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A cargo ship was struck by a drone off the coast of the western Indian state of Gujarat on Saturday.

The Liberia-flagged chemical products tanker was linked to Israel, according to maritime security firm Ambrey, and was heading from Saudi Arabia to India.

The attack sparked a fire onboard the ship which was put out, but none of the roughly 20 crew members were harmed.

It comes after a series of drone and rocket attacks on ships in the Red Sea by Iran-backed Houthi rebels.

The group, which controls much of Yemen, has carried out more than 100 drone and missile attacks on 10 vessels, according to US officials. It claims to be targeting Israel over the war in Gaza.

Many large global shipping groups have suspended operations in the Red Sea due to the increased risk of attacks.

But it is not yet clear who was behind the strike near India on Saturday.

The incident took place 200 nautical miles (370km) south-west of the city of Veraval, according the British military’s United Kingdom Maritime Trade Operations (UKMTO).

It caused structural damage to the tanker – identified in Indian media as the crude oil-carrying MV Chem Pluto – and water was taken onboard.

Ambrey said the event, which is the first of its kind so far away from the Red Sea, fell within an area the firm considered a “heightened threat area” for Iranian drones.

The Indian navy sent an aircraft and warships to offer assistance.

Earlier on Saturday, the US accused Iran of being “deeply involved” in planning operations against commercial vessels in the Red Sea.

National security spokesperson Adrienne Watson said it was “consistent with Iran’s long-term material support and encouragement of the Houthis’ destabilising actions in the region”.

Who are the Houthi rebels attacking Red Sea ships?

Later, an Iranian Revolutionary Guards commander warned it would force the closure of waterways other than the Red Sea if “America and its allies continue committing crimes” in Gaza.

Brig Gen Mohammad Reza Naqdi said these could include the Mediterranean Sea and Strait of Gibraltar – but offered no details of how this would happen.

The post India drone strike: Cargo ship attacked off Gujarat coast appeared first on Energy News Beat.

Energy News Beat

GANSU, China: Chinese farmer Wu Wenju lives in a little house that is unassuming except for the 48 solar panels installed on its roof, glistening in the midday sun.

His family own a cotton and sheep farm in a village in Dunhuang, Gansu province. And the solar panels provide an additional source of income: A power company installed them for free and rents the roof space from the family.

The electricity generated is connected to the local grid but is also made available to the family, free of charge.

“Normally, our … electricity consumption is about 100 yuan (S$19) per month,” says Wu. “We can save about a few hundred yuan a year now.”

Not all the families in his village have installed solar panels at this point, but more are warming to the idea. Indeed, in the past few years, more villagers across China have done something similar.

Through the government’s Solar Energy for Poverty Alleviation Programme (SEPAP), announced in 2014, home owners lease their roof and land to solar companies. The electricity generated is sold to the grid, with profits shared with the home owners.

Solar panels on the rooftop of a house in Wu Wenju’s village.

He Jijiang, executive deputy director of Tsinghua University’s Research Centre for Energy Transition and Social Development, described this programme as “one of China’s signature energy transformations”.

“(Photovoltaics) are built in the poorest villages, and income generated from the power stations is reserved for the villagers to address poverty issues,” he said.

SEPAP has benefited more than 400 million people, according to China’s National Energy Administration. And by 2020, the programme increased national solar power capacity by 26 gigawatts, exceeding the initial target of 10 gigawatts.

This April, China’s solar capacity reached 430 gigawatts, which is triple that of second-placed United States, with 142 gigawatts.

China has invested heavily in other renewables too. In 2012, the country saw US$67.7 billion (S$90.2 billion) of clean energy investment. A decade later, this shot up to US$546 billion.

Today, China is the world’s biggest producer of renewable energy, and not only solar energy.

It has more than 4,300 wind farms in operation or development. Last year, these generated 46 per cent more wind power than all of Europe, the second-largest wind generation market.

Despite these achievements, there are inherent contradictions. China is the world’s biggest climate polluter and permitted more coal power stations last year than any time since 2015.

Why is this the case? The programme Insight finds out the true story of China’s green energy revolution and whether the world has something to worry about.

WATCH: China’s contradiction: World’s biggest clean energy producer and biggest polluter? (45:21)

“If you were here back in 2013, you probably had to wear masks, not because of COVID but because of the (air pollutants),” said Ma Jun, former chief economist of China’s central bank, the People’s Bank of China.

Ma, who is now the president of the non-profit Institute of Finance and Sustainability, helped draft China’s first green finance guidelines.

He noted that dealing with pollution — not only air but also water and land pollution — required “a lot of money”: About 4 trillion yuan yearly.

China has had to deal with air pollutants such as nitrogen oxides and sulfur oxides.

But experts attribute China’s growing motivations to economic reasons as much as the environment. While more than 80 per cent of the world’s solar cells are made in China today, there was no domestic market at the start.

“It was mostly the European demand that triggered China’s investment in the whole renewable energy sector,” said Hang Seng Bank (China) chief economist Wang Dan.

It was in 2006, with the start of the European photovoltaic market and the support of a series of European policies, when China’s photovoltaic cell industry’s technology began to advance.

Back then, China bought raw materials from overseas and used foreign technology to process photovoltaics domestically before exporting them.

“Because of the lower costs in China, … (Chinese photovoltaic companies) could quickly become profitable and raise the funds for rapid factory expansion,” said Solar Energy Research Institute of Singapore chief executive officer Armin Aberle.

Perhaps most emblematic of China’s green investments is Dunhuang’s molten salt solar thermal power station, known as the “super mirror power plant”, on the doorstep of Wu’s village.

Built at a cost of 3 billion yuan, it covers 7.8 square kilometres in the Gobi Desert — the size of almost 1,100 football fields and the largest of its kind in China.

The 100-megawatt station can generate over 2.3 million kilowatts per day, enough to supply electricity to Dunhuang city for a whole day, said its general manager, Liu Fuguo.

The station uses 12,000 photovoltaic mirrors to concentrate and reflect sunlight onto a receiver tower. Molten salt is pumped into the tower and then heated.

With no shortage of direct sunlight and very little cloud cover, the arid Gobi Desert is the ideal location for Dunhuang’s solar thermal power station.

Whereas conventional photovoltaics convert sunlight into electricity, which means the electricity generation stops once the sun has set, the station’s technology is different, according to Liu.

