Released August 14, 2023 | SUGAR LAND
en
News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
CRUDE OIL
IEA: Oil Prices Could Increase Further This Year - The International Energy Agency (IEA) said on Friday that supply cuts from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024. The IEA said if OPEC+'s current targets are maintained, oil inventories could draw by 2.2 million barrels per day (BBL/d) in the third quarter and 1.2 million BBL/d in the fourth, "with a risk of driving prices still higher." (Reuters)
PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for a fifth week in a row, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count fell by five to 654 in the week ending August 11, the lowest since March 2022. After falling for eight weeks in a row, the number of oil rigs held steady at 525 last week, while gas rigs fell five to 123, their lowest since February 2022. (Reuters)
POWER
New Canadian Clean Electricity Rules Would Allow Some Fossil Fuel Use - Canada announced long-awaited draft clean electricity regulations last week that are designed to create a net-zero emissions power grid by 2035 and said some continued use of fossil fuels would be allowed. The environment ministry said the rules--which do not prescribe the use of any particular technology--would cut more than 340 megatonnes of greenhouse gas pollution between 2024 and 2050, and only result in small increases in national average residential electricity rates. The final version of the rules is due to come into effect on January 1, 2025. (Reuters)
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
CRUDE OIL
IEA: Oil Prices Could Increase Further This Year - The International Energy Agency (IEA) said on Friday that supply cuts from the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, could erode oil inventories in the rest of this year, potentially driving prices even higher, before economic headwinds limit global demand growth in 2024. The IEA said if OPEC+'s current targets are maintained, oil inventories could draw by 2.2 million barrels per day (BBL/d) in the third quarter and 1.2 million BBL/d in the fourth, "with a risk of driving prices still higher." (Reuters)
PRODUCTION
U.S. Drillers Cut Rigs - U.S. energy firms last week cut the number of oil and natural gas rigs operating for a fifth week in a row, energy services firm Baker Hughes Company (NASDAQ:BKR) (Houston, Texas) said. The oil and gas rig count fell by five to 654 in the week ending August 11, the lowest since March 2022. After falling for eight weeks in a row, the number of oil rigs held steady at 525 last week, while gas rigs fell five to 123, their lowest since February 2022. (Reuters)
POWER
New Canadian Clean Electricity Rules Would Allow Some Fossil Fuel Use - Canada announced long-awaited draft clean electricity regulations last week that are designed to create a net-zero emissions power grid by 2035 and said some continued use of fossil fuels would be allowed. The environment ministry said the rules--which do not prescribe the use of any particular technology--would cut more than 340 megatonnes of greenhouse gas pollution between 2024 and 2050, and only result in small increases in national average residential electricity rates. The final version of the rules is due to come into effect on January 1, 2025. (Reuters)
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
