Oil prices would be ‘cheaper’ if Trump would stop tweeting, Iran official says

President Donald Trump’s tweeting habits are lifting oil prices, and the U.S. leader should stop posting on social media to alleviate the spike in prices, according to one Iranian official. « The Trump administration is pushing politics into the OPEC (Organization of Petroleum Exporting Countries), and is aiming at spreading the members and securing their own interests by getting lower prices and so forth, » Hossein Kazempour, Iran’s OPEC representative, told CNBC’s Steve Sedgwick at the Joint Ministerial Monitoring Committee (JMMC) in Algiers on Sunday. OPEC, along with a group…

Trump’s claim that OPEC is pushing oil prices up is ‘not true,’ Saudi oil minister says

Saudi Arabia’s oil minister rebuffed President Donald Trump’s recent accusations that OPEC is pushing crude prices higher, speaking to journalists at the Joint Ministerial Monitoring Committee (JMMC) in Algiers on Sunday. Asked by CNBC’s Steve Sedgwick about the U.S. president’s remarks, Saudi oil minister Khalid al Falih replied, « That is of course not true, we have been looking at more important aspects which is adequacy of supply. I think member countries over the last three months since June have responded in a very good way and have opened the…

Russia says it has ‘significant potential’ to hike oil production after Iran sanctions

Russia stands ready to hike its oil output after the implementation of U.S. sanctions on Iran, the country’s energy minister told CNBC on Sunday. President Donald Trump’s administration is set to impose fresh sanctions on Iran targeting the country’s crude industry on November 4. The U.S. is reimposing sanctions on the Middle Eastern nation as part of its withdrawal from the 2015 Iran nuclear deal. « I don’t think we can discuss the exact number at this point but what I can tell you for sure is that we have…

Duke Energy dam in NC breached, coal ash may have flowed into Cape Fear River

2:07 PM ET Fri, 21 Sept 2018 Floodwaters topped a dike at Sutton Lake which led to breaches at the lake’s south end, causing it to flow back into the river. Coal ash may have flowed into the Cape Fear River, raising fears of possible contamination. Source: CNBC

Duke Energy: Dam breached at North Carolina plant and coal ash may be flowing into Cape Fear River

Floodwaters on Friday breached a dam that contains a man-made lake connected to a Duke Energy power plant in North Carolina, possibly causing coal ash to flow into the nearby Cape Fear River, the company said. The floodwaters flowed from Cape Fear River into the northern side of Sutton Lake, an 1,100-acre reservoir built in 1972 to cool the L.V. Sutton Power Station. That water caused breaches in the dam on the south end of the lake, which was flowing back into the river, Duke Energy said in a press…

US spends $81 billion a year to protect global oil supplies, report estimates

The United States military spends about $81 billion a year to protect oil supplies around the world and keep fossil fuels flowing into American gas stations, according to new analysis. Securing America’s Future Energy, a think tank that advocates for reducing U.S. dependence on oil, released the study the same day President Donald Trump claimed that some Middle Eastern countries are pushing up crude prices while benefiting from U.S. military protection. @realDonaldTrump: We protect the countries of the Middle East, they would not be safe for very long without us,…

Saudi Arabia faces a tightrope walk between Trump and fellow oil producers at OPEC meeting

Analysts don’t expect Saudi Arabia and its allies to make a major policy decision at this weekend’s meeting of oil- producing nations, but the Saudis face another challenge: appeasing President Donald Trump while keeping the kingdom’s vision for a grand alliance of crude producers on track. Trump wants the Saudis to boost output to prevent oil prices from spiking as his administration restores sanctions on Iran, OPEC’s third biggest producer and Riyadh’s chief regional rival. If Saudi Arabia had any doubts about Trump’s expectations, the president reminded OPEC in an…

Construction begins on 84.7-megawatt solar facility in Spain

Enel Green Power Espana (EGPE) has commenced construction of an 84.7-megawatt solar photovoltaic facility in Murcia, Spain. The Totona project will be made up of 248,000 photovoltaic modules and is set to begin operations in the third quarter of 2019, EGPE said in an announcement Thursday. The facility will be able to produce approximately 150 gigawatt hours per year, which will help to prevent the emission of roughly 105,000 tons of carbon dioxide into the atmosphere. Investment in the facility’s construction comes to roughly 59 million euros ($69.51 million). «…

