Articles by OilPrice.com

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Tesla Execs Bail As Cash Flow Hits Record Lows

One month after Tesla lost its head of business development who wished to “spend more time with his family”, and just weeks after the EV company’s veteran battery technology director also unexpectedly quit amid a growing senior management exodus (full list at the bottom of this article), Tesla decided to even out the ranks on the bottom as well, and fired “hundreds of workers” this week, including engineers, managers and factory workers even as the company struggles to expand its manufacturing and product line, according…


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With A World Awash In Oil, Kazakhstan Faces Fuel Crisis

Kazakhstan, a nation rich in hydrocarbons, is grappling with a gasoline shortage that has enveloped the entire country, including the capital, Astana, and the southern metropolis of Almaty. Portents of a shortage appeared in late September, when Kazakhstani media outlets began reporting that service stations in the north and east of the country were experiencing trouble supplying customers with gas. Authorities acted swiftly to tamp down concerns, assuring motorists that there was no fuel crisis in the offing. Speaking at a news conference…


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Kobe Steel Scandal Could Rattle Nuclear Industry

Japan’s Kobe Steel has joined a rather unfortunate “club”. That club’s membership includes those Japanese companies recently racked by scandal and mismanagement. Kobe’s management admitted that its employees faked quality inspection reports on its steel and other metal products used domestically in automobiles, bullet trains and nuclear power stations. So far, corporate announcements have been vague, offering little clarity about the duration of the quality control lapses or, more important, the type of components involved. Tokyo Electric…


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Richard Branson To Invest In Elon Musk’s Hyperloop One

Richard Branson is jumping on the Hyperloop train, the transport concept which could reduce the time it takes to travel between London and Edinburgh to just 50 minutes. The British billionaire has announced an investment in Hyperloop One by Virgin Group, which will now be renamed Virgin Hyperloop One. “This is an incredibly innovative and exciting new way to move people and things at airline speeds on the ground,” the entrepreneur said in a blog post, describing Hyperloop as “the world’s most revolutionary train service. The Hyperloop concept…


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New Tech Is Transforming Japan’s Energy Sector

With Fukishima’s nuclear reactors set to restart for the first time since 2011’s meltdown, you could be forgiven if you missed another bit of recent energy-related news from the east-central prefecture: an exciting blockchain-powered pilot has just been given the green light. If successful, it could change the way Fukishima – and perhaps indeed the whole country – consumes, generates and trades electricity. Bitcoin-related developments are now on the rise in the Land of the Rising Sun, for the first time in a long…


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Chevron, Total Waiting In The Wings As Shell Mulls Majnoon Exit

Chevron and Total SA are interested in working at Iraq’s Majnoon oil field that Shell says it wants to exit, but no talks with the U.S. or French company have taken place since Iraq is still in talks with Shell, Iraqi Oil Minister Jabbar Al-Luiebi said on Monday.   “Until now, we are still in talks with Shell, and no decision has been made in relation to exiting the Majnoon field,” Bloomberg quoted Al-Luiebi as telling reporters in Baghdad. Iraq hopes to “reach a satisfactory deal for the two parties,” according…


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Renewed Sanctions On Iran Could Disrupt Oil Exports

President Trump is poised to announce over the coming days, that the landmark Iran nuclear agreement is no longer in the national interest of the United States. While the so-called “decertification” would not be the fatal blow to the Iran deal that Trump promised on the campaign trail, it would kick the issue back to Congress, which could potentially pull out of the deal entirely. Supporters of the move say it could provide leverage to renegotiate the deal or have follow-on deals, and signal to Iran that the United States will not put…


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The Energy War That Erdogan Is Winning

The Turkish Republic of Northern Cyprus’ (TRNC) energy sector is one of the least developed sectors in the country. Given the political and economic restrictions TRNC has suffered since 1974 (after the official partition of the island of Cyprus into two entities, with the Greek south internationally recognized, and the de facto north recognised only by Turkey), its economic policies and relations have been reduced to its trade with Turkey. This has severely limited foreign investment in—and the development of—the TRNC, and has…


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Corbyn Seeks To Renationalize Britain’s Utilities

The socialist leader of Britain’s Labor Party, Jeremy Corbyn, wants to renationalize the nation’s electric, gas and water utilities—the same utilities Prime Minister Thatcher sold off to the private sector more than a quarter century ago. A year ago, few would have cared about Mr. Corbyn’s thoughts on the appropriate roles of public versus private ownership of Britain’s utilities. But with Theresa May’s leadership in question and the Conservative government in meltdown, it’s no longer absurd to think that Corbyn might become…


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Rosneft Looks To Expand Its South American Portfolio

Despite the multiplicity of major and urgent international crises around the globe, Russia still finds time to invest its political resources in Venezuela’s long-running collapse. Indeed, Russian President Vladimir Putin is meeting with his Venezuelan counterpart, Nicolás Maduro, today (October 4), in Moscow, to discuss the two countries’ “strategic partnership” as well as international and regional developments (RT, El Nacional, October 3). Falling global energy prices have significantly contributed to Venezuela’s…