Russian Oil Boss: OPEC+ Won’t Decide On Output Cuts Before 2020

Vagit Alekperov, the chief executive of the second-biggest Russian oil producer, Lukoil, expects OPEC and its Russia-led non-OPEC partners to decide next March whether to roll over the production cuts through the rest of 2020. “It is going to be decided in March,” Alekperov told reporters on Wednesday, as carried by Reuters, referring to the ongoing production cuts which currently expire in March 2020. OPEC and its non-OPEC allies are set to meet in the first week of December to discuss the state of the global oil market and possible…

Could Bill Gates’ Secret Startup Kill Fossil Fuels?

A clean energy startup, backed by Bill Gates, says it has achieved for the first time commercially very high temperatures from solar energy that could replace the need for fossil fuels in many heavily energy-intensive industries such as steel, cement, and petrochemicals production. The new company, Heliogen, announced its launch on Tuesday alongside the solar breakthrough that it had concentrated solar energy to exceed temperatures greater than 1,000 degrees Celsius. Heliogen and its strategic partner Parsons Corporation have been able to achieve…

China Slashes Renewable Subsidies

China will cut the total size of its renewable power subsidies to $806.5 million (5.67 billion yuan) next year, from $1.15 billion (8.1 billion yuan) for this year, Reuters reports, citing the Chinese Ministry of Finance. The move is not unexpected. Beijing said earlier this year it will only approve new solar and wind power installations if their developers can prove the energy they generate is as cheap as that generated in coal-fired power plants. The departure from generous state support for renewable energy came after the subsidy bill began…

Oil Prices Higher Despite Bearish Inventory Data

Crude oil prices rose slightly after the Energy Information Administration reported a crude oil inventory build of 1.4 million barrels for the week to November 15. At 450.4 million barrels, the EIA said, inventories were some 3 percent above seasonal limits. Analysts had expected a build of 1.062 million barrels, after the EIA reported yet another weekly inventory increase for the first week of November, at 2.2 million barrels. With last week’s build, the total increase in U.S. crude oil inventories over the past two months comes in at more…

GLOBAL MARKETS-Asia shares trapped in a trade maze, oil nurses losses

SYDNEY, Nov 20- Asian shares stumbled on Wednesday as the Sino-U.S. trade talks produced nothing but a stream of conflicting messages, while concerns about a glut of supply left oil prices nursing their biggest one-day loss in seven weeks. Brent crude futures eased another 5 cents to $60.86 a barrel, after sliding 2.6% overnight, while U.S. crude recouped a slight 8…

Forget OPEC: China Now Moves The Oil Markets

Not so long ago, oil prices would surge or plummet on just a whisper from OPEC, who at the time held all the supply cards. The mere hint that the world’s most powerful oil cartel was going to cut production could send oil prices up dramatically. Those days are over. When the cartel announced on November 30, 2016, that it would cut production for the first time in eight years amid a major oil-price crisis, the market cheered. Before any cuts even happened, the sentiment alone boosted prices from a $50.74 close on that day to $54.94 at the…