How small, flying vehicles could transform the way we move around cities

Small electric vehicles that fly could be the next form of urban transport to be adopted by cities and towns worldwide, according to one business. German aircraft manufacturer Volocopter has developed its Volocopter 2X — a fully-electric, 18-rotor vehicle that is operated by using a single joystick — with the intention of alleviating current congestion levels. Florian Reuter, the company’s CEO and managing director, told CNBC that « the Volocopter is an entirely novel type of vertical take-off and landing aircraft. » « By its DNA, it’s a drone, »…

Oil stable, OPEC in focus after Trump call for lower prices

Oil prices were little changed on Friday after falling in the previous session as U.S. President Donald Trump urged OPEC to lower crude prices at its meeting in Algeria this weekend. International benchmark Brent crude for November delivery was up 4 cents at $78.74 a barrel by 0053 GMT. U.S. West Texas Intermediate crude for October delivery fell 5 cents to $70.27 a barrel. President Trump called on the Organization of the Petroleum Exporting Countries to lower prices, saying on Twitter « they would not be safe for very long…

Tesla Model 3 earns perfect 5-star NHTSA safety rating

The Tesla Model 3 has earned a perfect 5-star safety rating from the National Highway Traffic Safety Administration. This means all of Tesla’s production vehicles have received a perfect rating from the agency. Both the larger Tesla Model S sedan and the Model X sport utility vehicle have received 5-star ratings from the agency as well. The Model 3 electric sedan has received some high safety ratings from other groups as well. The Insurance Institute for Highway Safety gave the car a « superior » rating in its front crash…

Exxon Mobil and Chevron will join global energy giants in climate initiative, reversing position

U.S. oil giants Exxon Mobil, Chevron and Occidental Petroleum will join a coalition that aims to reduce greenhouse gas emissions from the oil and gas industry. The move marks a reversal for the American oil heavyweights, which did not join the Oil and Gas Climate Initiative when it was formed in 2014. The initiative currently has 10 members, including European oil majors Total, Royal Dutch Shell and BP, as well as state oil companies Saudi Aramco, Mexico’s Pemex and China’s CNPC. The addition of the three companies means the initiative’s…

JP Morgan lowers GE price target all the way to $10: ‘Assuming weaker results’ for power business

J.P. Morgan lowered its price target on General Electric stock to $10 per share from $11 per share on Thursday, calling a recent gas turbine failure in Texas « a negative development for a company that has little wiggle room » in its struggling power business. « Bottom line, while we give GE some benefit of the doubt in its comments [minimizing the issue], we think the mere occurrence is significant in the context of the state of the story, » J.P. Morgan analyst Stephen Tusa said in a note.…

Trump blasts OPEC, sending oil prices lower: ‘Monopoly must get prices down now’

President Donald Trump tweeted on Thursday the Organization of the Petroleum Exporting Countries needs to keep crude prices lower because of the military protection the U.S. provides for the region. « The OPEC monopoly must get prices down now, » Trump said in the message. Tweet Futures prices for WTI crude, the U.S. benchmark, dipped slightly following the tweet and were lower by 0.2 percent on the day. On Wednesday, WTI climbed back above $70 a barrel. The price of oil is up 8 percent in the last month and…

Permit issued for tidal power project in Nova Scotia

Nova Scotia authorities have issued a marine renewable energy permit for a tidal electricity project in the Bay of Fundy. The permit was issued to Black Rock Tidal Power, Nova Scotia’s Department of Energy and Mines said in an announcement Wednesday. It allows the business to test a 280-kilowatt floating platform « for up to six months. » « Developing marine renewable energy here is a key pillar of our clean energy plan, » Derek Mombourquette, Nova Scotia’s energy and mines minister, said in a statement. « Projects like this…

