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Three OPEC+ sources said cuts were being discussed among options for Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT). The sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd that was announced in a surprise move in April. Earlier, two OPEC+ sources said they did not expect the group to agree further cuts. "We will never hesitate to take any decision to achieve more balance and stability (on) the global oil market," Iraq's Oil Minister Hayan Abdel-Ghani said on arriving in Vienna. The International Energy Agency expects global oil demand to rise further in the second half of 2023, potentially boosting oil prices.

Persons: JP Morgan, Hayan Abdel, Ghani, Prince Abdulaziz, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, Kirsten Donovan, Barbara Lewis, Marguerita Choy Organizations: OPEC, Reuters, Organization of, Petroleum, Brent, Saudi Arabia's Energy, International Energy Agency, JP, Rapidan Energy Group, Thomson Locations: Saudi, VIENNA, Russia, OPEC, Vienna, Russian

☆ Perovskite Solar Cells Push Bounds of Efficiency. Tapping Their Potential Will Be Challenging.
▼ + stars: | 2023-05-31 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

Higher efficiency, measured by how many of the Sun’s photons are turned into watts, lowers the cost of generating solar energy. The factory is small, with a 100-megawatt yearly capacity, but can be expanded and Oxford PV has ambitions to increase production in 2024. Perovskite solar panels may reach commercialization this decade thanks to an expansion of solar investment spurred by government aid from the U.S. and Europe, solar analysts say. China dominates more than 80% of the world’s manufacturing of solar panels, according to the International Energy Agency. “The conversation about degradation is an old one, dating to the early days of perovskite solar technology,” Case said.

Persons: hasn’t, Chris Case, ”, Martin Green, Green, Oxford PV’s Case, ” Case, Diego Diaz, ” Diaz, Dieter Holger Organizations: U.S, Oxford, Oxford University, Saule Technologies, Sustainable Business, International Energy Agency, Oxford PV’s, University of New, Fraunhofer Institute for Solar Energy Systems ISE, dieter.holger Locations: Oxford, Brandenburg, Germany, U.S, Europe, China, Oxford PV’s Brandenburg, University of New South Wales, company’s Brandenburg

☆ Explainer: Why is OPEC+ cutting oil output?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

A global recession could lead to lower oil prices. Oil prices have also come under pressure from concerns about the U.S. debt ceiling negotiations and fears of a debt default in the world's biggest oil consumer. Surprise production cutsPUNISHING SPECULATORSThe cut will also punish oil short sellers or those who bet on oil price declines. The United States, which released most stocks, said it would buy back some oil in 2023, but later ruled it out. OPEC observers also say the group needs nominal oil prices to be higher because of money printing by the West in recent years has lowered the value of the U.S. dollar.

Persons: Brent, Alexander Novak, PVM Oil's Tamas Varga, Prince Abdulaziz bin Salman, Saxo Bank's Ole Hansen, Joe Biden's, Ahmad Ghaddar, Dmitry Zhdannikov, Barbara Lewis Organizations: OPEC, Saudi Energy, Standard Chartered, International Energy Agency, West, U.S ., Thomson Locations: Russia, Vienna, OPEC, Saudi Arabia, Russian, Brent, Washington, Ukraine, United States, U.S

PREVIEWBirol pointed to a “powerful alignment of major factors,” driving clean-energy spending higher, while spending on oil and other fossil fuels remains subdued. The Covid-19 pandemic appears to have marked a turning point for global energy spending, the IEA’s data shows. While clean-energy spending has boomed, spending on fossil fuels has been tepid. Investments in clean energy and fossil fuels were largely neck-and-neck in the years leading up to the pandemic, but have diverged sharply since. “If there is not enough investment globally to reduce the oil demand growth and there is no investment at the same time [in] upstream oil we may see further volatility in global oil prices,” Birol said.

