ENB Briefs: NZ, US oil, Lebanon, and more

IN TODAY’S<i>ENB Briefs</i>: NZ solar farm goes live, record-low crude stockpiles drive price rise, Oz solar panel progress, and more

Jonathan Davidson
News briefs for July 5, 2021

News briefs for July 5, 2021

Venezuela enjoys crude export jumps ahead of Asian tax change

Venezuelan crude exports have increased 66% YoY as the South American country saw a greater Asian market engagement ahead of new Chinese import tax implementations in the country. 

The import tax changes see prices rise by as much as 40%.

It's reported that much of the product delivered before 12 June was masked as Malaysian Oil. 

A project involving Equinor also saw Venezuelan output rise.

Record-low US crude oil stockpiles driving price rise

While record low supplies have been on the radar since the first half of 2021, recent re-openings in many US states, along with the start of summer, have seen gasoline consumption rise to the highest point since the C19 pandemic started.

This week, the US Energy Information Administration  reported crude oil inventories were reduced by 6.7 million barrels for the week to June 25. 

Average solar panel size in Australia jumps to 8.7kW

The average size of rooftop solar systems installed in Australian jurisdictions has risen to a high of 8.7 kilowatts in June 2021, as businesses prioritised installation before EOFY.

Industry analytics entity SunWiz says 282MW of small-scale solar systems eligible for rebate ( < 100kW) were installed in June, a 2% rise over May.

This means the total amount of small-scale rooftop solar currently installed in Australia reflects a gross capacity of 14.8GW, on 2.8M homes and businesses nation-wide.

New Zealand's largest in-grid solar farm live for first time this week

The South Taranaki-based Kapuni Solar Power Plant, capable of matching the demand for 520 NZ homes, will run live for the first time this week, after initial activation at the end of June. 

The farm will produce 2.1megawatts per year, and in its capacity to replace fossil fuel generated power, reflects the equivalent of approximately 2,500 hectares of mature forest in terms of carbon offset. 

Lebanon calls on army to ameliorate gas price protests

Protests beganin Lebanon at the start of last week in response to a hike in the price of fuel, in some parts of the country, reflecting a jump of 35%. 

The price rise, which ultimately came by way of the removal of subsidies, also coincides with a global rally in the commodities market, already seeing prices rise year-on-year compared to 2020.

While Beirut saw long lines at local gas stations with consumers eager to buy fuel before the prices were raised on Tuesday (US time), the city of Tripoli has seen more radicalised activity with protesters brandishing firearms, leading to a military intervention.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.

A growing series of reports, each focused on a key discussion point for the energy sector, brought to you by the Energy News Bulletin Intelligence team.


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