Energy

Never-ending oil price drop as US crude declines below $28

An unusual drop in US crude oil, below the already low $28 a barrel, created quite a stir in the market. It seems the oil prices are at a continuous plummeting spree. The current situation seems pretty bleak with supply exceeding demand to a great extent, especially after major oil exporter Iran came back into the scene.

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Japan approves 85,550 MW renewable energy project, bulk from solar power

Japan gave the go signal for the 2012 clean energy projects that could produce up to 85,550 megawatts of renewable power, the bulk of which is from solar energy.

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Audi And Mercedes Are The Latest To Caught By Hydrogen Fuel Cell Fever

Audi and Mercedes Benz, world famous German automakers have joined to express their interest for hydrogen fuel powered cell cars. Remaining one step ahead of Mercedes, Audi has already introduced its H-tron Quattro at the North American International Auto show, held at Detroit. Industry insiders assume, Mercedes, the lavish German carmaker will introduce its first hydrogen fuel cell car at the 2017 Frankfurt Auto Show.

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Chevron to export first gas from Australian project

Chevron said that its subsidiaries in Australia have entered into a non-binding Heads of Agreement with ENN LNG Trading Co. Ltd to sell liquefied natural gas to China. The delivery of LNG will be commenced in the first six-month of 2019, according to the company.

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Gas Station in Michigan Sold Gas as Low as 47 Cents on Sunday

The last time gas price in Michigan was at 47 cents was in 1973. As gas price continues its plunge, gas station in Michigan sold oil as low as that of 43 years ago on Sunday.

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Canadian Stocks Fell As Oil Price Hit $28

Canadian stocks market dropped as continuing plunge of oil price brings down the energy companies stocks. Meanwhile, two Calgary-based oil companies are merged under Suncor Energy Inc.

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Ali al-Naimi hopeful on stability of oil market

Saudi Arabia oil minister Ali al-Naimi said that stability in the oil market will be attained only through the cooperation amid major manufacturers and this would take time. Ali al-Naimi added that although the worldwide oil market has been experiencing an instability for over 12 months, he is hopeful regarding the return and future of the oil market.

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ANA and Japan Airline Eliminate Fuel Surcharge and Search for Alternative Fuel

As oil price continues to plunge, two Japan airlines:Air Nippon Airways (ANA) and Japan Airlines (JAL) decided to eliminate fuel surcharge. This will trim the airline tickets price substantially. Both airlines are also actively searching for alternative fuel.

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Michigan First US State To Welcome Gas Price At $0.77, Gas Tax Hike Likely

Michigan appears to be the first US state to enjoy gas at $0.77 a gallon. The states closer to the refineries or containing those, enjoy gas at a relatively cheaper price. In the blink of further oil price fall, the US states, who are badly hit due to falling oil price, are considering to increase gas tax. These states aim to continue development works in communication sector, which they are unable to allocate with the problem riddled economies.

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India to resume oil import as Tehran emerge from sanctions

With the lifting of international sanctions from Tehran, India would be able to recommence its unobstructed oil import from the Persian Gulf country. Iran is anticipated to boost its oil export of 1.1 million barrels per day by 500,000, according to the Indian Oil Cooperation.

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Russian oil titans Rosneft OJSC, Lukoil PJSC differ in bond market despite low oil prices

Russia’s Rosneft OJSC is suffering more due to the below $30 crude oil prices than its privately owned counterpart Lukoil PJSC, which seems to be showing more resilience.

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North Dakota oil riggers lower drilling activity as oil further slid

The lower oil prices are forcing rig operators to reduce their activity in North Dakota. The number oil rigs operational fell to 49 indicating the lowest since August 2009. The number of oil rigs is expected to further drop to 30 this year. There're concerns over possible bankruptcies following the decline in oil drilling North Dakota.

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Itochu Partners with Kyudenko to Build 21 MW Solar Power Station in Japan’s Saga Prefecture

21MW Solar Power Station will be built in Saga Prefecture by two leading Japanese company. Solar power becoming an important national project since the country’s shift in policies after Fukushima in 2011 to solar energy

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YPF, American Energy Partners sign deals on shale gas

American Energy Partners and Argentina state-run energy company YPF have signed a partnership deal on developing the shale resources in the South American country. Argentina government is providing subsidies to attract investments in the energy sector and to enhance business climate in the country.

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Brent Crude plunges below $30, Lowest Since 2004

Brent oil prices fell on Wednesday, dropping below $30 a barrel to touch $29.96 for the first time since April 2, 2004.

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