September 04, 2024 Latest Crude Oil, Gas Price and News
London, (Oilandgaspress) –– Libya’s central bank governor Sadiq al-Kabir said an agreement between rival Libya factions appears imminent to end the dispute that would spark the country’s return to oil output, Bloomberg reported Tuesday. Libya crude production was halted over a disagreement between rival political factions concerning control of the country’s central bank and oil revenue. The disagreement led to production plunigng to about 591,000 barrels per day as of Aug. 26, according to Libya’s National Oil Corp, well below the 1.28M barrels per day seen on Jul. 20.
As Japan invests in hydrogen and America in electric vehicles, Sweden decided to take the bull by the horns and shift towards sustainable transportation. That is why today, Volvo Group, a Swedish multinational manufacturing company, demonstrates the path to proactively develop hydrogen-powered solutions to start a new movement, which tested vehicles already on the roads on a commercial level.
This grand vision reflects Sweden’s dense interest in decarbonizing the transport sector and puts the country on the cutting edge of green technology advancement. As Volvo pushes the boundaries of what is possible, Sweden is gaining recognition as a pioneer in environmentally friendly transportation. Fuel cell electric vehicles are well within the Volvo Group apart from BEVs [Battery Electric Vehicles]. They are expected to play an essential role in solving the problem of efficient fossil-free transport, especially in long-haul and heavy vehicles. This technology is not confined to on-road cars; it is also used in off-road and marine operations, where a similar model named the HX04 articulated hauler is utilized in construction and other sectors. . Read More
Hyundai Motor America and Ontario Hyundai recently donated a total of $20,000 to the Boys & Girls Clubs of Greater Redlands-Riverside in support of local hunger relief efforts. This donation is part of Hyundai’s corporate social responsibility initiative, Hyundai Hope, which is committed to fostering positive growth in communities by addressing health, safety, and food insecurity. A ceremonial check was presented to the Boys & Girls Clubs of Greater Redlands-Riverside at the Ontario Hyundai grand re-opening event. “At Hyundai, we not only develop high-quality and safe vehicles, but also contribute to the well-being of our communities,” said Brandon Ramirez, director, corporate social responsibility and external relations, Hyundai Motor North America. “Access to food is a basic necessity and fundamental right, yet it is not always guaranteed.
We are grateful to support the Boys & Girls Clubs of Greater Redlands-Riverside with Ontario Hyundai to alleviate food insecurity for families in need.” Read More
Volkswagen’s troubles and warnings about potential plant closures requires government intervention, German Economy Minister Robert Habeck announced on Tuesday.
Volkswagen said on Monday that the company could no longer rule out mandatory redundancies and plant closures as part of major austerity plans aimed at turning around the carmaker’s core VW brand..Habeck said on Tuesday that steps must be taken to ensure that Germany remains a major auto producer and internationally competitive. He added that he reached the decision to intervene after close consultations with partners.
“Everyone involved must live up to their responsibility for the employees at the plants,” Habeck said.
Habeck acknowledged that automakers face enormous challenges shifting toward electric-powered vehicles and holding off foreign rivals.
German car manufacturers must keep up with this competition, he said.
Habeck called the automotive industry a cornerstone of Germany’s economy, and “it should stay that way.” Read More
Nigeria and China will strengthen ties through a new nuclear energy partnership, a government spokesperson said on Tuesday.
At the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) in Beijing, both nations signed a comprehensive agreement to enhance collaboration in the Belt and Road Initiative, human resource development, and nuclear energy. The alliance is expected to bolster development, stability, and security in the West African sub-region.. Tinubu toured the Huawei Research lab and secured a commitment from Huawei to establish a joint solar PV test lab in Nigeria.
Another Chinese firm also pledged to establish an assembly plant for electric tricycles and train Nigerians in technology and renewable energy development.
Aker BP’s Long-Term Incentive Programme (LTIP) is designed to incentivise the executive management team (EMT) to deliver on the company’s long-term business objectives and maximise alignment with shareholder value creation.
The LTIP is a share-based scheme in which grants are awarded annually, vested over a three-year period, and subject to a one-year lockup. Each grant represents one underlying share, and the number of grants awarded corresponds to 20 percent of base salary divided by the Aker BP share price at the time of the award.
The final number of shares awarded at the end of the vesting period will be adjusted by up to +/- 100 percent based on an assessment of relative shareholder return as described in Aker BP’s Annual Report for 2023. The number of shares awarded will also be adjusted for dividends paid during the vesting period.. Read More
Volkswagen says auto industry headwinds mean it can’t rule out plant closings in its home country – and is dropping a longstanding job protection pledge in force since 1994 that would have barred layoffs through 2029.
