The International Energy Agency (IEA) said it does not expect a major increase in global crude oil prices despite the recent 1.8-million-barrel supply cut by OPEC and its allies. The IEA bases its judgment on the extraordinary size of the global oil glut, and the likelihood that any substantial price increase would bring more oil from the US, Canada, and Brazil to the market. The backlog of US shale oil wells that have been drilled but not yet fracked continues to grow as crude oil producers hold wells out of production awaiting higher prices.

Egypt’s oil minister said his country should be self-sufficient in crude oil production by the end of 2018, with exports possible starting in 2019.

Mexico’s existing crude oil reserves are dwindling so fast the country could go dry within nine years without new discoveries. That is the report from the National Hydrocarbons Commission which says the reserves fell 10.6% to 9.16 billion barrels in 2016, from 10.24 billion barrels a year earlier. Once the world’s third largest crude oil producer, Mexico’s proven reserves have declined 34% since 2013.

Chevron’s large offshore liquefied natural gas (LNG) project in Australia is now in full operation. The project will eventually produce 15.6 million tons of LNG per year with most of it destined for Asia.

The US is expected to become the world’s third-largest exporter of liquefied natural gas (LNG) in 2018. By the end of next year, US LNG export capacity will top 6 billion cubic feet per day, or 8% of the country’s domestic consumption, up from zero at the beginning of 2016.

The percentage of China’s electric power production that comes from burning coal increased from 73% in 2015 to 78% in the first two months of 2017. Although wind, solar, and nuclear are growing rapidly in China, they still amount to less than 6% of total power generation.

Vox gives us A beginner’s guide to the debate over 100% renewable energy.

The Australian Energy Market Operator determined that the state-wide electricity blackout in South Australia last fall was caused by extreme weather, which triggered a cascading sequence resulting in the state separating itself from the national energy market. The activation of a protection mechanism in the wind turbines triggered a sustained reduction in power across the state, with a drop of 456 megawatts over a period of less than seven seconds. The market operator has asked for the control settings governing Australian wind farms to be overhauled to remove the risk of such an event happening again.

Denmark plans to build the 600-megawatt Kriegers Flak, one of the larger wind farms in offshore European waters with a peak capacity to supply nearly a quarter of all average households in the country.

Mercedes’ parent company, Daimler, announced a partnership with German auto supplier Bosch to develop self-driving technology aimed at the taxi and ridesharing industries. The objective is the joint development of software and algorithms for an autonomous driving system.


with h/t Tom Whipple

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