☆ Solar investment set to overtake oil production and attract over $1 billion a day in 2023, IEA says
▼ + stars: | 2023-05-25 | by ( Anmar Frangoul | ) www.cnbc.com time to read: +2 min

According to the IEA's Executive Director, Fatih Birol, investment in solar is "set to overtake the amount of investment going into oil production for the first time." In a sign of how the energy transition is progressing, the IEA's World Energy Investment report said solar investments were expected to attract over $1 billion a day in 2023. In a statement, Fatih Birol, the IEA's executive director, said investment in solar was "set to overtake the amount of investment going into oil production for the first time." Speaking to CNBC's Arabile Gumede Thursday morning, Birol said there was a "growing gap between the investment in fossil energy and investment [in] clean energy." Firstly, the cost of clean energy such as solar and wind was "getting cheaper and cheaper," he said.

☆ Saudi oil minister warns market speculators to 'watch out' ahead of OPEC+ meeting
▼ + stars: | 2023-05-23 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Abdulaziz bin Salman, Saudi Arabia's energy minister, speaks during a panel session at the Qatar Economic Forum in Doha, Qatar on May 23, 2023. Saudi Oil Minister Prince Abdulaziz bin Salman on Tuesday told market speculators to "watch out," reiterating his warning that they could face pain ahead. The Saudi oil minister has previously struck out against price speculators looking to profit off predicting the output decisions of OPEC+, which next meets on June 4. The organization's executive director, Fatih Birol, nevertheless on Sunday told CNBC that a potential — if unlikely — U.S. debt default could trigger a drop in oil demand and prices. "With several OPEC+ member countries voluntarily removing barrels from the market, and amid rising demand during the Northern Hemisphere's summer, we expect larger inventory draws to materialize and bring investors back to the oil market," they said.

Persons: Abdulaziz bin Salman, Prince Abdulaziz bin Salman, …, —, Abdulaziz, Fatih Birol Organizations: Qatar Economic Forum, Saudi Oil, Tuesday, ICE Brent, International Energy Agency, Sunday, CNBC, Swiss, UBS Locations: Saudi, Qatar, Doha, OPEC, London, Saudi Arabia, U.S, Beijing, China, Paris

☆ Oil slips as U.S. debt caution offset supply concerns
▼ + stars: | 2023-05-22 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, May 22 (Reuters) - Oil prices slipped on Monday as caution around the U.S. debt ceiling talks and concerns about demand recovery in China offset support from lower supplies from Canada and OPEC+ producers. The resumption of U.S. debt ceiling negotiations later on Monday will remain a key driver for crude and risk sentiment this week, IG's Sydney-based analyst Tony Sycamore said. "If the housing market continues to fall and policymakers fail to respond, the risk of a double-dip China slowdown increases, which spells bad news for crude oil consumption and demand," Sycamore said. Last week, both oil benchmarks gained about 2%, their first weekly gain in five, after wildfires shut in large amounts of crude supply in Alberta, Canada. Total exports of crude and oil products from the group plunged by 1.7 million barrels per day (bpd) by May 16, JP Morgan said, adding that Russian oil exports will likely fall by late May.

The G7, the European Union and Australia agreed to impose a $60-per-barrel price cap on Russian seaborne crude oil and also set an upper price limit for Russian oil products to deprive Moscow of revenues for its invasion of Ukraine. The IEA, which provides analysis and input to the G7 on energy, does not see the enhanced enforcement of the price caps affecting the global oil and fuel supply, Birol told Reuters in an interview on the sidelines of the summit. According to Birol, the price cap reached two main objectives: it did not trigger tightness in the markets as Russian oil continued to flow but at the same time Moscow's revenues were reduced. But there are some loopholes, some challenges for the better functioning of the oil price cap," Birol said. "There is no determination of any time frame there, but I think the main issue is because of the reliance of especially European countries on Russian gas almost for decades.