“The European automotive industry is in a very demanding and serious situation,” Oliver Blume, Volkswagen Group CEO, said in a statement Monday. Thomas Schaefer, the CEO of the Volkswagen Passenger Cars division, said efforts to reduce costs were “yielding results” but that the “headwinds have become significantly stronger.”The discussion around closures and layoffs is for the company’s core Volkswagen brand. The core brand saw operating earnings sag to 966 million euros ($1.1 billion) from 1.64 billion euros in the year-earlier period. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $69.35 | Down |
| Crude Oil (Brent) | USD/bbl | $72.84 | Down |
| Bonny Light 30/08/24 | USD/bbl | $84.28 | — |
| Dubai | USD/bbl | $77.60 | — |
| Natural Gas | USD/MMBtu | $2.19 | — |
| Murban Crude | USD/bbl | $72.93 | Down |
| OPEC basket 03/09/24 | USD/bbl | $76.29 | Down |
1Vision Biogas AB announces the closing of the acquisition of St1 Nordic Oy’s biogas assets. 1Vision Biogas is a joint venture between St1, HitecVision and Aneo. 1Vision Biogas acquired earlier this year 100% ownership of Biokraft International AB, the leading producer of liquified biogas in the Nordic region. 1Vision Biogas integrates the two entities into one company with the ambition of becoming the leading biogas company in the Nordics, operating the entire biogas value chain from feedstock sourcing all the way to sales and distribution.. Read More
Polestar said on Tuesday it has appointed former Stellantis finance executive Jean-Francois Mady as its CFO, days after replacing long-time CEO Thomas Ingenlath.
This marks the fourth executive change at the Geely-backed EV maker in the past few months as it looks to battle fresh tariffs in the European Union and rising competition from U.S.-based Tesla and legacy automakers. The appointment comes after Polestar last week announced a $300 million loan it had secured, adding to the previous $950 million credit it received from a bank syndicate. That took the EV maker to its target of about $1.3 billion in external funding. Source,
Volvo Car AB (publ) (LEI code: 5299000EAMGGBEYP7J33) (“Volvo Cars”) has on 26 August 2024 repurchased a total of 458,306 own shares of series B (ISIN code: SE0021628898) as part of the repurchase programme resolved by the Board of Directors in order to ensure future delivery of shares to participants in Volvo Cars’ Performance Share Plans and Employee Share Matching Plans adopted by the Annual General Meeting in 2022 and 2023. Pursuant to the repurchase programme, a maximum of 6,500,000 shares of series B may be repurchased for a total maximum amount of SEK 300 million. The repurchases initiated on 12 August 2024 are hereby completed as a total of 6,500,000 series B shares have been repurchased for a total amount of SEK 189,313,616.
The repurchases have been conducted in accordance with the Market Abuse Regulation (EU) No 596/2014 (“MAR”) and the Commission Delegated Regulation (EU) No 2016/1052 (the “Safe Harbour Regulation”). Read More
Hyundai Motor Group (the Group) today said that it will sponsor the second U.S.-Japan-Korea Trilateral Executive Dialogue (TED), which will take place in Seoul on September 4, 2024. The TED is a policy seminar where key leaders from the political and business sectors of Korea, the U.S., and Japan gather to explore multifaceted opportunities for democracy and mutual prosperity, and to discuss mutual benefit expansion plans, such as economic development and national security.
This is the second Trilateral Executive Dialogue between the three nations following an initial discussion in San Francisco last year. The continued dialogue is seen as the way to strongly protect economic prosperity, international security, and the shared values of Korea, the U.S. and Japan.
Five internationally influential think tanks – the Woodrow Wilson Center, Hudson Institute, 21st Century Policy Institute, Indo-Pacific Forum, and the East Asia Foundation – will co-host the second event.
The Group supports the purpose of the TED and as a leading global mobility company is a main sponsor of this year’s event, facilitating private and government cooperation among the three countries.
Around 100 key figures from the governments, parliaments and companies of Korea, the U.S., and Japan will attend the event held at the Grand Hyatt Hotel in Seoul.
From the Korean side, participants include Tae-yul Cho, Minister of Foreign Affairs; In-gyo Jung, Chief Trade Negotiator; Euisun Chung, Executive Chair of Hyundai Motor Group; Jin Roy Ryu, Chairman of Poongsan Group and Chairman of Korea Business Association; Kisun Chung, Vice Chairman of HD Hyundai Group; Bum Sik Hong, President of LG Corp; and Jeong Joon Yu Vice Chairman of SK on.
