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IEA: Crude Production to Fall Behind Demand
http://www.wsj.com/articles/iea-sees-oil-demand-easing-as-economic-outlook-dims-1470902402From July through September, global production of crude oil is likely to lag behind demand by almost one million barrels a day, said the IEA, a Paris agency that monitors energy trends for oil-consuming nations. The current glut of crude is clearing out even as OPEC producers pump at record or near-record levels.
“Our balances show essentially no oversupply during the second half of the year,” the IEA said in its monthly report.
“Our balances show essentially no oversupply during the second half of the year,” the IEA said in its monthly report.
snip
The IAE put Saudi output at 10.6 million barrels a day, beating its previous record last summer. Neighboring Kuwait and the United Arab Emirates also set records in July. OPEC produced an eight-year high of 33.39 million barrels a day.
Analysts have said the Saudi output shows the kingdom is still locked in a fierce competition for its share of the global oil market, with competitors like Russia, Iraq and now the U.S., which exports oil and gas. Saudi Arabia and OPEC once favored keeping prices high through production cuts but have decided in the past two years to instead keep the spigots on full blast and compete for oil buyers—a decision that fueled the glut.
Analysts have said the Saudi output shows the kingdom is still locked in a fierce competition for its share of the global oil market, with competitors like Russia, Iraq and now the U.S., which exports oil and gas. Saudi Arabia and OPEC once favored keeping prices high through production cuts but have decided in the past two years to instead keep the spigots on full blast and compete for oil buyers—a decision that fueled the glut.
Sounds like the oil glut engineered by OPEC really did a number on tight-oil and offshore production globally, as they intended. Now the question is: how fast will all that idled production restart once prices increase again?
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Tesla Opens Gigafactory to Expand Battery Production, Sales
by ASSOCIATED PRESS
JUL 27 2016, 6:43 AM
It's Tesla Motors' biggest bet yet: a massive, $5 billion factory in the Nevada desert that could nearly double the world's production of lithium-ion batteries.
Tesla officially opened its Gigafactory on Tuesday, a little more than two years after construction began. The factory is about 14 percent complete, but when it's finished, it will be about 10 million square feet, or about the size of 262 NFL football fields. That will make it one of the largest buildings in the world.
The factory is key to the future of Palo Alto, California-based Tesla. The 13-year-old electric car company, which has never made a full-year profit, wants to transition from a niche maker of luxury vehicles to a full-line maker of affordable cars, pickups and even semi-trucks. It also runs Tesla Powerwall, a solar energy storage business for homes and businesses.
The company says making its own lithium-ion batteries at the scale the Gigafactory will allow will reduce its battery costs by more than a third by 2018. Tesla CEO Elon Musk said the factory could easily employ 10,000 people in the next three to four years.
Most immediately, Tesla needs the batteries for its fourth car, the Model 3 sedan, which is scheduled to go on sale at the end of next year....
by ASSOCIATED PRESS
JUL 27 2016, 6:43 AM
It's Tesla Motors' biggest bet yet: a massive, $5 billion factory in the Nevada desert that could nearly double the world's production of lithium-ion batteries.
Tesla officially opened its Gigafactory on Tuesday, a little more than two years after construction began. The factory is about 14 percent complete, but when it's finished, it will be about 10 million square feet, or about the size of 262 NFL football fields. That will make it one of the largest buildings in the world.
An overall view of the new Tesla Gigafactory is seen during a media tour Tuesday, July 26, 2016, in Sparks, Nev. It's Tesla Motors' biggest bet yet: A massive, $5 billion factory in the Nevada desert that could almost double the world's production of lithium-ion batteries by 2018. (AP Photo/Rich Pedroncelli) Rich Pedroncelli / AP
The factory is key to the future of Palo Alto, California-based Tesla. The 13-year-old electric car company, which has never made a full-year profit, wants to transition from a niche maker of luxury vehicles to a full-line maker of affordable cars, pickups and even semi-trucks. It also runs Tesla Powerwall, a solar energy storage business for homes and businesses.
The company says making its own lithium-ion batteries at the scale the Gigafactory will allow will reduce its battery costs by more than a third by 2018. Tesla CEO Elon Musk said the factory could easily employ 10,000 people in the next three to four years.
Most immediately, Tesla needs the batteries for its fourth car, the Model 3 sedan, which is scheduled to go on sale at the end of next year....
http://www.nbcnews.com/tech/innovation/tesla-opens-gigafactory-expand-battery-production-sales-n617676
