IMF sees quick Russian oil output recovery once OPEC+ deal is done
The International Monetary Fund expects Russian oil output to recover quickly once a global deal on production cuts tapers off, while also urging investment in the oil sector to keep up current output, the fund said on Tuesday. In its February report, the IMF also said that the full-cost break-even price for Russia is closer to $30 to 40 per barrel. “A prolonged period of oil prices below these levels could threaten the long-term viability of the oil and gas sector in Russia,” it said. Click Here to read more from Reuters.
US refiners seek shot in the arm for debt
US independent refiners are looking for more confident consumers to boost transportation demand and enable them to pay down debt amassed last year. Refiners say they are waiting for demand to pull their crude processing higher, rather than ramping up rates now ahead of an uncertain summer driving season — a decision that will ripple through crude markets to the end of 2021. Their plan should see crude demand rising in the second half of the year, encouraging increased output and widening narrow crude-quality discounts to more typical levels. Click Here to read more from Argus Media.
Exxon’s Well-Timed Hop Onto Carbon-Capture Bandwagon
All the cool kids are doing carbon capture. Exxon Mobil is the latest to embrace the trend, announcing on Feb. 1 that it has formed a new business unit to commercialize its low-carbon technology portfolio, mostly comprising carbon capture and storage. The move comes on the heels of reports that a pair of activist investors are pushing the company for changes. One of those, Engine No. 1 LLC, reportedly is planning a proxy fight for board seats. Click Here to read more from the WSJ.
Elon Musk wants clean power. But Tesla’s carrying bitcoin’s dirty baggage
Tesla boss Elon Musk is a poster child of low-carbon technology. Yet the electric carmaker’s backing of bitcoin this week could turbo-charge global use of a currency that’s estimated to cause more pollution than a small country every year. Click Here to read more from Reuters.