Oil prices climb amid fall in US stockpiles, supply worries

Oil rose for a third day on Thursday amid another drawdown in U.S. inventories and strong U.S. gasoline demand, while signs OPEC may not raise output to address shrinking supplies from Iran also supported prices. Global benchmark Brent crude was up by 26 cents, or 0.3 percent, at $79.66 by 0611 GMT, after gaining half-a-percent on Wednesday. U.S. West Texas Intermediate crude was up 60 cents, or 0.8 percent, at $71.72 a barrel, after rising nearly 2 percent the previous session. U.S. crude oil stockpiles fell for a fifth straight…

A stealth boom in oil and gas spending will boost oilfield services stocks, Morgan Stanley says

Oil and gas drillers are on the verge of a worldwide spending spree not seen since 2013, teeing up a potential windfall for oilfield services companies, Morgan Stanley forecasts. The bank believes a global upswell in capital spending on new fossil fuel production — one that will last for several years and is largely underappreciated — is just over the horizon. In Morgan Stanley’s view, 2020 will be a year of synchronized growth in capital expenditures, and oilfield service firms will be one of the biggest beneficiaries. This comes after…

Orsted sells half of vast offshore wind farm for $5.88 billion

Danish energy business Orsted has signed an agreement to sell 50 percent of the Hornsea 1 offshore wind farm to Global Infrastructure Partners (GIP). The total sales price for the facility, which is located in the North Sea off the English coast, comes to around £4.46 billion ($5.88 billion), which is set to be paid between 2018 and 2020, Orsted said in a statement Tuesday. Hornsea 1 is currently being built and is set to be the world’s largest offshore wind farm when it’s commissioned in 2020. Made up of…

Technology used by NASA could end food shortages and save trillions of dollars

As organizations grapple to find solutions to the twin problem of resource shortages and food waste, technology used by NASA could provide a timely solution. Hyperspectral imaging — a form of technology which uses images to measure chemical information — has been used by the U.S. space agency for decades. But now, thanks to cost reductions, its applications have become more widespread and are impacting a variety of industries including the food sector. California-based ImpactVision uses that technology to help producers conduct tests more accurately and manage their supply chains…

Oil prices fall amid surprise growth in US crude stocks

Oil prices on Wednesday pulled back from gains racked up the previous day, pushed down amid a surprise climb in U.S. crude stockpiles. Brent crude futures had dropped 22 cents, or 0.28 percent, to $78.81 per barrel by 0042 GMT, chipping away at Tuesday’s 1.26 percent gain. U.S. West Texas Intermediate (WTI) crude fell 0.20 percent, or 14 cents, to $69.71 a barrel. U.S. crude inventories rose by 1.2 million barrels to 397.1 million in the week to Sept. 14, according to data released on Tuesday by the American Petroleum…

Facebook signs 20-year deal to supply Singapore operations with clean energy

Sembcorp Industries has announced a 20-year deal to support the Singapore operations, including a new data center, of tech giant Facebook with renewable power. In an official announcement on Tuesday, Sembcorp said it would supply Facebook with renewable energy via offsite solar panels installed on almost 900 rooftops in Singapore. The project is expected to finish in 2020. Facebook announced it was building a data center in Singapore at the beginning of September. Its fifteenth worldwide and first in Asia, the facility will be powered by 100 percent renewable energy.…

Oil rises as Saudi says it is comfortable with higher prices

Oil prices firmed on Tuesday after Saudi Arabia indicated it was comfortable with a higher price range ahead of a meeting between major producing countries in Algeria. Brent crude futures were up $1.03 a barrel to $79.09 a barrel at 0923 GMT, after hitting $79.32. U.S. West Texas Intermediate (WTI) crude was up 90 cents at $69.80 per barrel, after rising over $1 to $69.95 a barrel. « Oil prices have gone up after Saudi Arabia said it was comfortable with Brent oil above $80 a barrel, » Olivier Jakob…

Leave oil and gas out of US-China trade dispute, energy execs warn

Oil and gas should be left out of the escalating trade dispute between the U.S. and China, global energy executives told CNBC on Tuesday. « One of the things that could be damaging for the LNG (liquefied natural gas) industry in the U.S. is the taxes that could be levied on them by China and others, » Saad Sherida Al-Kaabi, the chief executive of Qatar Petroleum, the biggest LNG exporter in the world, said. Al-Kaabi told CNBC’s Steve Sedgwick at the Gastech conference in Barcelona that the oil and gas…

