Top Energy/Automotive News As Reported; OPEC basket of thirteen crudes stood at $73.35 a barrel
London, 05 June, 2023, (Oilandgaspress) : In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance for the market, and in line with the successful approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to:
Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019.
Adjust the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC to 40.46 mb/d, starting 1 January 2024 until 31 December 2024, which to be distributed as per the attached table.
Reaffirm and extend the mandate of the Joint Ministerial Monitoring Committee (JMMC) and its membership, to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC and this Statement, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC is to be held every two months.
Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference.
Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary.
Reaffirm that the DoC conformity is to be monitored considering crude oil production, based on the information from secondary sources, and according to the methodology applied for OPEC Member Countries.
Reiterate the critical importance of adhering to full conformity, and subscribe to the concept of compensation by those countries who produce above the required production level as per the attached table, in addition to their already decided production levels.
Hold the 36th OPEC and non-OPEC Ministerial Meeting on Sunday 26 November 2023, in Vienna. Read More
Neste supports Rio Tinto U.S. Borax mining site to transition to renewable diesel
Neste has partnered with Rio Tinto to help the company transition all of its heavy machinery from fossil diesel to renewable diesel at the U.S. Borax mine in Boron, California. The partnership helps Rio Tinto reduce the carbon footprint of its fleet and sets a precedent for others in the mining industry to follow.
Rio Tinto’s initial trial of switching fossil diesel to renewable diesel in a haul truck was conducted in 2022 in partnership with Neste and Rolls-Royce. Rio Tinto U.S. Borax used Neste MY Renewable Diesel™ during the trial. Made from sustainably sourced, 100% renewable raw materials such as used cooking oil and animal fat waste, the use of Neste MY Renewable Diesel can reduce greenhouse gas emissions by up to 75%* over its life cycle compared to fossil diesel. Results from the trial showed that a truck powered by mtu engines from Rolls-Royce running on Neste MY Renewable Diesel delivered similar performance and reliability as trucks running on fossil diesel.
Based on these positive results, Rio Tinto U.S. Borax continued to work with Rolls-Royce, Neste, the Environmental Protection Agency, and the State of California to fully transition its heavy machinery fleet at the U.S. Borax mine in Boron to renewable diesel at the end of May 2023. This transition includes all the heavy machinery on the property from haul trucks to loaders and even blasting equipment. Read More
Bentley Motors announced the opening of its newest premises in Spain, following record global sales in 2022 and a strong first quarter this year. The newly-built Madrid facility includes a new showroom, a circa 880 sq. metre workshop facility and a direct link to a customer ‘car’ hotel – a 1,600 sq. metre facility in total allowing to store over 50 Bentley vehicles. The showroom features a glass-fronted structure and a twin-level with car lifts between the floors, as well as the latest Bentley workshop technology. The 505 sq metre site, including a pre-owned section, is located just outside the city centre easily accessible via the M-501 or M-40 nearby.
Bentley Madrid will offer the entire Bentley range of luxury cars, including the Continental GT, Flying Spur and Bentayga. Every model is available as Azure centred on wellbeing, comfort and luxury, diametrically opposed to the performance-focused S and Speed models. Mulliner at the pinnacle is offered on the Continental GT and the Flying Spur models, combining the very finest in modern craftsmanship and breath-taking luxury with a unique choice of exquisite detail and tactile finishes.
To celebrate the opening of Bentley Madrid, the showroom is welcoming a special guest for the evening, a Bentley Mulliner Bacalar customer vehicle, specified in Moss Green, a colour especially created by the Mulliner personalisation department. With its Cheltenham Tweed ranging from the consol to the headreasts to the center of the seat, the vehicle embrasses the latest sustainable interor including the open pore crown cut walnut veneer options. Alongside the latest models from the S and Speed range, following the company’s recently announced plans to end 12-cylinder engine ordering by December 2023. Read More
Bentley Yerevan celebrates its fifth anniversary as a retail partner in Armenia
Bentley Yerevan has celebrated its fifth anniversary of the luxury British marque’s presence in Armenia by hosting a special celebratory event held at a luxurious location in the centre of the country’s historic capital city. Bentley Yerevan first opened its doors to customers in 2018 and has established itself as a focal point for automotive excellence in Armenia. The team has been working hard to spread the passion for craftsmanship and the sought-after luxury approach of Bentley in the Armenian market.
