Energy Update
HOUSTON/CARACAS, July 8 (Reuters) - Venezuela's falling
crude output and financial woes have left it struggling to
maintain a 15-year-old oil assistance program to its closest
ally, Cuba.
(Fri, 08 Jul 2016) U.S. coal production is projected to decline by about 26%, or 230 million tons, between 2015 and 2040 in EIA's <em>Annual Energy Outlook 2016</em> (AEO2016) Reference case, which assumes the implementation of the Clean Power Plan (CPP). In a scenario that assumes the CPP is never implemented (No CPP case), U.S. coal production remains close to 2015 levels through 2040.
SHANGHAI, July 8 (Reuters) - China's central-government run
steel and coal firms will cut capacity by around 10 percent in
the coming two years, and by 15 percent by 2020, as part of
their efforts to tackle gluts in the sectors, the state asset
regulator said on Friday.
SINGAPORE, July 8 (Reuters) - Swiber Holdings Ltd,
a Singapore-based oilfield services company, said on Friday that
its $710 million offshore field development project in West
Africa had likely fallen behind schedule due to weakness in the
oil and gas sector.
SINGAPORE, July 8 (Reuters) - Oil prices rebounded in early
trading on Friday, bouncing off two-month lows hit in the
previous session when prices fell 5 percent on news that the
U.S. weekly crude draw missed some forecasts.
CURITIBA, Brazil, July 7 (Reuters) - Brazilian police seized
documents and questioned suspects on Thursday to investigate
Panama's FPB Bank which allegedly worked with the "Panama
Papers" law firm to spirit money out of Brazil connected to
corruption at state-run companies.
WASHINGTON, July 7 (Reuters) - The International Monetary
Fund said on Thursday its executive board approved a new
three-year, $5.34 billion standby arrangement for Iraq to
support Baghdad's efforts to deal with lower oil prices and
ensure debt sustainability.
July 7 (Reuters) - The U.S. government agreed to a mine
clean-up deal that allows coal producer Alpha Natural Resources
to exit bankruptcy, despite concerns that Alpha will be unable
to fund $400 million in commitments, a government lawyer told a
court on Thursday.
JUBA, July 7 (Reuters) - Sporadic gunfire was heard in South
Sudan's capital Juba late Thursday evening and military vehicles
were blocking some roads, residents and a Reuters witness said.
RIO DE JANEIRO, July 7 (Reuters) - Brazil's state-led oil
firm Petrobras may never collect some debts owed it by state-run
power utility Eletrobras, the energy ministry said on Thursday,
acknowledging the government has little cash to provide new
capital to the debt-ridden electricity company.
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