Making renewable energy affordable is a challenge as constraints drive up its costs, especially relative to fossil fuels, which remain society's lowest-cost energy common denominator. Can we afford renewable energy? The answer, as always, depends on how rich you are. WTI Crude is $61.46; Brent is $65.16 this morning.
At the International Petroleum Week conference in London this week, OPEC’s president called for more investment (at least $10 trillion) to replace oil depletion and meet the demand of a growing population as the market rebalances after years of oversupply. WTI Crude is $62.10; Brent is $65.20 this morning.
The Louisiana Offshore Oil Port (LOOP), the only deep water port in the U.S. able to handle the industry’s biggest tankers, completed the first loading of a large crude carrier headed for China. WTI Crude is $62.14; Brent is $65.17 this morning.
Oil stocks in Cushing, Oklahoma, the delivery hub for Nymex futures, dropped to 32.7 million barrels from 36.3 million last week. Another 1.78 million barrel drop stocks seen in the last few days showing a tightening U.S. oil supply, analysts say.
OPEC and non-OPEC producers intend to form a super-group of oil producers led by Saudi Arabia and Russia, said the UAE’s Energy Minister Suhail Al Mazrouei, stating a readiness to continue cooperation beyond 2018. WTI Crude is $61.51; Brent is $64.63 this morning.
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