“During the day, the electricity generation process collects and stores the heat,” he said. “After the sun sets, the stored heat continues to generate electricity.”

THE COAL ATTRACTION

Even as China constructs clean energy projects such as Dunhuang’s solar thermal power station, it is responsible for about 30 per cent of global emissions, largely because of its dependence on coal.

China is also building more coal power stations than any other country. Last year, it produced a record 4.5 billion metric tons of coal, Reuters reported.

Despite its clean energy investment, experts note that coal is still the lowest-cost energy option in China today.

“China sits on huge reserves of coal,” said Aberle. “It doesn’t want to import energy from other countries; it wants to use as much local coal as possible. … That’s why coal is so attractive.”

China’s energy system is dominated by coal.

Clean energy generation, added Wang, is also “mostly intermittent”, which means there is no better alternative to coal power for heating.

“(You) need to have continued sunshine or continuous wind blowing in order to generate enough of the (power) supply,” she said. “If you build one more power plant using solar or wind, you almost have to build a separate coal power plant in order to stabilise the power supply.

“So a coal power plant in many areas of China is simply a necessity.”

Moreover, in China, economic growth “dominates everything”, and the environment “comes second”, said Aberle. “I don’t think they’re ready to serve as a global role model in the sustainability arena.”

Source: Channel News Asia

The post China’s clean energy revolution a contradiction in terms? A few truths about its green story appeared first on Energy News Beat.

Energy News Beat

FOX: A climate-focused nonprofit with significant operations in Beijing has wired millions of dollars to fund climate initiatives and environmental groups in the U.S., according to tax filings first obtained by Fox News Digital.

While the Energy Foundation’s financial filings indicate that the group is technically headquartered in San Francisco, a Fox News Digital review determined that the majority of its operations are conducted in China with a staff that boasts extensive ties to the Chinese Communist Party (CCP). Its recently filed tax form show the group, which refers to itself as “Energy Foundation China,” contributed $3.8 million to initiatives in the U.S. like phasing out coal and electrifying the transportation sector.

“The Energy Foundation’s ties to China are both extremely disturbing and reprehensible,” Tom Pyle, the president of the Institute for Energy Research, told Fox News Digital in an interview. “These environmental organizations, the recipients of this money, are, in essence, sacrificing our national security and empowering China.”

Watch the latest video at foxnews.com

“We are the richest energy nation in the world with respect to coal, oil and natural gas,” he continued. “And yet the Biden administration and the environmentalists fueled by China are promoting policies that would increase our dependence on China, which controls all the minerals and materials needed for batteries and wind and solar, and curtail our production of oil and gas here at home.”

According to its financial filings, the Energy Foundation’s grant revenue declined 30% year over year to $56.7 million in 2022, but its grant contributions to outside groups and initiatives worldwide increased to $52.1 million, up 27% compared to last year.

Among its more than a dozen grants in the U.S. last year, the group wired $900,000 to the Rocky Mountain Institute, a Colorado-based think tank that has engaged the White House on climate policy and advocates phasing down fossil fuel reliance and net-zero policies. The group also funded a study in 2022 highlighting the dangers of natural gas-powered stovetops, which ultimately led to calls for bans on the appliance.

The Energy Foundation sent another $480,000 to the Washington, D.C.-based International Council on Clean Transportation, which advocates for widespread EV adoption and policies decarbonizing the transportation sector broadly. It also wired grants — one to the University of Maryland and another to the Jackson Hole Center for Global Affairs — worth a total of $450,000 and earmarked for projects to phase out coal power reliance.

The Energy Foundation gave $900,000 to the Rocky Mountain Institute, which advocates decarbonizing residential buildings and funded a study about the harms of gas stoves. (AP Photo/Thomas Kienzle/File)

It further sent $375,000 to the Natural Resources Defense Council (NRDC), a group founded as “America’s first litigation-focused nonprofit dedicated to making dirty industries clean up their pollution” and which has filed dozens of legal challenges pushing far-left green measures. Through its legal efforts, the NRDC has opposed domestic fossil fuel drilling, coal plants, the Keystone XL oil pipeline and critical mineral mining projects.

NRDC receives no funding from Chinese sources,” Bob Deans, NRDC’s director of strategic engagement told Fox News Digital. “The Energy Foundation is a U.S. philanthropic organization, as are its associated entities, as detailed in publicly available state corporate filings in California and Delaware.”

“This grant funding was used to help China cut its carbon footprint by, for example, encouraging the use of energy efficient appliances and improving access to wind and solar power for drivers of electric cars in China, where electricity and transportation account for more than half of all carbon emissions,” Deans said.

And the Energy Foundation contributed $350,000 to Harvard University, a grant earmarked for “outreach to build a clean energy future.”

“The Energy Foundation’s grant-making is almost exclusively focused on making it hard to produce energy and move it around here at home,” Pyle told Fox News Digital. “These organizations have little to do with the environment and everything, almost everything, to do with advancing this redistribution agenda.”

“If they’re successful, they’ll make America weaker and China stronger,” he said.

Workers build a solar panel at an energy industrial park in Bijie, China, on June 11, 2023. China has a greater than 80% share in all the manufacturing stages of solar panel manufacturing. (CFOTO/Future Publishing via Getty Images)

The group — which, according to its 2022 financial statement, leases two office facilities in China under operating leases that have terms through April 2024 — has significant ties to the CCP.

For example, Energy Foundation CEO and President Ji Zou previously served as the deputy director general of China’s National Center for Climate Change Strategy, an agency within the Chinese government’s National Development and Reform Commission.

Liu Xin, who heads the group’s environmental management division, previously served in a high-ranking role at the Beijing Municipal Environmental Protection Bureau. And Ping He, the program director of the group’s industry program, worked for eight years at the Chinese Academy of Sciences, a leading state-run research institution.

The revelation of the Energy Foundation’s extensive funding for U.S.-based climate initiatives comes amid an ongoing congressional probe led by House Natural Resources Committee Republicans over the CCP’s growing influence on the American environmental activist movement. The panel has probed a series of nonprofits with ties to China.

“For years, the CCP has used U.S. nonprofits to influence American public opinion and policy decisions,” a Natural Resources Committee aide told Fox News Digital. “The vast and well-funded CCP nonprofit influence machine is particularly focused on promoting Chinese energy interests and weakening America’s competitiveness.”

