WoodMac.

Persons: Chen, refiners, China's, Wood Mackenzie, WoodMac, Ganesh Gopalakrishnan, TotalEnergies's, Salmon Lee, Lee, Mohi Narayan, Andrew Hayley, Matthew Chye, Florence Tan, Sonali Paul Organizations: REUTERS, Reuters, International Energy Agency, Reuters Graphics, Guangdong Petrochemical, Jiangsu Shenghong Petrochemical, Zhejiang Petrochemical Corp, Hengli Petrochemical, Sinopec, Rongsheng Petrochemical, Hengyi Petrochemical, Thomson Locations: Dalian, Liaoning province, China, Asia, Europe, U.S, Guangdong, Jiangsu, China's, New Delhi, Beijing

☆ China’s new EV subsidies might not be enough to bolster slowing growth
▼ + stars: | 2023-06-22 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Cadillac advertises for its electric car in Shanghai on May 23, 2023. Hugo Hu | Getty Images News | Getty ImagesBEIJING — Subsidies for electric cars aren't enough to boost growth in China's slowing economy. One of the few detailed stimulus plans Beijing has announced this year extends tax breaks for electric car purchases, according to documents released Wednesday. He was speaking about the electric car market in general. China still leads globally in the installation of public fast charging stations – almost 90% of the global growth in such chargers last year, the IEA said.

Persons: Hugo Hu, China haven't, Craig Zeng, Zeng, Nomura Organizations: Getty, CNBC, International Energy Agency, State Council Locations: Shanghai, BEIJING, Beijing, China

India's top solar power producing state Rajasthan has been getting "early warnings" of technical challenges that could arise as the use of renewables increases, a federal power ministry official said. "If proper tariff structures incentivising flexible thermal generation are not introduced, it could result in slower renewable energy adoption," he said. Reuters GraphicsSOLAR, PLUS COALGreen energy capacity in Asia grew 12% in 2022, the fastest rate among major regions, according to the International Renewable Energy Agency. However, authorities in India's sun-drenched Rajasthan state are finding it increasingly difficult to control voltage fluctuations due to the inconsistent nature of solar power output. "Many of these renewable plants are not actually able to comply with such requirements," the official said.

Persons: Rystad, Wood Mackenzie, Lauri Myllyvirta, Pablo Hevia, Koch, Hevia, Florence Tan, Yuka Obayashi, Andrew Hayley, Fransiska, Gopal Sharma, Mei Mei Chu, Joyce Lee, Tony Munroe, Jamie Freed Organizations: Engie, Centre for Research, Clean Energy, Air, Reuters, International Renewable Energy Agency, International Energy Agency, Thomson Locations: China, India, Asia, Wood Mackenzie SINGAPORE, Rajasthan, Pacific, Malaysia, Pakistan, Bangladesh, Vietnam, Singapore, Tokyo, Bangkok, Beijing, Jakarta, Khanh Vu, Hanoi, Kathmandu, Kuala Lumpur, Seoul

How India Profits From Its Neutrality in the Ukraine War The Gulf of Kutch in India is home to the world’s largest oil refinery. After Russia invaded Ukraine, tankers laden with Russian oil are an increasingly common sight along this inlet of northwestern India. China and India are buying so much Russian oil now that Moscow is selling more crude than it was before it invaded Ukraine. Russian crude shipments in the Gulf of Kutch this year Total barrels shipped between through May 2023. In December, S. Jaishankar, India’s foreign minister, was asked in Parliament about India’s decision to buy Russian crude.

Persons: Narendra Modi, Modi, Biden, Ukraine Price, —, Mukesh Ambani, India’s, Copernicus, ” Organizations: New York Times, Western, Ukraine, International Energy Agency, European Union, Argus Media, Jamnagar, Reliance Industries, Nayara Energy, Rosneft, Port, Southeast, Center, Research, Energy, Clean, United Arab Emirates, Modi government’s Locations: India, Ukraine, Kutch, Russia, SynMax, United States, Europe, Moscow, West, India China, China, Kpler, East, Jamnagar, Gujarat State, Russian, Gulf, Pipeline, Panipat, Mundra, Vadinar, Jamnagar Port Vadinar Refinery Jamnagar, Port, Nayara, Southeast Asia, Africa, Finland, Turkey, Singapore, Sikka, Asia Europe

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