Toxic air forces delhi to sideline million of cars

This is the first practical measures I have seen after the 2015 Climate Summit. 

Dramatic new driving restrictions are slated has taken effect in Delhi on Friday . One of the world's most polluted cities is urgently testing ways to pull millions of cars off the streets and improve the air quality.

The temporary measures will allow private vehicles to operate only on alternate days between January 1 and January 15.

"Those who have to leave their cars behind at home, we know, you will face some difficulties," said Delhi Chief Minister Arvind Kejriwal. "But this is for all of you, and your children. We are all coughing."

US to resume oil export after 40 years

U.S. oil producers are preparing to celebrate the end of 40 years of restrictions on exports of crude oil, thanks to a provision in a massive government spending bill awaiting congressional approval.

Studies by the U.S. Energy Information Administration and other oil-market watchers suggest that any substantial impact of lifting the restrictions, first imposed by Congress in 1975 in response to the Arab oil embargo, won't occur for years.

In fact, Lynn Westfall, EIA's director of energy markets and financial analysis, said he sees nothing happening in U.S. oil markets to suggest much oil would go overseas soon. (Bill Loveless-usatoday)

Giant wave hits North Sea drilling oil rig

A huge 45ft wave slammed into a drilling rig off Norway's west coast on Wednesday, killing one worker, injuring two others and damaging the offshore platform's living quarters, energy company Statoil said.

Other workers were being evacuated from the rig as it headed toward land in the North Sea, Statoil said in a statement.

The state-controlled company said it received information around 5 p.m. (1600 GMT) that the COSL Innovator rig had been hit by a "heavy wave" that damaged the accommodation module where workers eat and sleep.

Crude oil prices tumble as OPEC feuds

OPEC members at odd against each other and failed to agree on production output. 

Oil prices fell below $40 a barrel on Friday after a 7-hour OPEC meeting in Vienna highlighted the deep divide within the cartel. 

"The cartel is basically broken," said Matthew Smith, director of commodity research at ClipperData, which tracks global crude shipments.  

The Saudis are hell bent on continuing robust output to crowd out higher-cost producers in the U.S. and elsewhere. As of Friday, OPEC's output is effectively unchanged at near-record high levels. 

Mexico Submits Request To Join IEA

Mexico submitted on Monday a request to join the International Energy Agency as the energy policy adviser to industrialised countries seeks to expand its member base.

Mexican Secretary of Energy Pedro Joaquín Coldwell presented IEA Executive Director Fatih Birol with a letter requesting to join the organisation that currently includes 29 member countries, the IEA said in a statement.

"This presents an excellent opportunity for the IEA to strengthen its ties with Mexico, and opens the door to greater engagement across Latin America. It is a key step towards our objective of building a truly global international energy organisation," Birol said.

The World May Never See Oil at $100 a Barrel again?

 Oil today stands at around $50 a barrel, having more than halved since June 2014 after global supplies dramatically rose due in large part to the U.S. shale oil boom but also due to the unlocking of huge offshore reserves in Brazil, Africa and Asia.

"We all talk about 'peak supply' and maybe with shale that is becoming a disabused concept. I have begun feeling that... we are coming to peak demand towards 2030," Taylor said on Wednesday at The Economist Energy Summit in London.

"I believe we may not see $100 (a barrel) ever again," Taylor said.

Such forecasts come at a time when oil companies have slashed billions off their budgets and scrapped more than $200 billion of oil and gas projects to cope with the sharp price drop.

Nigeria to sell & buy oil directly

Nigeria will start selling and buying oil and gasoline directly to cut out middlemen and curb graft, the new managers of the Nigerian National Petroleum Corp. announced Tuesday night.

The major policy shift fits new President Muhammadu Buhari's plan to halt corruption endemic in the industry in Africa's biggest oil producer. The previous administration of President Goodluck Jonathan had ignored warnings from Central Bank Governor Lamido Sanusi that some $20 billion in oil sales over three years was missing from federal coffers, and instead fired Sanusi.

Nigeria produces 2 million barrels of crude a day, according to

Petrobras Oil Workers Begin Strike

Petrobras plans to sell $15.1 billion in assets this year and in 2016 to raise cash for investments and debt reduction - See more at: http://www.rigzone.com/news/oil_gas/a/141383/Petrobras_Oil_Workers_Begin_Strike_Seek_to_Block_Asset_Sales#sthash.WkNE8KpB.dpuf

Brazil’s main oil union began a nationwide strike Sunday to halt asset sales by state-controlled Petroleo Brasileiro SA at a time the company is slashing investments to reduce the biggest debt load in the oil industry.

The Oil Workers Federation, known as FUP, said the nationwide strike started on Nov. 1. Some of the FUP’s regional member unions began work stoppages on Oct. 29. FUP also wants Petrobras to resume investments in the refining network and maintain Buy in Brazil policies to protect jobs, it said in the statement in its website.

Chevron cuts 2016 Budget To Weather Low Oil Prices

The second-largest U.S.-based oil producer, slashed its 2016 capital budget by 25 percent and said it would lay off roughly 10 percent of its workforce, one of the most-drastic reactions to date to the plunge in crude prices.

The price drop has forced Chevron and dozens of its peers to make tough decisions about what projects to fund or not fund in order to offset natural declines at its existing fields.

The choices are that much starker at large international oil giants like Chevron that rely heavily on their massive budgets to fund exploration projects crucial to finding new energy sources.

Tension in Syria pushes oil prices higher

 Heightened geopolitical tensions in Syria and a weak dollar are pushing oil prices higher, though it is unlikely they will reach $60 to $70 (Dh220.38 to Dh258) per barrel by the end of the year, analysts said.

“In addition to this, we are seeing heightened tensions in Syria as Russia joins the fight. There are the main reasons why prices are heading upwards.”

Russia launched air strikes against Daesh (the self- proclaimed Islamic State of Iraq and the Levant) militants in Syria last week, escalating geopolitical tensions in a Middle East already plagued with wars and conflicts.