“Sadly, radical eco-activists in America do more to advance the interests of the CCP than promoting commonsense energy and environmental policies in the United States,” the aide added.

House Natural Resources Chairman Bruce Westerman, R-Ark., speaks at a press conference in March 2023. His committee has pursued a wide-ranging probe into how China is influencing the U.S. climate movement. (Kevin Dietsch/Getty Images)

Overall, while the U.S. is the largest global producer of oil and gas, which still drives every major industry from transportation and power to manufacturing and construction, Chinese companies have established a major foothold in green energy markets.

According to the International Energy Agency (IEA), for example, China produces about 75% of all lithium-ion batteries, a key component of EVs, worldwide. The nation also boasts 70% of production capacity for cathodes and 85% for anodes, two key parts of such batteries.

In addition, more than 50% of lithium, cobalt and graphite processing and refining capacity is located in China, the IEA data showed. Those three critical minerals, in addition to copper and nickel, are vital for EV batteries and other green energy technologies. Chinese investment firms have also been aggressive in purchasing stakes in African mines in recent years to ensure a firm control over mineral production.

China also continues to dominate the global solar supply chain even as Western nations attempt to increase domestic manufacturing capabilities. According to a July 2022 IEA report, China has a greater than 80% share in all the manufacturing stages of solar panel manufacturing. China further produces a staggering 95% of all global polysilicon, ingot and wafer supplies necessary for solar products.

The Energy Foundation didn’t respond to a request for comment.

Source: Fox

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Energy News Beat

Tehran has provided tactical intelligence critical to Houthi strikes in the Red Sea, according to the White House

The United States has accused Iran of being “deeply involved” in attacks by Houthi rebels on commercial ships in the Red Sea. Tehran has provided drones and missiles to the Houthis, as well as tactical intelligence “critical in enabling” the strikes, the White House has said.

Since last month, Yemen’s Houthis have launched multiple drone and missile attacks on international shipping in the Red Sea, disrupting maritime traffic.

“We know that Iran was deeply involved in planning the operations against commercial vessels in the Red Sea,” White House national security spokeswoman Adrienne Watson said in a statement, adding that it is “an international challenge that demands collective action.” The White House has also said it is mulling additional actions to respond to the Houthis.

The group has claimed the attacks are in response to Israeli strikes in Gaza. The conflict in the Palestinian enclave escalated on October 7 when Hamas fighters attacked Israel, killing about 1,200 people and taking scores hostage. Israel’s retaliatory operation against Gaza, which Israeli officials say is aimed at wiping out the militant group, has left more than 20,000 dead so far, according to local health officials. The Houthis have pledged to continue targeting ships sailing close to Yemen as long as Israel continues its war on Hamas.

Iran has repeatedly denied involvement in attacks by the Houthis in the Red Sea. Foreign Ministry Spokesperson Nasser Kanaani stressed in early December that “resistance groups” are acting independently and “not taking orders from Tehran to confront the war crimes and genocide committed by Israel.”

On Wednesday, ex-National Security Advisor to Donald Trump and former US Ambassador to the United Nations, John Bolton, argued in the Washington Post that the administration of President Joe Biden was showing weakness in its treatment of the Houthis. Bolton also cited Iranian Foreign Minister Hossein Amir-Abdollahian, who recently told The New York Times that the US must face “consequences” for its support of Israel. However, White House National Security Council spokesman John Kirby said this week that the US would not “telegraph any punches one way or the other.”

Last week, the US announced a naval coalition of 20 mostly NATO countries to jointly patrol the Red Sea area in order to repel and respond to Houthi attacks. The strikes have disrupted a key trade route linking Europe and North America with Asia via the Suez Canal, and caused delays in deliveries and dramatically raised shipping costs as vessels are being forced to take alternative and longer routes.

The post Iran ‘deeply involved’ in attacks on shipping – US appeared first on Energy News Beat.

Energy News Beat

Restrictions on the Arctic LNG 2 energy project endanger vital fuel supplies, according to Chinese energy majors

China’s state energy majors CNOOC and China National Petroleum Corp (CNPC) have both asked the US government for exemptions from sanctions on a new Russian liquefied natural gas (LNG) export plant. They are seeking to prevent disruption to crucial fuel flows, Reuters reported on Friday, citing people with direct knowledge of the matter.

The Arctic LNG 2 energy project, which is located on the region’s Gyda Peninsula, is operated by Russia’s largest independent LNG producer, Novatek. It will feature three LNG trains, with a total annual production capacity of 19.8 million tons. The first train was launched in July, while the remaining two are scheduled to commence in 2024 and 2025.

The US Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on the Russian gas enterprise in early November, banning third countries in Asia and Europe from purchasing LNG produced by the plant when it starts operating in 2024.

“This is a standard response as an equity partner communicating with OFAC to protect our interest in the project,” a Beijing-based industry official told the outlet. China is the world’s biggest buyer of LNG, and US sanctions threaten deliveries that are considered vital for heating homes and fueling the industry in the country.

CNOOC and CNPC each have a 10% stake in the Arctic LNG 2 plant, while Novatek has a 60% holding. France’s TotalEnergies and Japan Arctic LNG, a consortium involving Mitsui & Co and JOGMEC, are two other shareholders, each with a 10% stake. Former Japanese Economy Minister Yasutoshi Nishimura warned earlier that sanctions on the project could have a major negative impact on business in Japan. Tokyo had previously exempted Russian LNG projects in Sakhalin and the Arctic from sanctions and continued to provide architectural and engineering services for the projects.

Meanwhile, the start of exports from the Arctic LNG 2 project is at risk of being delayed after Novatek sent force majeure notifications on shipments to some of its buyers following the US sanctions, the outlet noted.

For more stories on economy & finance visit RT’s business section

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Energy News Beat

Britain’s economy unexpectedly contracted in the third quarter of the year, raising the possibility that the country is already in a recession, the latest data shows.

Third quarter GDP dropped 0.1% from the previous quarter after initial estimates suggested growth had been flat, according to a revised report by the Office for National Statistics (ONS) released on Friday. The ONS also downgraded its GDP figure for the second quarter, saying there was no growth between April and June, compared to the 0.2% expansion previously estimated.

