Demand for oil is expected to outstrip supply in the next six months as long as the Organisation of Petroleum Exporting Countries, OPEC and countries outside the cartel can implement a deal signed penultimate weekend to lower output, the International Energy Agency, IEA, one of the world’s leading energy forecasters, has said. OPEC had agreed to cut … Continue reading Global oil surplus will disappear in 2017
Kuwait is committed to cutting output by 131,000 b/d in January in line with its commitments under OPEC's output reduction deal, oil minister Essam al-Marzouq said Thursday. That was despite Kuwait's state-owned oil company making preparations to restart around 500,000 b/d of production from the Partitioned Neutral Zone (PNZ) shared with Saudi Arabia, which has … Continue reading Kuwait – Getting ready to start up the Neutral Zone.
The Catalyst MENA Clean Energy Fund is beginning to put its money where its mouth is, with the equity financing of 34 MW of solar projects for telecommunications company Orange. Catalyst, which is supported by the European Investment Bank (EIB), is an important tool to attract investment in renewable energy projects, and kicks proceedings off … Continue reading Orange to build 34 MW of solar projects in Jordan.
In November 2013, the U.S. Department of Energy announced that one of the world’s largest and most technologically advanced solar photovoltaic power plants became commercially operational. The 250-megawatt California Valley Solar Ranch features the ability to shift positions of panels wirelessly to track weather and optimize solar input to collect as much of the … Continue reading Solar Energy in California Just Makes Sense.
Cuba opened its first solar farm with 14,000 panels that doubled the country’s capacity to harvest energy from the sun back in November 2013. The project is just one of seven farms in the works as leaders are being forced to consider renewables amid failed attempts at drilling for oil off its coast. Cuba relies … Continue reading Even Cuba Is Turning To Solar Energy.
Kuwait, Venezuela and Algeria all agreed to monitor compliance of the OPEC agreement,which to be headed by Kuwait, according to a Reuters report. A Non-OPEC participation has been confirmed by Russia and Oman to be part of this committee as well.
Kuwait’s Amir appointed Essam Abdulmohsen Al-Marzouq as the country’s new oil minister on Saturday, state news agency KUNA reported. Marzouq has previously served as head of the country’s stock exchange and as a board member of state-run Kuwait Petroleum Corp (KPC). Anas al-Saleh, the former acting oil minister, retained his other role as Finance Minister. … Continue reading Kuwaits Amir appoints Essam al-Marzouq as the new oil minister.
Exxon Mobil Corp. Chief Executive Officer Rex Tillerson is emerging as Donald Trump’s choice as secretary of state, a move that would hand top diplomatic powers to a man whose ties to Russian President Vladimir Putin go back almost two decades. A source close to Trump said the president-elect had not formally offered Tillerson the … Continue reading Trump closer to pick Exxons Tillerson.
Saudi Arabia signaled it’s ready to cut oil production more than expected, a surprise announcement made minutes after Russia and several non-other OPEC countries pledged to curb output next year. Taken together, the Organization of Petroleum Exporting Countries’s first deal with its rivals since 2001 and the Saudi comments represent a forceful effort by producers … Continue reading Russia and Saudi Arabia to lead global oil cut deal.