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Qatar’s Latest Move Against The GCC Blockade

September 5, 2017 Zainab Calcuttawala 0

Three months after the announcement of a Gulf blockade against Qatar, the country is accelerating trade growth via a special port located on its shores, according to reports emerging from the region. The $7.4 billion Hamad port had been designed as a point of economic independence from Saudi Arabia and the United Arab Emirates. “This is a gateway to break the shackles imposed on Qatar,” Doha’s transport minister Jassim bin Saif Al-Sulaiti said at the port opening held on Tuesday. “Nothing can stop us and our ambition,” he added. Doha dodged…

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Tesla’s New Frontier: Batteries And Wind

September 5, 2017 Zainab Calcuttawala 0

To power Tesla’s electric car empire, the company has joined hands with Vestas, a top wind turbine manufacturer, to create a storage system that would make power generated from wind useful during quiet days in the jetstreams. Vestas has been on this quest for a while already. Its research and development team already has ten projects lined up to tackle this issue. Both solar and wind power have this same drawback: a dark day or a windless morning can throw off power generation for entire communities. Natural gas turbines replaced solar…

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Natural Gas Output In Kurdistan Set To Jump

September 4, 2017 Zainab Calcuttawala 0

Natural gas output in Iraqi Kurdistan is set to jump as the regional government settles a court case with a consortium of companies active in the area, according to Reuters’ conversation with Dana Gas. The Pearl Consortium – which consists of Dana, Crescent Petroleum, OMV, MOL and RWE – agreed to a $1 billion payout in exchange for violations of a 10-year-old deal to develop the Khor Mor and Chemchemal fields. Those areas are said to hold 17 trillion cubic feet in reserves, which could fulfill all of Europe’s gas needs for…

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Cash-Strapped Venezuela Offers $5 Million To Harvey Victims

September 1, 2017 Zainab Calcuttawala 0

Venezuela is offering five million dollars’ worth of Hurricane Harvey relief to the United States just days after the White House approved a new round of sanctions against Caracas, according to emerging reports. Citgo, the PDVSA-owned company barred from repatriating any profits back to Venezuela, will be providing the relief funds, according to an article by the Houston Chronicle. The company owns the 157,000 barrel-per-day refinery in Corpus Christi and promises to use revenues from the facility to aid victims of the hurricane, which ravaged…

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Libya Thwarts Suspected Oil Smugglers For Second Time This Week

August 31, 2017 Zainab Calcuttawala 0

A medium-sized oil tanker that was smuggling crude oil in the Mediterranean Sea was apprehended by the Libyan coastguard on Thursday, according to a new report by The New Arab.  The ship, called “Rex,” had ten crew members, all of whom have been captured by the coast guard. Colonal Abu Ajila Abdelbarri told reporters that the crew and boat had been under tight surveillance prior to their arrest in Libyan waters. The tanker flew the Tanzanian flag and carried 1.16 million liters of diesel. The crew contained five Turks, three Georgians…

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Democratic Senator Urges Trump To Sell Oil In Strategic Reserves

August 30, 2017 Zainab Calcuttawala 0

Federal officials should release fuel from the Strategic Petroleum Reserve to prevent gas prices from rising in the wake of Hurricane Harvey, Democratic Senator Edward Markey from Massachusetts told President Donald Trump in a letter on Wednesday. “An immediate release of gasoline or crude oil, if also warranted, from the SPR would help protect consumers from price spikes at the pump and tame any market speculation that could be unduly affecting markets and harming consumers,” Markey wrote, according to The Hill. The SPR was previously…

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U.S. Gasoline Futures Hit 25-Month High

August 30, 2017 Zainab Calcuttawala 0

Gasoline futures spiked on Wednesday as refiners and other members of the field-to-pump supply chain began to report damages caused by Hurricane Harvey, according to a report by Reuters. Crude oil futures fell by 2.5 percent the same day, as demand for the raw resources fell due to infrastructural failures. Gasoline spot prices had spiked 6.19 percent on Wednesday by 4:00pm EST, trading at $1.8936. Extensive flooding caused the administration of the Motiva Port Arthur refinery, the country’s largest, to consider temporarily shutting down…

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U.S. Gasoline Futures Hit 25-Month High

August 30, 2017 Zainab Calcuttawala 0

Gasoline futures spiked on Wednesday as refiners and other members of the field-to-pump supply chain began to report damages caused by Hurricane Harvey, according to a report by Reuters. Crude oil futures fell by 2.5 percent the same day, as demand for the raw resources fell due to infrastructural failures. Gasoline spot prices had spiked 6.19 percent on Wednesday by 4:00pm EST, trading at $1.8936. Extensive flooding caused the administration of the Motiva Port Arthur refinery, the country’s largest, to consider temporarily shutting down…

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Tokyo Seeks Tough U.N. Response To North Korean Missile Launch

August 30, 2017 Zainab Calcuttawala 0

A day after North Korea fired a ballistic missile over Japan, Tokyo is pushing the United States to encourage the United Nations to levy new sanctions against Pyongyang, including choking off North Korea’s oil supplies, a new Reuters report said. New measures could be designed to target North Koreans who work abroad or oil supplies. The U.S. is usually the nation author of all drafts of the U.N.’s sanctions on North Korea. American diplomats then negotiate any potential sanctions with China, Pyongyang’s main ally in international…

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Assad’s Army Kicks ISIS Out Of Jararih Oilfield

August 29, 2017 Zainab Calcuttawala 0

The Syrian Arab Army staged an offensive this week to recapture oil-rich areas of the Al-Raqqa governorate that had previously been under the shadow of the Islamic State (ISIS), according to local reports. The area is home to the Jararih oilfield near Salaam ‘Alaykum village, a military report said. An attack by Syrian President Bashar al-Assad’s military eliminated ISIS elements from the field early this week. Syria’s oil resources have exchanged hands several times since 2014, when ISIS declared its caliphate in parts of both…

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