According to the report, the fall in GDP was due to the struggling services sector, which accounts for four-fifths of UK output. Services fell 0.2%, more than offsetting growth of 0.4% in construction and 0.1% in production. Economists say the revision to the third quarter puts the UK at risk of a technical recession, which is typically defined as two quarters or more of falling GDP. Data shows that output decreased 0.3% in October on a month-on-month basis, putting the economy on track to shrink in the fourth quarter.

“The mildest of mild recessions may have begun in the third quarter,” Capital Economics analyst Ashley Webb was quoted as saying by Bloomberg. “Looking ahead, the latest activity surveys point to weak GDP growth in the fourth quarter too,” he added.

Separate data from the ONS showed that retail sales grew by more than expected last month, with trading boosted by earlier-than-usual and wider Black Friday discounts. Meanwhile, experts say revised GDP figures could increase the pressure on the Bank of England, prompting it to start cutting rates again. The regulator had earlier projected a 50% chance of a recession in the second half of the year.

For more stories on economy & finance visit RT’s business section

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Energy News Beat

Transit of Russian oil through Belarus will become more costly next year, the Kommersant business daily reported on Saturday, citing Russian energy export giant Transneft.

According to the report, the Belarusian operator of the Druzhba pipeline, Gomeltransneft Druzhba, has reached an agreement with Transneft to hike the transit tariff by 10.2% starting on February 1, 2024. A Transneft representative confirmed the information to Kommersant.

Russian oil is delivered to Hungary, Slovakia and the Czech Republic via Belarus through the southern branch of the Druzhba pipeline. The pipeline also carries Kazakh oil, which is delivered via its northern branch through both Russia and Belarus to Germany and Poland.

The tariff hike for Russian oil will be smaller than what Belarus previously intended. In mid-November, Gomeltransneft Druzhba proposed raising the tariff for the transit of oil through Belarus by 14.5% to 195.8 rubles ($2.1) per ton, but Transneft considered that hike too high. Minsk explained at the time that such a hike was necessary due to a sharp decrease in pumping after the EU placed sanctions on Russia in connection with the Ukraine conflict, which included a partial embargo on Russian oil imports. According to the operator, overall oil transit through the country fell nearly fivefold this year compared to 2022.

Meanwhile, Minsk also plans to raise the tariff for Kazakh oil, by 43% to 653.8 rubles per ton ($7.1), due to a 17-fold decrease in oil transit through the northern branch of the pipeline over the past year. Astana has been opposed to the hike, and reportedly plans to dispute the matter with Minsk.

Transneft indicated that discussing tariffs on Druzhba’s northern branch is not within the company’s competence, because that part of the pipeline does not transport Russian oil. Russian Energy Minister Nikolai Shulginov earlier noted that Kazakhstan has not been involved in the tariff discussions because the pipeline does not belong to Kazakhstan. He indicated, however, that Astana and Moscow have already reached a consensus that Kazakhstan will supply 1.2 million tons (100,000 tons a month) of oil through Druzhba next year.

For more stories on economy & finance visit RT’s business section

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Energy News Beat

Oil Price

Defying earlier expectations of slowing growth, U.S. crude oil production has surged this year to extend America’s lead at the top of the ranking of the world’s biggest oil producers. In September, U.S. oil output surged to a record high for any month in history, and forecasts are that production will continue to increase.

Source: Oil Price

U.S. oil producers are set to lower their 2024 spending by 1%, with private drillers cutting budgets by an average of 4%, per a spending survey by Barclays cited by Bloomberg.

Despite the expected slightly lower budgets for next year, the United States will continue to see production growth thanks to efficiency gains and longer laterals, analysts and forecasters say. The recent surge in oil production is putting the U.S. firmly in the lead among the five biggest oil-producing countries in the world.

The list also includes OPEC+ producers Saudi Arabia, Russia, and Iraq, and another North American producer—Canada.

#1 The United States

The U.S. is now producing more than 13 million barrels per day (bpd) of crude oil—more than any country ever—and is headed to a continued increase in the short and medium term.

U.S. crude oil production hit a new monthly record of 13.236 million bpd in September, according to the latest data from the U.S. Energy Information Administration (EIA).

“The growth has not just been a Permian story. We’re seeing many shale basins that were flattish experiencing a revival,” Francisco Blanch, Head of Global Commodities and Derivatives Research at BofA, said on a call to discuss the bank’s energy outlook, as quoted by Reuters.

The U.S. shale patch is now looking to do more with less as it seeks capital and operational efficiency to prove to shareholders that it has turned the page from growth at all costs to measured growth accompanied by higher returns to investors.

This year, U.S. crude oil production is set to average 12.93 million bpd, and rise further to average 13.11 million bpd next year, the EIA said in its Short-Term Energy Outlook (STEO) in December.

Soaring production is also leading to surging exports of U.S. crude oil and petroleum products.

“Not only is the U.S. producing more oil than any country in history, but the amount of oil (crude oil, refined products and natural gas liquids) that it is exporting is near the total production of Saudi Arabia or Russia,” Jim Burkhard, Vice President and Head of Research for Oil Markets, Energy and Mobility, at S&P Global Commodity Insights, said in research cited by Forbes.

#2 Saudi Arabia

Saudi Arabia, the leader of OPEC and the OPEC+ group, has been the second-largest oil producer in the world this year. Saudi crude oil production averaged around 10.2 million bpd in the first half of 2023, but since July, the Kingdom has been implementing an extra voluntary production cut of 1 million bpd, and its production has averaged 9 million bpd in the second half of the year. The Saudi cut, aimed at “market stability”, has been partly offset by soaring production from non-OPEC+ producers, most notably the United States, but also Brazil, Canada, Guyana, and Norway.

#3 Russia

Russia, the key Saudi partner in the OPEC+ alliance, is believed to be producing around 9 million bpd of crude oil. Russia classified its oil production and export data after it invaded Ukraine, saying it would not provide detailed information about its oil sector, which could be used by the West to track down and clamp down on Russia’s oil exports or oil revenues.

Earlier this month, reports emerged that Russia had promised oil-flow tracking companies and price reporting agencies to provide data about its production, inventories, and fuel output after OPEC+ asked Moscow for more transparency in tracking its compliance with the cuts.