☆ Europe's energy market faces 3 key challenges this year, the IEA's chief says
▼ + stars: | 2023-05-21 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +4 min

Birol warned that the region's energy market still has three main hurdles to overcome this year, however. China's exit from its zero-Covid policy in December has caused energy demand to increase, with the IEA forecasting that global oil demand will increase by more than 2 million barrels per day this year. Birol said a U.S. debt default would cause oil demand and prices to drop, but agreed that such a scenario was unlikely. And I don't see a major risk for the global oil markets. But of course, oil markets are always involved with risks."

Ships in the Autonomous Port of Cotonou in Benin, West Africa. Prosper Dagnitche/AFP/Getty ImagesThe stream of used cars heading to West African ports is only expected to increase with the West’s shift to electric vehicles. “It’s not like people want to drive used cars; it’s an affordability issue.”Experts say demand for used cars could explode further as the take up of electric cars in the West increases the supply of used cars to African countries. Those states also have robust port operations, making them an ideal place to ship used cars to Africa. “In terms of where Africa goes, the transition shouldn’t necessarily be from used cars to brand new combustion engines, it should be from used cars to EVs,” Ipke said.

☆ Europe may have averted an energy crisis for now but is 'not out of the woods,' says IEA chief
▼ + stars: | 2023-05-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailEurope may have averted an energy crisis for now but is 'not out of the woods,' says IEA chiefFatih Birol, Executive Director of the International Energy Agency, speaks to CNBC's Martin Soong on the sidelines of the G-7 leaders' summit in Hiroshima, Japan. He says 60% of the increase in oil demand is expected to come from China, and outlines the energy risks that Europe faces.

☆ An Untested Oil Price Cap Has Helped Choke Revenue to Russia
▼ + stars: | 2023-05-18 | by ( Jim Tankersley | ) www.nytimes.com time to read: +2 min

Data from Russia and international agencies suggest Moscow’s revenues have dropped, forcing budget choices that administration officials say could be starting to hamper its war effort. Russia’s oil revenues in March were down 43 percent from a year earlier, the International Energy Agency reported last month, even though its total export sales volume had grown. This week, the agency reported that Russian revenues had rebounded slightly but were still down 27 percent from a year ago. “The Russian price cap is working, and working extremely well,” Wally Adeyemo, the deputy Treasury secretary, said in an interview. They say the most frequently cited data on the prices that Russia receives for its exported oil is unreliable.

☆ Exxon rebuts proxy advisor, says net zero emissions scenario 'unlikely'
▼ + stars: | 2023-05-18 | by ( Sabrina Valle | ) www.reuters.com time to read: +2 min

Glass Lewis backed the initiative, concluding Exxon could face material financial risks from the net-zero scenario. Exxon has said the world is not on a path to achieve net-zero emissions in 2050. The 2050 net-zero emissions (NZE) scenario of the International Energy Agency (IEA) envisions a path to limit the global temperature rise to 1.5 degrees Celsius. "It is highly unlikely that society would accept the degradation in global standard of living required to permanently achieve a scenario like the IEA NZE," Exxon said in dismissing the proposal. Exxon rebutted the proxy firm's recommendation that it evaluate the impacts of a worst-case oil spill at its offshore Guyanese oil platforms.

☆ Russia admits there are 'problems' with energy revenues plunging over 50% in the first quarter of 2023 — and blamed them on 'all these discounts': report
▼ + stars: | 2023-05-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Siluanov blamed "all these discounts" for causing a 50% slump in energy revenues in the first quarter of 2023, per the FT. Russia exported an average of 7.7 million barrels of crude oil each day in 2022. Willing buyers of Russian oil include China and India, which now account for about 90% of Russian oil purchases, commodities analytics firm Kpler said in April. India and Chinese oil buyers, too, demand huge discounts for their Russian oil purchases. Russia's flagship Urals crude is trading at around a $20 per barrel discount to benchmark US and Brent crude oil currently.

