The agreement reached in principle earlier in June, was finalized at a ministerial video conference on Thursday, according to delegates. It gives added credibility to the Organization of Petroleum Exporting Countries plus (OPEC+) supply deal and could bring even more oil off the market just as the demand recovery from the coronavirus pandemic begins to accelerate.
Last month, OPEC and its allies fell short of their 9.7 million-barrel-a-day cuts target by 1.26 million barrel-a-day. The shortfall in supply will be compensated in full in the coming months, said a delegate, who asked not to be named because the information is private. “OPEC+ is taking its task very seriously,” Ben Luckock, co-head of oil trading at commodities house Trafigura Group, said in an interview prior to the meeting. “Performance is going to be better. The message at the last meeting was taken very seriously, and none would like to go to the next OPEC+ meeting and be labeled a cheater.”
New York — Small to medium-sized mills in Brazil's Center-South region were aggressively offering ethanol on June 18 at price levels below Real 2,000/cu m ex-mill Ribeirao Preto, but raised the prices after Petrobras announced an increase in the ex-refinery price of gasoline.
S&P Global Platts assessed hydrous ethanol ex-mill Ribeirao Preto at Real 2,030/cu m on June 19, a rebound from the sub-Real 2,000/cu m prices reported in the morning, but still down 1.5% on the week.
It was reported that mills were open to selling at lower prices since liquidity was needed to take care of short-term expenses, including employee payrolls. After the Petrobras announcement on late June 18, mills increased their offer prices in the Center-South to reflect the revised gasoline price. As a reference point, Petrobras's ex-refinery gasoline price increases was chose as a discounting mechanism for ethanol prices since the gasoline price increase will ultimately put upward pressure on hydrous ethanol prices in the near term. Consumer demand tilts toward relatively cheaper hydrous ethanol at the pump when gasoline prices increase.
LONDON (Reuters) — Oil’s price structure for Brent and U.S. crude has caused storage to be drawn down, signaling a recovery in global markets and tighter supplies as major producers cut output to compensate for demand loss due to the coronavirus pandemic.
Brent, on Thursday, started to decline as oil for immediate delivery costs more than supply later. The premium at which Brent crude futures for August delivery are trading above September were as high as 15 cents on Friday.
Regular swapping of the Brent in the North Sea market also noticed negative trends, suggesting a stronger physical market. This has encouraged storage to be drawn down. “The floating storage, in particular in the (U.S.) Gulf Coast is already decreasing as buyers are opting for taking out the floating tankers rather than engaging into a new booking,” said Rystad Energy’s senior oil markets analyst Paola Rodriguez Masiu.
The government of Egypt has announced it is implementing an ambitious £447.3 billion investment plan to undertake at least out at least 691 green projects for the fiscal year 2020/2021. The investment is directed at the transport and energy sector. According to Energymix the Minister of Planning and Economic Development, Hala El-Said, the government plans to invest £447.3 billion in 691 green projects over the coming year. Despite the health crisis caused by the coronavirus, the government is carrying out its investment plan with £36.7 billion already committed, representing 14 per cent of the total public investment planned for the 2020/2021 fiscal year.
CHENNAI: Tangedco has concluded plans to buy 500MW of solar power from the Solar Energy Corporation of India for the next 25 years for the discom to help it meet its renewable enrgy requirements on the Tamil Nadu solar purchase obligation.
“As on January 31, 2020, approximately 4,000MW of solar power capacity has been commissioned in the state and another 5,000 MW of solar power is required within the next two years. Considering the on-going projects, only 250MW capacity can be added for the year 2019-20,” said a senior Tangedco official.
Palma: Total has reiterated it will go ahead with its earlier planned $23 billion gas project in Northern Mozambique amidst the uncertainties of the Corona Pandemic and the unrest happening in communities close to the planned project.
Northern Mozambique has for long been bedeviled by jihadist insurgency which started since 2017 that has killed more than 1,000 people and complicated the country's plans to develop its offshore gas reserves ET Energyworld reports.
MILAN: Enel has concluded plans to commence a green hydrogen business next year. The aim of the business is to speed up its plans to become a carbon-free power producer by 2050. The United States, Chile and Spain, are the key markets that he company is looking at targeting, the head of Global Power Generation Antonio Cammisecra disclosed to Reuters. Texas would be the focus within the United States market since this is the place where the group has wind and solar assess "We have huge renewable energy pipelines in these countries where there's also a promising market for hydrogen too," he said.