At the latest OPEC+ meeting, Russia said it would deepen the export cut to 500,000 bpd in the first quarter of 2024, with May and June of 2023 being the reference export levels for the cut, which will consist of 300,000 bpd of crude and 200,000 bpd of refined products.

#4 Canada

While Russia and Saudi Arabia have been cutting supply to the market, North America has been growing its production—not only from the United States, but also from Canada.

Last year, Canadian oil production hit a record 4.86 million bpd, per data from the Canada Energy Regulator.

Analysts now expect output to grow in 2023, 2024, and 2025 as companies are ramping up production at new and tie-back sites in Alberta’s oil sands. Canada’s crude oil production is set to grow by 8% by 2025, analysts say.

#5 Iraq

OPEC’s second-largest producer, Iraq, has been the fifth-biggest oil-producing country in the world this year, with output averaging around 4.3 million bpd, per OPEC’s secondary sources in its monthly reports.

In the latest report for December, OPEC acknowledged that while the cartel’s crude oil production fell in November for the first time in months, U.S. oil output continued to reach new highs.

OPEC noted in its report that “US crude and condensate production as well as NGL output continue to reach new highs. Total US liquids output reached a record 21.6 mb/d in September due to persistent outperformance of onshore and offshore production.”

OPEC expects U.S. liquids supply to grow by 1.3 million bpd in 2023.

The non-OPEC liquids supply growth forecast remains unchanged at 1.8 million bpd for 2023, driven by the U.S., Brazil, Kazakhstan, Norway, Guyana, Mexico, and China, the cartel said.

Rising oil production from outside OPEC+ makes the group’s task of managing oil prices next year more difficult than previously thought.

By Tsvetana Paraskova for Oilprice.com

The post The Top 5 Oil Producers of 2023 appeared first on Energy News Beat.

Energy News Beat

Oil Price

Ford said on Thursday that half of all 1,550 Ford dealers chose to sell electric vehicles in 2024—down from two-thirds that said this time last year that they would opt in to sell EVs for 2023. The other half of Ford dealers will sell—and service—ICE and hybrid models.

Source: Oil Price

“EV adoption rates vary across the country, and we believe our dealers know their market best,” Ford spokesman Martin Günsberg told the Detroit Free Press.

The slack buy-in from Ford dealerships comes even after Ford relaxed its requirements for dealers in the EV dealer program last January that mandated fewer L2 chargers and extended installation deadlines. Certified Ford EV dealers were once required to spend $500,000 for a single public DC fast charger, or $1 million if they wanted to be in the Elite tier of EV dealers.

The extra $500,000 was for another fast charger and demo units, among other things. But the high price tag caused Ford dealers to balk.

Buick saw a similar engagement among its dealers last year, according to Electrek, with half of Buick dealers choosing buyouts of their franchises instead of selling EVs. As a result, GM now has 47% fewer Buick dealers as of the end of this year compared to January. The hardline taken by GM with regard to its Buick dealers is in line with Buick’s ambitious plan to be all-electric by 2030.

Ford said earlier this month that it was reducing the planned number of F-150 Lightning EV trucks by half starting next year, kicking out 1,600 F-150 per week beginning in January, down from 3,200 per week, saying that it would match production with customer demand.

By Julianne Geiger for Oilprice.com

The post Only half of all Ford dealers agree to sell EVs next year appeared first on Energy News Beat.

Energy News Beat

Daily Standup Weekly Top Stories

A Shale Oil CEO’s Second Act: Going Green

December 17, 2023 Stu Turley

For almost a decade, Tony Sanchez III was the epitome of a shale-boom CEO—furiously drilling oil wells, piling on debt and hunting quail and nilgai with fellow executives near his family’s ranch in South Texas. Then tumbling […]

The US isn’t the only one eating into OPEC’s market share — Brazil and Guyana are hitting record oil production volumes

December 16, 2023 Stu Turley

OPEC+ has seen its oil market share fall to 51% this year, the IEA said Thursday. While US oil output has soared, Guyana and Brazil have also produced record volumes in 2023. Brazil’s output jumped […]

the next three years. The company’s […]

EXCLUSIVE: Conservative State Files First-in-the-Nation Lawsuit Against BlackRock Over Deceptive Climate Policies

December 18, 2023 Mariel Alumit

FIRST ON THE DAILY SIGNAL—Tennessee Attorney General Jonathan Skrmetti on Monday sued the investment company BlackRock for deceptive practices. “BlackRock has said two things that can’t both be true,” Skrmetti, a Republican, told The Daily Signal in an […]

Strategy to End Iran’s Aggression

December 19, 2023 Mariel Alumit

History continues to offer lessons and strategy to Washington if only the Biden Administration had the wisdom to hear it. Eighty years ago, the allies quickly realized that both Nazi Germany and Imperial Japan fed […]

Another Offshore Wind Farm Hits the Dust

December 20, 2023 Stu Turley

Key Takeaways 1: The developer of “Icebreaker,” a small project in Lake Erie, announced it is pulling stakes on its six-turbine project. 2: The project received a $50 million grant under President Obama, but the […]

Red Sea Tensions Threaten to Disrupt Diesel Market Stability

December 20, 2023 Mariel Alumit

Increased distillate production and slowing economic activities have led to rising diesel stocks and falling prices. Weak manufacturing activity in the U.S. and Europe contributes to reduced diesel demand, easing the market. Geopolitical tensions near […]

Highlights of the Podcast

00:00 – Intro
01:33 – A Shale Oil CEO’s Second Act: Going Green
04:38 – The US isn’t the only one eating into OPEC’s market share — Brazil and Guyana are hitting record oil production volumes
07:46 – EXCLUSIVE: Conservative State Files First-in-the-Nation Lawsuit Against BlackRock Over Deceptive Climate Policies
12:38 – Energy Workforce: Biden’s Gulf of Mexico leasing auction “detrimental” to U.S. energy supply
14:23 – Strategy to End Iran’s Aggression
15:55 – Another Offshore Wind Farm Hits the Dust
18:33 – Red Sea Tensions Threaten to Disrupt Diesel Market Stability
21:37 – Outro

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Video Transcription edited for grammar. We disavow any errors unless they make us look better or smarter.

