ENERGY NEWSTRACK To 15/08/18

Posted On August 15th, 2018 - 11:47 am | by Oil and gas press

The price of OPEC basket of fifteen crudes stood at $70.97 a barrel on Monday, 13 August 2018, compared with $70.60 the previous Friday, according to OPEC Secretariat calculations

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Bitcoin dips below $6,000 amid cryptocurrency sell-off

The total cryptocurrency market capitalization has dropped by $19 billion in the past 24 hours.
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Volkswagen might have to recall 124,000 electric and hybrid cars that contain cadmium – a poisonous metal that increases the risk of lung cancer

This includes electrified models from Volkswagen, Audi and Porsche
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Diamondback Energy, Inc. to Acquire Energen Corporation in All-Stock Transaction

Diamondback Energy, Inc. and Energen Corporation announced that they have entered into a definitive agreement under which Diamondback will acquire Energen in an all-stock transaction valued at approximately $9.2 billion, including Energen’s net debt of $830 million as of June 30, 2018. The consideration will consist of 0.6442 shares of Diamondback common stock for each share of Energen common stock, representing an implied value to each Energen shareholder of $84.95 per share based on the closing price of Diamondback common stock on August 13, 2018. The transaction was unanimously approved by the Board of Directors of each company.
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Why China Will Continue To Buy Iranian Crude

On Monday, the head of the international office of China Petroleum and Chemical Industry Federation (CPCIF) Andrey Yu, said that “Chinese companies need the Iranian oil in any circumstances and will continue to buy it.”

“China doesn’t pay attention to the US sanctions on Iran; it is a routine between Iran and China and has nothing to do with the US. Oil, gas and trade shouldn’t be influenced by the US anymore.”
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China to buy Iran oil regardless of US sanctions

As the biggest trade partner of Iran, China has long been importing Iranian oil, and will keep doing so despite US unilateral sanctions on Iran, the head of the international office of China Petroleum and Chemical Industry Federation (CPCIF) told the Islamic Republic News Agency (IRNA) on Monday.
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Iran sanctions may see oil at $150

The escalating trade war between the United States and China threatens global growth. The physical markets are already showing signs of strain as unwanted crude builds on ships and crushes prices for cargoes of oil.

Aside from that, interest rates around the world are rising and the dollar is strengthening, which means emerging market oil buyers are seeing their import bill growing almost daily.
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Beijing not to let US isolate Iran

China and its companies emphasize continuation of buying oil from Iran, and any attempt by the US to isolate Iran will be in vain.
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Big EU companies not ready to oppose US sanctions on Iran

Big EU companies are not ready to oppose US sanctions on Iran despite the European Union’s decision to neutralize the extraterritorial effects of US sanctions, Russian Permanent Representative to the EU Vladimir Chizhov told reporters on Wednesday.


New 100,000bpd Brownfield Refinery for Port Harcourt, Warri

s part of its refinery collocation initiative designed to boost local refining capacity to end the era of petroleum products importation, the Nigerian National Petroleum Corporation (NNPC) has hinted of plans to establish a 100,000-barrels-per-day brownfield refinery each in Port-Harcourt and Warri.
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BP announces £1.5 million stake in UK-based Voltaware

A monitor that helps business owners track how much energy they’re using, down to individual appliances, has received BP-backing in the form of a £1.5million investment in the company that developed the technology.

Voltaware’s real-time monitoring gives customers reports and energy usage stats directly from the associated app,
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Indonesia Wants All Contractors To Sell Their Oil To State Firm Pertamina

n its latest ‘resource nationalization’ push, Indonesia’s government is drafting a new regulation that will require all oil contractors to sell their crude oil production to state-held energy firm Pertamina.

Indonesia will publish the change in regulation “as soon as possible,” Reuters quoted energy ministry spokesman Agung Pribadi as saying on Tuesday.

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Temporary Closure of U.S. Embassy Abuja’s Consular Section

Until further notice, all consular appointments at the U.S. Embassy in Abuja have temporarily ceased for both visa and for American Citizen Services. Consular functions in U.S. Consulate Lagos are not affected and will continue.

Embassy Abuja Temporarily Suspends Consular Services

Due to reasons beyond our control we are temporarily unable to provide regular services for visa and American Citizen Services in Abuja, but other offices within the Embassy remain open. Please note that consular functions at the U.S. Consulate Lagos are not affected and will continue. Until further notice, applicants are encouraged to contact the Consular Office in Lagos for immediate emergency travel.

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