Iran has denied reports it is in talks with the US over an interim nuclear deal to get sanctions relief. “We confirm that there are no negotiations for an interim agreement or new agreements to replace the nuclear deal,” Foreign Ministry spokesman Nasser Kanaani told a news conference in Tehran on Monday. He said, however, that the Islamic Republic is engaging with the US through intermediaries on the exchange of prisoners. The two could be “very close” to a deal if the Americans show “determination,” he said. Then-US President Donald Trump withdrew the US from a nuclear pact called the…
Author: Automotivedealernews.com
Around the world, there is a strong push to put aviation on a more sustainable footing and reduce the industry’s greenhouse gas (GHG) footprint. Increasing production of sustainable aviation fuel (SAF)—a close cousin of renewable diesel (RD)—is key to this effort. But while the economic case for producing RD in the US has long been compelling thanks to government subsidies, the returns on investment for producing SAF look more dubious, despite an apparently generous tax credit for SAF in the Act inflation reduction (IRA). . As we discuss in today’s RBN blog, the incentive to make jet fuel is probably…
Oil closed at a three-month low, extending last week’s losses after Goldman Sachs Group Inc. cut its forecast for the third time in six months. West Texas Intermediate fell 4.3%, more than erasing a rally fueled by Saudi Arabia’s decision less than two weeks ago to cut production by 1 million barrels a day. Even with Saudi Arabia’s cut, Goldman sees crude supplies rising and the bank cut its year-end price estimate to $86. Prices: WTI for July delivery fell $3.05 to settle at $67.12 a barrel in New York. Brent for August settlement fell $2.95 to settle at $71.84…
Shell Plc sees a long-term role for natural gas in the global energy mix and aims to expand in key growth markets as Chief Executive Officer Wael Sawan reviews the company’s strategy. LNG teams are being asked to do more business in China and India, and the company is offering higher bonuses for deals made in those and other target nations, according to people briefed on the plans. the company Shell will look at investment opportunities for LNG export facilities or long-term supply agreements, according to the people, who asked not to be named because the details are private. “We…
While catalytic converter theft has grabbed a lot of headlines in recent months, it’s not exactly a new problem. What IS a new problem, however, is the fact that the number of thefts continues to rise. According to a recent Carfax report, approximately 153,000 catalytic converters were stolen in 2022 alone. This includes thefts that resulted in insurance claims, but also thefts that were not covered by insurance. At our Tempe auto repair shop, we can attest to the increase in catalytic converter replacements after completing just under 100 in 2022. Why is catalytic converter theft so common? The increased…
Steve Rae has decided to step down as executive director of the member-led Step Change in Safety. Rae has been at the helm of the organization since 2019, strengthening the brand, growing national membership and growing internationally, while maintaining a focus on the offshore sector, Step Change in Safety said in a statement from the ‘organization, adding that it has also begun the process of evolving its portfolio of services to ensure it continues to meet the needs of members as they transition to alternative energy production. Rae made the decision to reduce his working hours and will step down…
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author) One of Rigzone’s regular market watchers takes a look at Saudi Arabia’s new production cut, recent oil price movements, market volatility and more. Read on for more details. Rig zone: What were some market expectations that actually played out over the past week, and which expectations didn’t? Barani Krishnan, Senior Commodity Analyst at uk.Investing.com: The biggest surprise of the week was that the Saudis thought they had “surprised” the market, again, with their latest…
Petrofac has expanded its scope of work in the Gulf of Mexico, adding a third field and extending the scope of its existing contract to dismantle two fields. The global energy industry service provider noted that following this major contract expansion, the legacy offshore fields and assets now include 12 platforms, 211 wells and 32 pipeline segments, as well as operations and logistics services. The scope includes the safe, efficient and assured closure of the fields and the operation of the fields during the execution of the decommissioning work, the company said in its statement. With more than two decades…
The Mandan, Hidatsa and Arikara (MHA) Nation, a Native American tribe in North Dakota, will buy the Plaza/Wabek pipeline from Enbridge for $5 million, the energy company said. The Plaza/Wabek Pipeline, a six-inch-diameter pipeline measuring 31 miles from a gathering system in the Plaza/Wabek fields to Enbridge’s terminal in Stanley, North Dakota, will connect the oil output of the Fort Berthold reservation on the Enbridge pipeline. net. The line has a carrying capacity of 15,000 barrels per day, Enbridge said. The MHA Nation, which has more than 17,000 registered members, operates an energy division that includes petroleum production and processing.…
The European Union has reported 2.8% less carbon dioxide (CO2) emissions from energy production using fossil fuels by 2022 at an estimated 2.4 gigatons, with the contribution of natural gas down “significantly” reflecting lower demand. The continent’s largest economy, Germany, had the highest share at a quarter, Eurostat reported on Friday. Italy and Poland followed with 12.4% each. The fourth was France, with 10.7%. Bulgaria recorded the largest increase at a rate of 12 percent, followed by Portugal at 9.9 percent and Malta at 4.1 percent. The biggest drop was in the Netherlands, at 12.8 percent. Luxembourg posted the second…