Michael Tanner: [00:00:14] What is going on. Everybody, welcome into a special edition of the Daily Energy News Beat. Stand up here on this gorgeous Saturday, December 23rd, 2023. As always, I’m your humble correspondent, Michael Tanner, coming to you from an undisclosed location here in Dallas, Texas, joined by executive producer of the show, the purveyor of the show and the director, publisher of the world’s greatest website, Energy News Beat.com, Stuart Turley, my man. Busy week. [00:00:37][22.7]

Stuart Turley: [00:00:37] Oh, it is. It’s just absolutely crazy. Got a lot of great stories out there. [00:00:42][4.5]

Michael Tanner: [00:00:42] A lot of great stories happening this week. Red Sea going absolutely insane. Another offshore wind farm bites the dust. We got everything. The team is going to cue it up with with our top segments from this week. Before they do that, guys, remember all the news and analysis you hear. It is brought to you by the world’s greatest website. Energy News Beat the best place for all your energy news. Stu and the team do a tremendous job of making sure that website is up to speed with everything you need to know. Is there the tip of the spear when it comes to the energy business? You can hit the link below on all your major podcast platforms and YouTube and check out the description links to all the articles timestamps so you can jump ahead. You can also email the show [email protected] Check out our Data News Product Dashboard.EnergyNewsBeat.com But until then, stay. I’m going to kick it up to the kids and the weekly recap. We’ll see you next time, folks. [00:01:32][49.3]

Stuart Turley: [00:01:33] A shale oil CEO’s second act going Green. Michael, I want to tee up our deal spotlight of Oxy and crown. And the reason for that is you and I didn’t know the outcome until we went through the steps. And it fits right into this because there is a way that Saudi Arabia is funding their move to green, just like Oxy is funding. Their move to green with oil and gas are a balanced approach is the only way that you’re going to get there, not shutting everything off. So let’s go to this story, Tony Sanchez. The third was the epitome of a shale boom, CEO drilling oil wells, piling on debt and hunting quail. I love that. In his ranch in south Texas, he got caught up in the the oil crash and everything else. But what were some of the things that caught you in this article, Michael? [00:02:35][62.8]

Michael Tanner: [00:02:36] Well, one, it’s one thing that caught me is if you’re familiar with the name Tony Sanchez or I’ve heard of Sanchez energy, absolutely the epitome of the early the mid 20 tens shale boom. I mean, when and when I mean, boom. And then I also should say the bust as well, because it ended with Sanchez Energy filing for bankruptcy. So I love nothing more than a failed oil executive building now through selling GRI and woe. So what’s his so if you read this article, do his current business one Nexis is a little bit different. This is his new business. He started I read a paragraph down here. One Nexis offers oil producers policies that pay out only when their wells are capped, ensuring that companies have money set aside. He’s now an insurance salesman. We went from he went, He’s literally an insurance salesman. Now. The rates are determined by actuary models that were adapted from human life insurance calculations, and the policy is structured to survive. Even if the oil producer or one Nexis goes bankrupt. He says, This is incredible. This is a legitimate this is the biggest grift I’ve ever seen. I love. [00:03:45][69.3]

Stuart Turley: [00:03:46] It, to be honest with you. If it’s, Hey, insurance rules the world, baby, You think the deep state does not. It’s insurance companies, insurance. [00:03:54][8.4]

Michael Tanner: [00:03:54] Sooner or later, Stu, you’re going to invite me to an event where I show up and it’s going to be Tony Sanchez up there. Hey, if you sell our policies and get five people underneath you, you’re going to be able to go to my president’s retreat with me in Cabo. This has multilevel marketing. I can see it now, Stu. One nexus. I’m a one Nexus business owner. [00:04:13][18.8]

Stuart Turley: [00:04:14] Yeah. Hey, if you see him as a sponsor of the show, you’ll know it’s on the way. [00:04:19][4.8]

Michael Tanner: [00:04:19] You’ll know he sold out. When one Nexus answers the show. And I’m here pushing insurance policies on you that you know. But take us off air. [00:04:28][8.3]

Stuart Turley: [00:04:28] Then we would have cradle to grave. We would not only be on the front end evaluating M&A, we’d be evaluating on the back end there. So that’s. [00:04:36][8.2]

Michael Tanner: [00:04:37] About me in saying. [00:04:37][0.6]

Stuart Turley: [00:04:38] The US isn’t the only one eating into OPEC’s market share. Brazil and Guyana are hitting oil production volumes as Governor Abbott is signing in. You know the deals that he’s doing, we’re getting more natural gas plants online. And when you sit back and take a look at not only total energy is investing in. In Texas. [00:05:02][24.1]

Michael Tanner: [00:05:04] Wee, wee. [00:05:05][0.2]

Stuart Turley: [00:05:05] Wee. You were doing well. What was it, Mike Myers, That you were just doing that. [00:05:10][5.0]

Michael Tanner: [00:05:10] Like some old school French way we beat. [00:05:12][1.9]

Stuart Turley: [00:05:13] Oh, no. You were talking about doing one of them evil characters that has a cat, Mr. Evil mystery out on cats. I’m sorry. No, but Mr. Evil. Mike Myers, bald. And he’s from Ohio. I’m going to hold the world ransom for million. [00:05:29][15.9]

Michael Tanner: [00:05:30] Okay. [00:05:30][0.0]

Stuart Turley: [00:05:31] So let’s go back to this one. Brazil and Guyana. You have the pricing model around the world. We’re going to cover this in more detail in the next few weeks. OPIC has seen its market oil market share fall to 51%, the IEA said while U.S. output has soared, Brazil’s output has soared 400,000 barrels a day to 3.6 million. Now, here’s the thing. Part of that number, Michael, I’m digging around on the CIA’s number, and it’s 51%. It is the dark elite. I’m going to do my Biden real quick. Everybody on our podcast, I’m leaning into the mike. I’m losing my mind as I lean in and go, It’s the 51%. Okay, so that was my Biden. That’s about all I can pull on that knucklehead. So why when we sit back and take a look at the pricing model, Michael is busted. And I’m working on some more stories on this because it effects Texas, so goes Texas goes the rest of the world. Anyway, I don’t know why my camera just. [00:06:35][63.8]

Michael Tanner: [00:06:35] Zoomed in, as you say. It knows it knows that that’s exactly as. [00:06:39][4.4]

