RIYADH: Oil prices were little changed on Tuesday as investors weighed a possible tightening of US crude supplies against weaker-than-expected Chinese economic growth.
Brent crude was down 7 cents at $78.57 a barrel by 04:30 p.m. Saudi time, while US West Texas Intermediate crude edged up 10 cents to $74.25 a barrel.
Both contracts fell more than 1.5 percent on Monday, following lacklustre Chinese data.
China’s gross domestic product grew 6.3 percent year-on-year in the second quarter, compared with analyst forecasts of 7.3 percent, as its post-pandemic recovery lost momentum.
Russia to cut oil exports by 2.1m tons in Q3
Russia will reduce its oil exports by 2.1 million tons in the third quarter in line with planned voluntary export cuts of 500,000 barrels per day in August, its Energy Ministry said on Monday.
The reduction will affect supplies to the Western ports of Primorsk, Ust-Luga and Novorossiisk, as well as shipments via pipelines.
EverWind to invest $1bn in renewable energy to power Nova Scotia project
EverWind Fuels said on Monday it would invest $1 billion in renewable energy generation to power its green hydrogen and ammonia production project in Nova Scotia.
The company said it had purchased three wind farm development projects in the Canadian province with total capacity of about 530 megawatts to power Phase 1 of its venture.
Earlier this year, provincial authorities in Canada granted environmental approval to EverWind for converting a former oil storage facility and marine terminal at Point Tupper in Nova Scotia into a green hydrogen and ammonia production facility.
The Phase 1 of the project, starting in 2025, is expected to produce 200,000 tons of green ammonia annually, which would increase to 1 million tons by 2026 in Phase 2.
“This investment helps Nova Scotia move more quickly and cost-effectively toward its clean energy transition” CEO Trent Vichie said.
Nova Scotia has committed to getting off coal and generating 80 percent of its electricity from renewables by 2030.
“The power generated at these three new developments will also ensure EverWind’s green hydrogen and ammonia will meet the strictest international standards,” Vichie added.
Petrobras eyes steady investments in new 5-year business plan, CEO says
Brazil’s state-run oil company, Petrobras, will keep total investments in its upcoming 2024-2028 business plan similar to the $78 billion foreseen in its latest five-year plan, CEO Jean Paul Prates told Reuters on Monday.
Petrobras is preparing to preview updates to its business plan next month, he said, including a greater focus on renewable energy sources, ahead of the final announcement of its next five-year plan at the end of the year.
In an interview from Petrobras offices in Rio de Janeiro, Prates said the value of investments in the new plan “shouldn’t differ much because from one year to the next you can’t make many moves.”
Still, he said investors should not get used to the blockbuster dividends they enjoyed last year, as the company’s dividend policy will be “adjusted” to the reality of a company investing in the future.
Prates said even as the new business plan will highlight proposals at Petrobras for an energy transition, the company is still focusing on its strengths in offshore oil exploration, especially in the vaunted “pre-salt” fields off Brazil’s coast.
“Of course, we will have an important investment plan with pre-salt being very important. This is a pre-salt, offshore oil company, but it will gradually transform itself,” he said.
(With input from Reuters)
