Official advisors to Caracas recommend that the Petro—a new oil-backed cryptocurrency set up by the Venezuelan government to circumvent U.S. sanctions—be sold at a discount of up to 60 percent, according to a new report by Bitcoin.com By mid-February, 38.4 million Petros could go on sale, raising $2.3 billion for the cash-starved government, VIBE, a new governmental advisory group, said. This is a large departure from the regime’s previous plan to have each coin backed by a single barrel of oil from the Orinoco belt in northern…
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Brookhaven National Laboratory scientists have observed an unexpected phenomenon in lithium-ion batteries – the most common type of battery used to power cell phones and electric cars. As a model battery generated electric current, the scientists witnessed the concentration of lithium inside individual nanoparticles reverse at a certain point, instead of constantly increasing. This discovery, published in the journal Science Advances, is a major step toward improving the battery life of consumer electronics. Esther Takeuchi, a SUNY distinguished…
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American crude oil output is set to rise by 1.8 million barrels per day from the nation’s largest shale producing areas over the next year, according to new forecasts by the U.S. Energy Information Administration (EIA). Just next month, national output will climb up 111,000 bpd. The Drilling Productivity Report, which tracks production from the seven most prolific basins in the US, also said production in January should touch 6.438 million barrels per day, which is 24,000 bpd higher than December levels. The 1.8 million-jump equals the volume…
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STANFORD, California: The US signaled on Wednesday an open-ended military presence in Syria as part of a broader US strategy to prevent Daesh’s resurgence, pave the way diplomatically for the eventual departure of Syrian President Bashar Assad and curtail Iran’s influence.
Secretary of State Rex Tillerson, in a speech at Stanford University, made clear the United States would work diplomatically toward Assad’s exit from power, but called for “patience” – an acknowledgment that Assad has been bolstered by Russia and Iran and is unlikely to leave power immediately.
Tillerson’s urging of patience was the clearest indication yet of Washington’s acknowledgment that Assad’s stronger position in Syria, bolstered by Russia and Iran, meant he would not leave power immediately.
Billed as the Trump administration’s new strategy on Syria, the announcement will prolong the risks and redefine the mission for the US military, which has for years sought to define its operations in Syria along more narrow lines of battling Daesh and has about 2,000 US ground forces in the country.
While much of the US strategy would focus on diplomatic efforts, Tillerson said: “Let us be clear – the United States will maintain a military presence in Syria, focused on ensuring Daesh cannot re-emerge,” while acknowledging many Americans’ skepticism of military involvement in conflicts abroad, Tillerson said.
Beyond defeating Daesh and Al-Qaeda, the US strategy includes several longshot propositions. Among them — securing a successful UN peace process, getting Assad to leave power and ridding Syria of Iran’s influence.
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Sanchi, the Iranian tanker carrying condensate to South Korea that crashed into a Chinese freight ship on January 6 and sank earlier this week, has produced two oil slicks, Chinese authorities report. There were several explosions on board the tanker, the last one proving fatal for the vessel. Cleanup teams from China are now working to remove the slicks and are also monitoring the area to see which way they could drift, and assess the ecological impact of the disaster, which is the biggest one in decades in the area. The Sanchi carried almost…
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The Niger Delta Avengers (NDA)—the militant group responsible for most of the 2016 attacks on Nigeria’s oil infrastructure—threatened on Wednesday to unleash the deadliest round of attacks on Nigeria’s oil sector—“in a few days time”. “This round of attacks will be the most deadly and will be targeting the deep sea operations of the multinationals which include Bonga Platform, Agbami, EA Field, Britania-U Field, Akpo Field; amongst others littered across the deep waters of the Niger Delta region,”…
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A total of 75 new production licenses were offered to 34 companies on the Norwegian Continental Shelf in an expanded Awards in Predefined Areas (APA) bid round Jan. 16.
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