A clear focus on the iconic W12 has been part of the celebration, in its last year of ordering and with the W12 coming to an end, the Flying Spur Speed in Arabica and the Continental GT Convertible in Portofino have been the perfect models for this special occasion. Celebrating its 20th anniversary this year, the Continental GT has offered from the time of its launch a unique combination of stunning design, supercar performance and unrivalled craftsmanship. With no comparable rivals at its price point, the Continental GT swiftly became a global sensation, defining a new market sector. These performance-orientated cars will shortly be joined at Bentley Yerevan by the W12-powered Bentayga Speed. Read More
The birth of the first Lamborghini V12 hybrid plug-in
On March 29, Lamborghini unveiled the Revuelto[1], the first super sports V12 plug-in hybrid HPEV. Federico Foschini, Chief Marketing and Sales Officer at Automobili Lamborghini, takes us behind the scenes of the project and the positioning strategy for the model in the latest in a series of three short films.
“The history of Lamborghini is magic,” says Foschini. “This brand became famous thanks to iconic cars that revolutionized the automotive world, built on innovative concepts that were capable of going beyond the time in which they were conceived and launched on the market. For us, innovation is fundamental, and thanks to the Revuelto we are stepping into the world of electrification while still staying true to our DNA, which is all about fun-to-drive and performance. This car is Lamborghini’s interpretation of the electrification trend, and it’s no coincidence that we coined the acronym HPEV: High Performance Electrified Vehicle.” Read More
JLR’s Reimagine strategy
JLR has marked the first anniversary of its Open Innovation programme by announcing the expansion of its global presence, into Israel and Silicon Valley, U.S.A. after successful growth of ecosystems in the UK and Brazil.
In the past year, the Open Innovation programme has engaged with over 600 start-ups globally, resulting in 27 co-creation projects. Meanwhile, InMotion Ventures, JLR’s corporate venture capital arm, and an essential part of the company’s Open Innovation ecosystem, has invested in seven companies focused on providing more sustainable products and services.
Two examples of Open Innovation’s success to date have come from Latin America, where during the year two new mobility subscription services were launched in Brazil: Jaguar On Demand, a short-term rental service for Jaguar I-PACE, and Subscription, a vehicle leasing service.
Jaguar On Demand was created in collaboration with start-up UCorp. Initially launched for the São Paulo area, the offer will be expanded to other regional capitals in Brazil throughout 2023.
Subscription was designed in partnership with Movida, a Brazilian vehicle rental specialist and offers leasing options up to 36 months on over 250 vehicles from the Range Rover, Defender, Discovery and Jaguar brands.
This emerging portfolio of new mobility services mirrors JLR’s success with Pivotal and The Out, which are providing UK clients with new ways of accessing vehicles through subscriptions and rental services. Both services have been developed by InMotion Ventures Studio, JLR’s own incubator.
Igor Murakami, Director New Services and Open Innovation for JLR, said: Read More
Electric vehicle car makers slashe prices as sales slow
With reports of EV demand slowing this year, an Italian car maker has taken it upon itself to slash the price of its new battery models in a bid to spark sales.
Almost 12 months after the Government terminated the Plug-in Car Grant, it has launched its own scheme in the hope it will help dealers shift more examples of it electric models.
Bosses have also written an open letter to the UK Government pleading with ministers to boost incentives for British motorists to make the switch to electric vehicles.
While the official PiCG offered to cut the price of a new EV by £1,500 by the time it was shelved a year ago, the car maker is offering to knock a lot more off the price of its battery vehicles. Read More
Baker Hughes Rig Count:
The Worldwide Rig Count for May was 1,783, down 25 from the 1,808 counted in April 2023, and up 155, from the 1,628 counted in May 2022.
U.S. Rig Count is down 15 from last week to 696 with oil rigs down 15 to 555, gas rigs unchanged at 137 and miscellaneous rigs unchanged at 4.
Canada Rig Count is up 10 from last week to 97, with oil rigs up 9 to 51, gas rigs up 1 to 46.
International Rig Count is up 18 rigs from last month to 965 with land rigs up 9 to 729, offshore rigs up 9 to 236.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 02 June 2023 | 696 | -15 |
| Canada | 02 June 2023 | 97 | +10 |
| International | May 2023 | 965 | +18 |
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter |
Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,