☆ Charm gets $53 million to turn corn leftovers into oil and inject it into abandoned oil and gas wells
▼ + stars: | 2023-05-18 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +10 min

The 112,000 tons of carbon dioxide that Charm will remove is more than ten times the total quantity of carbon dioxide that has been removed so far with human techniques. "It's sort of a brilliant, but accidental, discovery," Reinhardt told CNBC. "It's a little it's a little odd or unusual, but uniquely American, in that we're basically pumping barbecue sauce into old oil and gas wells," Reinhardt told CNBC. There are about 2 million abandoned oil and gas wells in the U.S., and owner-operators are eager to find another use for them, Reinhardt told CNBC. We will run out of waste biomass long before we before we exhaust the subsurface capacity," Reinhardt told CNBC.

Summary U.S. crude stockpiles rise 5 mln bbl -EIAReuters poll forecast 900,000 bbl U.S. crude drawdownIEA predicts demand will outpace supply by 2 mln barrels per dayTOKYO, May 17 (Reuters) - Oil prices settled up about $2 on Wednesday as optimism over oil demand and U.S. debt ceiling negotiations outweighed worries about abundant supply. West Texas Intermediate U.S. crude settled up $1.97 or 2.8% to $72.83. President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. The International Energy Agency on Tuesday predicted demand would outpace supply by 2 million barrels per day (bpd) in the second half of the year, with China making up 60% of oil demand growth in 2023. Markets are in a "wait-and-watch mode" over the outcome of the debt ceiling negotiations, said Vandana Hari, founder of oil market analysis provider Vanda Insights.

Electric vehicles sales are already trending up, accounting for 8% of all car sales in April, up from 1.1% a year earlier. DEMAND UNCERTAINTYDespite the government's EV push, uncertainty remains over how tough its vehicle emission standards will be. The challenge is the expansion of public chargers, especially in regional areas, where the power infrastructure to support fast chargers is often scarce or absent. The country's public chargers tend to be underpowered, with 0.5 kilowatts of public charging per EV versus an average 2.4 kw worldwide. Reuters Graphics Reuters GraphicsExpansion of public chargers is slow as operators face long delays connecting to the grid.

Japan's insistence on continuing to rely on gas may delay reaching global climate change goals, especially as its energy companies reap large profits from their investments in the sector, climate activists say. "But I think Japanese companies will generally hesitate to be involved in gas projects in the future, especially those with long lead times. Japan's support for gas clashes with findings that new investments in gas, which is mainly composed of the greenhouse gas methane and produces CO2 emissions when burned for energy, would undermine climate goals. But, gas investments have been lucrative for Japan's energy companies resulting in record profits. But, Japan's stated intention to lower its carbon emissions may mean these gas investments carry some risk.

☆ Oil dips on demand worries after unexpected U.S. crude build
▼ + stars: | 2023-05-17 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

Brent crude futures was 29 cents lower, or down by 0.4%, to $74.60 a barrel. U.S. West Texas Intermediate crude edged down by 32 cents, also 0.4% down, to $70.55, as of 0005 GMT. Right now too much oil is still available," Edward Moya, senior market analyst at OANDA, said in a note. The U.S. Treasury Department has estimated that the United States will go into a crippling default as early as June 1 if Congress does not lift the debt ceiling. Oil prices fell even as the International Energy Agency raised its forecast for global oil demand this year by 200,000 barrels per day (bpd) to a record 102 million bpd.

☆ Wall St mixed, Treasury yields climb on mixed data; debt ceiling talks take center stage
▼ + stars: | 2023-05-16 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

Disappointing results from Home Depot (HD.N), the largest U.S. home improvement chain, combined with weaker-than-expected retail sales data suggested consumer spending is losing some momentum as restrictive monetary policy dampens demand. However, a core measure of retail sales suggested the American consumer continues to bolster the economy. European shares ended lower as downbeat earnings and the U.S. retail sales data stoked worries about softer consumer spending. U.S. Treasury yields continued to rise on the heels of the retail sales data, suggesting that the Federal Reserve's efforts to toss cold water on the economy in order to rein in inflation has yet to take full effect. The dollar index rose 0.14%, with the euro down 0.04% to $1.0868.