From the U.S. side, participants include Bill Hagerty, Republican Senator from Tennessee; Chris Coons, Democratic Senator from Delaware; and seven other federal senators, including senior members of the U.S. Congress. Also attending are Morgan Ortagus, former spokesperson for the U.S. Department of State; Philip Goldberg, U.S. Ambassador to Korea; Alex Rogers, CEO of semiconductor company Qualcomm; and Harold Hamm, founder and chairman of energy company Continental Resources.
From the Japanese side, representatives from Toyota, Denso, NEC (Nippon Electric Company) and NTT (Nippon Telegraph and Telephone), will participate in the event, as well as representatives from think tanks such as the Woodrow Wilson Center, Hudson Institute, 21st Century Policy Institute, Indo-Pacific Forum, and the East Asia Foundation.
Sessions will be held on topics including strategic trade and investment, biosecurity, energy cooperation, technology, and the role of the private sector for a free and open Indo-Pacific region. There will also be time for free discussions and exchanges between key figures from each of the three nations.
Bill Hagerty, a U.S. Senator who led a delegation to South Korea, stated before the event, “I am excited to participate in the second annual Trilateral Economic Dialogue (TED) in Seoul on September 4th that will bring together private and public sector leaders from the U.S., Japan, and the Republic of Korea.” He also expressed his gratitude for the leadership of Euisun Chung, Executive Chair of Hyundai Motor Group, who sponsored the U.S.-Japan-Korea Economic Dialogue.
The Group plans to provide an opportunity for attendees and their spouses visiting Korea for this event to experience the harmony of traditional and modern Korean culture, including Korean food, traditional music, Hanok (traditional Korean houses), and the premium brand Genesis Read full article
The next generation Mercedes-Benz S-Class and EQS will be unified under one name as part of a move by the German brand to bring parity between its EV and combustion-engine line-ups. This means the car maker’s flagship will continue with ICE power in its eighth generation – due in 2030 – despite Mercedes previously pledging to replace it with the Mk2 EQS from the end of the decade.
Mercedes will therefore do away with the EQS name introduced on its flagship electric model in 2021, CEO Ola Källenius has confirmed. “There will be two S-Classes in the future – ICE and electric,” he said, adding that both versions will feature similar exterior and interior designs. Read full article
Autocar sibling title What Car? will replace its New Car Deals configurator with Auto Trader new car listings as part of a deepening tie-up between the two brands.
From October, some 20,000 in-stock and ‘available soon’ new cars listed for sale on Auto Trader will also be advertised to users of whatcar.com. Prospective buyers who click on a listing on What Car? will be transitioned to Auto Trader to complete their buying journey.
It represents an extension of the partnership between Haymarket Automotive (publisher of Autocar and What Car?) and Auto Trader. Auto Trader and What Car? are two sites that more than half of UK buyers would visit first for their next new car purchase, more than four times the nearest competitor, according to recent Auto Trader and Which? surveys. Read full article
Baker Hughes Rig Count: U.S. -2 to 583 Canada +1 to 220
U.S. Rig Count is down 2 from last week to 583 with oil rigs unchanged at 483, gas rigs down 2 to 95 and miscellaneous rigs unchanged at 5.
Canada Rig Count is up 1 from last week to 220, with oil rigs unchanged at 153, gas rigs up 1 to 67.
The Worldwide Rig Count for July was 1,713, up 7 from the 1,707 counted in June 2024, and down 106, from the 1,819 counted in July 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 30 August 2024 | 583 | -2 |
| Canada | 30 August 2024 | 220 | +1 |
| International | July 2024 | 934. | -23 |
UK Public transport charity Campaign for Better Transport (CBT) is proposing that drivers of zero-emission vehicles (ZEVs), such as electric cars, should be charged based on how far they travel, claiming it would have public support.
Under the plan, drivers with a ZEV before the implementation date would be exempt, incentivising the switch to electric vehicles. Duties levied on petrol, diesel and other fuels generate around £25bn a year in revenue for the Treasury.
This figure is expected to reduce as more drivers transition from traditionally-fuelled cars to ZEVs. Read full article
The Nigeria Labour Congress (NLC) has demanded an immediate reversal of the recent increase in petrol pump prices. Amid the lingering fuel scarcity in the country, the NNPCL earlier today increased the pump price of petrol from ₦568 to ₦855, ₦897 per litre (depending on the location).
NLC President, Joe Ajaero, has since condemned the move and accused the Federal Government of betraying labour movement..Instead of the promised reversal, the rate has since been jerked up further putting more Nigerians and businesses in jeopardy.
The combined effects of government’s ferocious right -wing market policies brought Nigerians and Nigeria to their all-time low and led to the End-Hunger/End Bad Governance protests. . Read full article
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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