Stuart Turley: [00:06:39] Creepy as it. [00:06:40][0.7]

Michael Tanner: [00:06:41] Gets. I mean, it is interesting that OPIC is losing its grip and it’s kind of clear with with that over the years, OPEC has been losing its grip, if only because, look what’s happening right now. OPEC is continued to cut and signal that they are going to cut production and are going to continue to cut until they can bring Brant Oil up. And what is oil done the past three months? Tumble, tumble, tumble. I mean, can’t be too mad at $71 oil but thinking about where Saudi Arabia and oh back and Russia and everybody wants oil prices to be it’s insane that they haven’t been able to achieve yet that so it’s clear that there are other sources a.k.a. Brazil and Guyana, as this article rightly points out, is the reason for that. I mean, it’s it’s it’s pretty high. It’s pretty insane. [00:07:26][45.6]

Stuart Turley: [00:07:27] It’s pretty insane. And the whole pricing paradigm, Michael, is changing. So it goes back to our great oil and gas in the US and then the war on oil that the Biden administration is done by trying to source oil through Venezuela or other countries. It’s just criminal conservatives. State Files first in the nation lawsuit against BlackRock over deceptive climate policies. Michael, this is kind of you cannot be this kind of entertainment. The city Attorney general Jonathan Carmody on Monday sued the investment company BlackRock. Here’s a quote. BlackRock has said two things that can’t both be true. Carmody, a Republican, told The Daily Signal in an interview Monday. The first is that they are taking investors money and investing it purely for the purpose of maximizing the return on the investment. But they’ve also put out a statement saying that they are committed to net zero carbon emissions to combat climate change by a certain date. Both things can’t be true, and I agree that he is is hitting on that. The here’s where it gets a little funny. I’m going to be wondering how it’s going to pan out in the courtroom, Michael, because pledge member of the climate groups is to force companies to disclose their targets for net zero emissions for environmental and political reasons. This is coming down into the carbon tax. It’s coming down into the MP operators. But here’s where this I get a little confused on this article. The Larry said it’s okay to invest in ESG, in oil and gas. So where I think this is really going to need a follow up is the requirements for carbon neutral for reporting from oil companies. [00:09:20][113.6]

Michael Tanner: [00:09:21] This is a serious question. So to take this, it’s again, this is a serious question I’m asking, are companies on are companies required to make a profit? [00:09:30][8.4]

Stuart Turley: [00:09:30] Yes. If they are says who they are, they have a requirement to their. [00:09:34][4.1]

Michael Tanner: [00:09:35] To their shareholders. But it’s not like a law, Not like if you don’t produce a profit, you’re going to go to jail. Or we have seen a lot of tech companies be out of business and B, we’d have a lot of tech be legal. So I ask this question seriously, I’m all for I think what BlackRock is doing is obscene. They’re they’re fleecing the world, so to speak. They’re greenwashing, the whole ESG movement to take money from investors under the ruse of ESG but to. PLoyed as they see fit. Yes, that’s shady business practice. Question, though, is it actually illegal? There’s a difference between stupid. Illegal to be stupid. It’s not illegal to necessarily not necessarily invest the money wisely, as it should. So this is where I understand that it looks good on a headline that we’re going to go sue BlackRock. I’m all for it. I think what they’re doing is a travesty. The question is, is it illegal? And that’s where I think the difference becomes, you know, is in this process of, you know, and, you know, Stu disagrees with me so much, he just left the baton. I think when it comes to, you know, whether or not this lawsuit is worthwhile, I mean, I mean, this guy’s you know, Jonathan Skirmished, he’s probably got a little bit of time on its hand when it comes to it. But the real question is, is these, quote, deceptive practices? I mean, this guy is going to know. But the real question is, you know, what’s a jury going to think? I think the interesting thing is that, you know, we know BlackRock has walked back a lot of these, you know, so-called targets that they want to push. You know, they they haven’t necessarily followed through as much as maybe they would have. They would have you would have thought, you know, two years ago, I mean, two years ago, you know, they they were attempting to influence companies like Chevron, United Airlines, Wal-Mart in order to push these shareholder proposals that were much more climate related. But in 2022, they said that in a response to the state’s attorney general, the company, quote, doesn’t dictate to companies what suspicions are or what specific emissions targets they should meet or what type of political lobbying they pursue. So they’re speaking out of both sides of their mouth. The question I go back to is, are your I think you were allowed to speak out of both sides of your mouth. There’s no law that says you can’t. [00:11:50][134.4]

Stuart Turley: [00:11:50] But they do have a fiduciary responsibility for not I. That’s a good question. Do they are they legally responsible? Yes. Depends on your. [00:12:00][10.0]

Michael Tanner: [00:12:01] Responsibility. But that’s different than being illegal. Right. I’m not a lawyer. It’s a dumb question. But, you know, when we talk like like, for example, bankruptcies, bankruptcies, it’s not illegal to be an idiot and drive your company into bankruptcy. Now, you’re going to probably never raise money again. But the question is, is being incompetent illegal? I don’t. [00:12:21][20.9]

Stuart Turley: [00:12:22] Know. Well, it does take a village to raise an idiot. [00:12:24][2.8]

Michael Tanner: [00:12:25] So I’ll tell you this, though. If it’s illegal to be an idiot, Stu, we’re in trouble and we’re going to be knocking on our door very quickly. Oh, wait, that’s them. [00:12:35][9.2]