Without much-needed investment, the US gas industry is facing a ‘waste of capital,’ IEA says

On the production side, U.S. shale gas is performing strongly — but a current lack of investment projects in the sector could be « economically disruptive, » according to the International Energy Agency (IEA). « Without additional investments into American liquefied natural gas (LNG) projects, the American gas industry will have to keep gas on the ground, which would be a waste of capital, economically quite disruptive, » Laszlo Varro, chief economist at the IEA, told CNBC’s Steve Sedgwick at the GasTech conference in Barcelona on Tuesday. U.S. natural gas…

Tetra Pak to install solar array at North American headquarters

Packaging giant Tetra Pak is to install a solar array at its North American headquarters in Denton, Texas. In a statement on Monday, the business said that the array would generate over one million kilowatt hours of energy per year once up and running. The installation is set to be finished by the end of November. Tetra Pak’s Denton campus is home to offices, a factory that produces packaging material for the company’s cartons, and a pilot-scale food production plant. « Using electricity from renewable resources makes sense for the…

Oil prices drop as escalating trade war clouds demand outlook

Oil markets dropped on Tuesday as the latest escalation in the Sino-U.S. trade war clouded the outlook for demand, although concerns over tightening supply offered prices some support. Brent crude futures had declined 27 cents, or 0.35 percent, to $77.78 per barrel by 0054 GMT. U.S. West Texas Intermediate (WTI) crude fell 32 cents, or 0.46 percent, to $68.59 per barrel. U.S. President Donald Trump on Monday said he would impose 10 percent U.S. tariffs on about $200 billion worth of Chinese imports. U.S. Treasury Secretary Steven Mnuchin last week…

Duke Energy leader: Florence ‘absolutely’ worst storm I’ve seen as a lifelong NC resident

David Fountain, president of Duke Energy’s North Carolina operations, told CNBC on Monday the impact from Hurricane Florence on his state has been the most severe he’s ever experienced. « I’ve lived in North Carolina my entire life, and I’ve seen a lot of bad storms, a lot of bad hurricanes. But this is absolutely the worst, » he said. In a « Squawk Box » interview, Fountain described Hurricane Matthew, which slammed the Carolinas in 2016, as a « 100-year flood. » Matthew caused $10.3 billion in estimated damage.…

A new UN report identifies where global harvests will rise and fall by 2050

The United Nations (UN) has released a report Monday identifying future winners and losers in agriculture as the planet warms from the effects of climate change. The report titled « The State of Agricultural Commodity Markets 2018 » has attempted to study the relationship between agricultural trade, climate change and food security. The Food and Agriculture Organization of the UN launched the report from Rome on Monday. Under a section focused on the long-term impact of climate change on agricultural production and trade, the agency concluded that farmers in different…

‘World’s first’ hydrogen-powered train enters into service

European railway manufacturer Alstom has launched what it says is the world’s first hydrogen fuel cell train. In an announcement Sunday, the French business said that the Coradia iLint used fuel cells that turn hydrogen and oxygen into electricity. In terms of speed, the new train can travel up to 140 kilometers per hour. Two models of the low-noise, zero-emissions train will enter commercial service in Lower Saxony, Germany, today. Fueled via a mobile hydrogen filling station, the trains will run on around 100 kilometers of line between the locations…

US sanctions on Iran are ‘unproductive’ and ‘wrong’, Russia’s energy minister says

U.S. sanctions on Iran’s oil industry are unproductive and there will be consequences to such a move, Russian Energy Minister Alexander Novak told CNBC. « Our position remains that this is unproductive, this is wrong, » Novak said when asked about the possible impact U.S. sanctions on Iran’s oil industry could have. « It is better to continue working in the market, Iran being just another exporter that provides stable supplies to the market, » Novak said, speaking to CNBC’s Geoff Cutmore at the Eastern Economic Forum (EEF) last week…