Opec and non-Opec producers in compliance with an output restriction deal will meet in Baku, the capital of Azerbaijan, on Sunday and Monday amid the highest surge in crude prices this year.
Posts tagged as OPEC
Oil prices were firm on Friday amid production cuts led by OPEC and as U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter of 2019.
SINGAPORE: Oil prices hovered close to 2019 highs on Thursday, bolstered by Opec-led supply cuts and US sanctions on Venezuela and Iran, but were prevented from rising further by slowing growth in the global economy.
The oil demand growth in 2019 is forecast to rise to 100 million bpd, from 98.76 million last year, according to OPEC. However, much uncertainty continues regarding trade matters between the US and China.
Chinese scientists have revealed plans to build and launch in orbit a space solar station that could capture the Sun’s rays 24/7, Chinese media report.
China has already started to build an early experimental space power plant in the city of Chongqing, The Sydney Morning Herald reported, citing an article in China’s Science and Technology Daily.The space solar station, planned to orbit the Earth at 36,000 kilometers (22,370 miles) could provide an inexhaustible source of clean energy for humans, according to Pang Zhihao, a researcher at the China Academy of Space Technology Corporation.Such solar power technology could supply reliable energy 99 percent of the time and have six times the intensity of the solar farms that work on the earth, the scientist says.China will start by launching small solar stations between 2021 and 2025, while a possible next step would be a Megawatt-level station planned to be built in 2030.The energy from the space solar station would be converted into a microwave or laser beam that would be sent to the earth.
However, the project has two major hurdles to overcome in order to become a practical solution. One is the weight of a space solar station, expected to be more than two times the weight of the International Space Station.The other is the safety impact of laser or microwave beams sent to the earth.Related: 2 Reasons Why Big Oil.Isn’t Rushing Into Renewables China is not the only country studying the potential of harnessing the power of the Sun in space.Caltech for example has its Space Solar Power Project, which has researched the use of ultralight, foldable, 2D integrated elements, Caltech has developed a prototype which collects sunlight, converts it to RF electrical power, then wirelessly transmit that power in a steerable beam.According to Caltech’s research, Collecting solar power in space and transmitting the energy wirelessly to Earth through microwaves enables terrestrial power availability unaffected by weather or time of day.
SINGAPORE (Reuters) – Oil prices rose on Wednesday as producer club OPEC said it had cut supply deeply in January and as U.S. sanctions hit Venezuela's oil exports.
Singapore – Oil prices fell on Thursday after US crude inventories rose and as production levels in the country held at record levels, but Opec-led supply cuts and Washington's sanctions against Venezuela supported markets.
SINGAPORE (Reuters) – Oil prices slipped on Thursday after U.S. crude inventories rose and the country's production held at record levels, but OPEC-led supply cuts and Washington's sanctions against Venezuela supported markets.