Russia has resumed sending oil to sanctions-hit North Korea for the first time since 2020, deepening cooperation between the two nations that the US says also includes sending weapons from Pyongyang to help the Kremlin’s war in Ukraine. A report released this week by a U.N. sanctions committee said Russia began sending refined petroleum products to North Korea in December 2022, continuing until 2023. The shipments had stopped around October 2020, they showed the data, but Russia has sent a few. 67,000 barrels of oil since it restarted the flow. The resumption of oil shipments comes as cooperation between the…
Author: Automotivedealernews.com
A new company, Asset ONE, has been launched and aims to support global safety-critical operations in the energy, industrial and maritime industries. The newly established technical asset management consultancy, based at Neo Space in Aberdeen and with a regional office in Dubai, has been created to help organizations operate and maintain their technical assets securely, efficiently and sustainably: a “critical friend” service for asset operators. , says the company’s statement. “We set up Asset ONE with the primary goal of helping our customers maximize asset uptime and protect against major incidents. By leveraging extensive cross-sector knowledge, abundant resources and intelligent…
For more than a century, two trends in global transportation have been relentless: humanity’s desire for more cars and the consumption of ever more oil to power them. The second part, at least, can reach the end. By 2027, electric vehicles will force an upturn in the era of increased demand for oil used in transportation, according to a new forecast from BloombergNEF analysts. For areas outside of transportation, such as plastics, petrochemicals, manufacturing, and agriculture, demand for oil will continue to rise with no end in sight. But by 2029, BNEF expects the strong shift to electric vehicles to…
Oil rebounded by more than 3 percent from a three-month low as China weighed measures to revitalize the world’s second-largest economy. West Texas Intermediate futures rose above $69 a barrel after three sessions of losses. China surprised economists on Tuesday by cutting short-term interest rates, and Beijing is also considering a broad stimulus package. US inflation slowed in May, prompting the Federal Reserve to hold off on interest rate hikes. “Risk is on” as markets assess the slowdown in US inflation and yesterday’s oversold crude, said Daniel Ghali, commodities strategist at TD Securities. Investors will be on the lookout for…
North America has finally snapped its streak of rig losses, Baker Hughes’ latest rotating rig count has revealed. The region added 38 rigs week-on-week, Canada added 39 rigs and the US dropped one rig during the period, according to Baker Hughes’ latest count, which was released on June 9. North America had lost 48 rigs in the last few times alone. Just weeks, Baker Hughes rig counts have shown. The total North American rig count is 831, including 695 rigs in the US and 136 rigs in Canada, Baker Hughes’ latest count said. Of the total US figure, 673 are…
Roland Reid has taken up the role of training and skills manager at ROVOP, a leading supplier of subsea Remotely Operated Vehicles (ROVs) to the energy industry. In his new role, Reid will be responsible for the training and skill development of ROVOP trainees, including the company’s next generation of qualified ROV pilots. The company notes that Reid brings significant experience to ROVOP, having worked in the energy sector for more than 30 years in both traditional energy, such as oil and gas, as well as various renewable energy projects. Reid joins ROVOP after spending 12 years at Subsea7 and…
The world cannot hope to meet the Paris Agreement target of limiting temperature rise to 1.5 degrees Celsius relative to pre-industrial levels if current trends in government policy and industry practice continue , said Equinor ASA. The mostly state-owned Norwegian company also noted that Russia’s invasion of Ukraine has added to the challenge of striking a balance between energy decarbonization and energy security. And while recent laws like the US Inflation Reduction Act may accelerate the shift to clean energy, they may also lead to “inefficiencies” that make the transition more costly, Equinor said in its annual analysis “Energy Outlook”…
Moody’s Investors Service sees little relief for UK oil and gas producers, Maria Chiara Caviggioli, associate vice-president and analyst at the firm, said in a statement on what changes in the tax could mean the UK energy price for the sector. “The UK Government’s announced introduction of a minimum price linked to the Energy Price Levy represents a development consistent with what UK oil and gas producers have been demanding since the previously announced Energy Price Levy reviews in mid-November 2022,” Caviggioli said in the statement. , which was sent to Rigzone. “While the established price thresholds of $71.4/barrel for…
The number of wildfires in Alberta, Canada’s top energy producer, is on the rise again, harming air quality across the region and threatening oil and gas production. The province had 76 active wildfires, up from 71 on Friday, with 23 out of control, according to provincial data Monday. Smoke from the blazes, which are most active in the central and western parts of the province, drifted south to Calgary on Monday and Tuesday, worsening air quality to the “high risk” category, according to Environment Canada. Some relief is expected in the coming days, with rain and cooler weather to help…
Generative AI will have a profound impact on all industries. That’s what Amazon Web Services (AWS) believes, according to Hussein Shel, the company’s energy business technologist, who said Amazon has invested heavily in the development and deployment of artificial intelligence and machine learning during more than two decades for both customers. services and internal operations. “We will now see the next wave of widespread machine learning adoption, with the opportunity for every customer experience and application to be reinvented with generative AI, including the energy industry,” Shel told Rigzone. “AWS will help drive this next wave by making it easy,…