Exxon Mobile Posts Record Quarterly Profit, 11.68 Billion

Top Stories

OPEC oil export revenues drop for third year in a row

Revenues from exports by members of the Organisation of Petroleum Exporting Countries are likely to have dropped by 15% over 2016, the lowest in more than a decade, according to the U.S Energy Information Administration (EIA), reports Reuters. It is the first time in 30 years that oil export revenues have dropped for three years straight.

The news comes as the International Energy Agency (IEA), the world’s foremost oil forecaster predicts that global oil production will almost match consumption in 2017, bringing the end of an era of oversupply.

This would require OPEC to produce 650,000 extra barrels a day over the year,calculates Bloomberg
Exxon pursues injunction in climate change investigation

The world’s largest private oil company is seeking to block a subpoena by a Massachusetts attorney that would require it to produce decades of documents as part of an investigation into whether it misled investors on the risks of climate change,reports the WSJ.

ExxonMobil are arguing that the attorney’s move violates constitutional rights on free speech, unreasonable search and seizure and equal protection. The company has already handed over hundreds of thousands of pages of documents.

Brexit would not infringe the Climate Change Act, says key minister

Parliament would defend the Climate Change Act from any attempts to weaken it in a post-Brexit world, the Chair of the Energy and Climate Change Committee has said.

In an interview with BusinessGreen, Angus MacNeil said that Brexit could however threaten investment in renewables

Deal to create world’s largest wind business in progress

Siemens and Gamesa are closing in on an expected deal to create the world’s largest producer of wind turbines, reports the WSJ. The firms agreed in February to merge their wind activities “in principle”.

Although the WSJ predicts that talks could culminate in a deal as early as this week, the companies clarified to Reuters journalists that they had not yet signed on the dotted line. Talks slowed as a result of attempts by Gamesa to renegotiate separate offshore wind venture with state owned French firm Areva.

In other news

Climate sceptics: Conservative funders of climate denial are spending millions on partisan journalism, according to DeSmog

Wind: Scottish Nigg Energy Park to be used during construction of offshore wind farm,says the BBC

Climate: Obama urged by hundreds of international scientists to rule out all Arctic exploration in US waters, reports BusinessGreen

India: The expected entry by India into the Nuclear Suppliers Group would threaten the “nuclear balance” between India and Pakistan, reports the Economic Times