However, an 18.9% year-on-year rise in China's oil refinery throughput in April to the second-highest level on record helped to keep a floor under crude prices. The IEA raised its forecast for global oil demand this year by 200,000 bpd to a record 102 million bpd. It said China's recovery after the lifting of COVID-19 curbs had surpassed expectations, with demand reaching a record 16 million bpd in March. In another bullish development, the U.S. Department of Energy on Monday said it would buy 3 million barrels of crude oil for delivery in August in a move to begin refilling the Strategic Petroleum Reserve. Meanwhile, U.S. commercial crude stocks fell by about 1.3 million barrels last week, according to analysts polled by Reuters.

☆ China’s Demand for Oil Hits Record as IEA Raises Global Forecasts
▼ + stars: | 2023-05-16 | by ( Will Horner | ) www.wsj.com time to read: 1 min

High interest rates and lingering inflation are keeping the demand for oil in developed nations in check. Photo: Mario Tama/Getty ImagesChina’s insatiable demand for oil is growing at a faster-than-expected pace, threatening to tighten crude markets and send oil prices higher as supplies struggle to keep up, the International Energy Agency said. The Paris-based agency’s latest outlook points to a widening divide between booming demand for crude across the developing world and lackluster demand in Europe and North America where economic prospects look bleak.

☆ Wall St dips, Treasury yields climb on mixed data; debt ceiling talks take spotlight
▼ + stars: | 2023-05-16 | by ( Stephen Culp | ) www.reuters.com time to read: +3 min

[1/2] The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, May 15, 2023. Meanwhile, disappointing results from Home Depot (HD.N), combined with weaker-than-expected retail sales data suggested consumer spending is losing some momentum as restrictive monetary policy dampens demand. However, a core measure of retail sales suggested the American consumer continues to bolster the economy. U.S. Treasury yields continued to climb on the heels of the Retail Sales data, suggesting that the Fed's efforts to toss cold water on the economy in order to rein in inflation has yet to take full effect. The greenback edged higher against a basket of world currencies after the weaker-than-expected retail sales data, shifting focus to the partisan debt ceiling wrangling unfolding in Washington.

☆ Oil price dip ignores burgeoning Chinese demand and imminent supply crunch, IEA warns
▼ + stars: | 2023-05-16 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Aerial view of oil and gas jack-up rig at the yard for maintenance with many vessels in Singapore. Oil prices saw three consecutive weekly declines last week, marking the longest losing run this year. Chain45154 | Moment | Getty ImagesThe ongoing pressure in oil prices neglects an accelerating demand outlook and looming supply tightness, the Paris-based International Energy Agency warned on Tuesday. Persisting concerns over "muted industrial activity and higher interest rates ... combined have led to recessionary scenarios gaining traction and worries of a downward shift in the oil demand growth," the IEA said in its latest monthly Oil Market Report. Chinese crude oil purchases were curtailed by spartan zero-Covid-19 restrictions that were in place for the majority of last year, with analysts widely expecting Beijing's economic reopening to kickstart a surge in oil prices.

☆ Russia is exporting the most oil since invading Ukraine as Moscow has little trouble finding willing buyers, IEA says
▼ + stars: | 2023-05-16 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Russia's oil exports hit their highest since Moscow invaded Ukraine last year, the IEA said. Crude oil exports reached a post-invasion high of 8.3 million barrels a day in April. Russia's revenue from oil exports rose by $1.7 billion last month to $15 billion, according to the IEA. Overall tax receipts from Russia's oil and gas sector declined 64% year over year. China and India now account for about 90% of Russian oil purchases, commodities analytics firm Kpler said recently.

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