Stuart Turley: [00:12:36] I just had to go get the door. Energy Workforce. Biden’s Gulf of Mexico leasing auction is detrimental to the U.S. energy supply. Only three oil and gas sales are scheduled for the Gulf of Mexico in 2025 and 2027 and 2029, a departure from the previous plans 11 net lease sales. This is critical. When we talk about natural gas, we talk about oil and gas investment and low cost energy. The Gulf of Mexico great offshore producers do a great job. We have to remind everybody ourselves, the only reason the United States has reduced their carbon footprint is because of lowering natural gas or, excuse me, lowering the coal usage and increasing natural gas. Natural gas off the Gulf of Mexico is pretty important. You got to have that for LNG. You got to have that for exporting. That goes into the other article with Europe as well. It is all related. The Outer Continental Shelf produces 90 be estimated to hold 90 Bowie and 300 tfc g. If developed, these could be more than 800,000 American jobs. You know, we always hear about President Biden being a for the American workers. Let’s pony up, let’s reduce and let’s get to carbon net zero, but let’s do it using great American energy. So anyway, that was pretty cool article there. A strategy to end Iran’s aggression. I just want to go and go on record and say that I do not think the United States needs to go to war anywhere. I am not an fan of war. Lindsey Graham. If you’re listening and you’d like to come on this podcast. I would love to talk to you. Threatening to bomb Iran’s oil is not a way enforcing sanctions. The way Trump had is the way to do it. Iran under Trump 350,000 barrels per day production under Biden. With all of the sanctions they are going to be. I believe it’s 3.4 million barrels per day. Sanctions don’t work. And bombing them gets our kids killed. I just want to be clear. I am a humanitarian and we need to not bomb people. Missiles fired by Yemen’s Houthi rebels is really causing a stink around the oil there around the Red Sea. And it is going to cost the world billions. The supply chain is going to increase. Those stories are on there as well, too. But we do not need to have the U.S. bombing this in order to stop it. So I thought this article was a good one. But Hamas is definitely the enemy and we need to let Israel do their due diligence and take care what they need to do. Another offshore wind hits the dust. This one is kind of sad because it is very systemic of more coming around the corner. The developer Icebreaker, a small project in Lake Erie, announcing it’s pulling out stakes on its six turbine product project. It received a $50 million grant under Obama. You know, that longing is to to get attached to the grid. And the Energy Department has pulled the grant and taxpayers will only get $37 million back. So somebody made let me think. I went to ask you, how many millions did they spend on regulations measuring rocks to make sure they get get these things up. [00:16:45][248.7]

Michael Tanner: [00:16:45] Over six turbines? I mean, what could that power like? Barely power, anything? [00:16:51][5.8]

Stuart Turley: [00:16:52] No. I mean, you’re talking, you know, six wads. I mean, I’m kidding. Whatever. [00:16:58][5.6]

Michael Tanner: [00:16:58] I love this part. According to developer, icebreaker, became financially untenable after the Ohio Power City Board in 2020 required the turbines to stop at night between March and November to reduce the risk of migratory birds and bats from hitting the turbine blades. [00:17:15][16.5]

Stuart Turley: [00:17:15] Oh, yeah, and it’s even funny. A large Dominion Energy, a large utility in Virginia, is moving ahead with its consisting of 176 and is spending 625 million on the first U.S. built ship capable of hauling more than 300 foot long blades. It’s a lot of money just to haul a blade out and put it up with duct tape. That’s just amazing to me. And here’s the conclusion. I thought this was really good. Another offshore wind is calling it quits is inflation, Interest rates, supply chain issues and legal challenges are making it too expensive and difficult to exceed. Michael, we’ve seen that over the last six months. It is going to escalate and curtail wind. I still see solar here as having some wind and I. I had lunch with Dr. Ed Ireland and Artie. Here’s a great one. The young lady out of London came up with an idea for wind in some ways. At first I was like a great idea. They all create wind. Why not put a little turbine down there every time it goes through? You could make some really nice. I think it’d be kind of cool. Let’s go to the Red Sea tensions. But I’ll tell you, the warmonger. Oh, shoot. What’s his name? Graham. Lindsey Graham. Oh, my gosh. He’s calling. He’s actually calling for us to bomb Iran’s oil field. That’s no. Step away from the microphone, dude. [00:18:51][96.0]

Michael Tanner: [00:18:52] We went from the nuclear weapons. Never. [00:18:55][2.8]

Stuart Turley: [00:18:55] No way. You do not have the football. Step away from Biden’s side. We do not need to do that. No. Okay. Let’s go to the here’s where Red Sea tensions threaten diesel market. Michael, here is a whole nother side of the hoodie is out there playing around with them. Drones. These are not your drones that your dad used to fly around. These are some serious kind of drones. The below average distillate stocks and just an uptick in manufacturing construction next year. Iran has gotten another million barrels coming on line, a million barrels per day. And then so does India and so does China. So, oh, yeah, guess who’s buying the diesel and gasoline and products from China? Dan in California. [00:19:51][56.0]

Michael Tanner: [00:19:53] As you say, no. [00:19:54][0.6]

Stuart Turley: [00:19:54] And well, why did President Z show up and why was it clean? I don’t know. [00:20:00][5.7]

Michael Tanner: [00:20:01] He just wanted to meet our favorite governor. [00:20:02][1.2]

Stuart Turley: [00:20:02] I thought he wanted some hairstyle tips. But when we take a look at the it’s just. It’s weird. On how diesel is now. Also they’re peeling some of the dark fleet off for diesel tankers. It’s weird. [00:20:17][14.3]

Michael Tanner: [00:20:17] Yeah, I think this is a this is a really niche problem that we we’ve had bad diesel prices right now. I mean if anybody remembers back in the in the early 2000 diesel was was always less than gasoline. It’s that now market is now flipped and where diesel is trading and for consumers at the pump much higher than gasoline which is why food inflation continues to stay high. We think that food inflation has to do with food commodity prices. It does, but it also has to do with transportation costs and with the majority of food being transported by truck. Hi. Diesel prices only going to inflate that supply chain a lot more. So anything any you know, the diesel market is already teetering. Anything that impacts that is going to be good. So I think while we won’t see the oil price freak out, what we might see is slight, almost food inflation or flight supply, slight supply chain inflation as we move forward. If I agree, diesel distillate problem becomes any stronger. [00:21:17][59.6]

Stuart Turley: [00:21:17] I couldn’t agree more. And the other side of that coin, though, is is the number one user of what was our you like before our podcast. I was just flipping a coin. Michael was starting to do a hula. [00:21:29][11.6]

Michael Tanner: [00:21:29] Was flipping a coin. [00:21:30][0.8]

Stuart Turley: [00:21:31] Oh, you’re oh, flipping a coin. Here we go. Heads or tails? Heads. [00:21:34][3.1]

Michael Tanner: [00:21:35] Heads. I win. Tells you lose. [00:21:35][0.9]

Stuart Turley: [00:21:36] It’s under the table. [00:21:36][0.0][1252.1]

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The post Daily Energy Standup Episode #276 – Weekly Recap: Market Shifts, Legal Showdowns, and Global Tensions appeared first on Energy News Beat.

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