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Pension funds must focus on green energy, former UK Energy and Climate Change Secretary says

Former UK Energy and Climate Secretary Sir Ed Davey urged the private and public sector funds to begin divesting from fossil fuel assets and instead invest in clean or green technology, which will in turn provide good returns. Sir Davey expressed this opinion during the House of Commons discussion regarding the financial and ethical risks of investments in fossil fuel companies by pension funds.

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North Sea oil production to face difficulties

As Rystad Energy reports, on top of production declines in Iran and Venezuela, ongoing OPEC cuts, Urals contamination outages in Russia and maintenance in Kazakhstan, North Sea production is also facing difficulties. It is expected that North Sea oil production will drop during June, reaching the lowest level since August 2014 as Ekofisk goes into maintenance.

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2018 the most profitable year for US oil producers in five years

EIA informed that net income for 43 US oil producers totaled $28 billion in 2018, which is a five-year high. According to the net income, 2018 was the most profitable year for these US oil producers since 2013, in spite of crude oil prices that were lower in 2018 than in 2013 on an annual average basis. These companies accounted for about one-third of total US crude oil and natural gas liquids production in the fourth quarter of 2018.

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Oil products in Fujairah mark decrease of 7.9%

Oil products inventories in Fujairah reduced to 23.721 million barrels as of May 6. This development is mainly driven by decreases in the marine fuels and gasolines categories. This fall is the largest in five months. However, in spite of this reduction in inventories, Fujairah are up 37% since the end of 2018. In fact, middle distillates are driving this increase with a 77% rise.

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US ends exceptions for Iranian oil importers

The US Secretary of State Mike Pompeo announced on April 22 that the United States will end all exceptions for countries currently purchasing oil from Iran. As he specifically, said the country will no longer grant any exceptions. 'We’re going to zero across the board'. Countries that had previously bought Iran's crude oil have been transitioning to new suppliers.

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Tanker runs aground off Petit Bois Island

An oil tanker ran aground near Petit Bois Island, a barrier island off the coast of Pascagoula, on April 21. The vessel was reportedly carrying 21 million gallons of Colombian crude oil, but according to sources it was successfully refloated on April 22. As of now there are no signs of pollution, but pollution responders and investigators are searching the incident area, while also monitoring the tank level for any indications that the tank is leaking.

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