1. Presidential candidates finally discuss energy.
In the debate on Sunday Donald Trump and Hillary Clinton finally got a chance to weigh in on one of the biggest issues that has been avoided to this point: energy.
One of the attendees asked what each of them would do to make sure the country’s policies meet energy needs, while remaining environmentally friendly and minimizing job losses for workers in sector.
Trump criticized the Obama administration, but was not very specific about how he would renew job growth in the conventional energy sector. He stated, “Energy is under siege by the Obama administration,” and also inserted his opinion on the EPA by saying, “The EPA, Environmental Protection Agency, is killing these energy companies.”
In contrast, Clinton touted the growth in American energy during the Obama administration, largely attributed to the technological advances that have allowed companies to tap into oil and gas contained in shale formations. “We are now, for the first time, energy independent,” stated Clinton. “We are not dependent on the Middle East. But the Middle East still controls a lot of the prices. The price of oil has been way down, and that has had a damaging effect on a lot of the oil companies, right? We are, however, producing a lot of natural gas, which serves as a bridge to more renewable fuels.”
2. Saudi Energy Minister is optimistic about the OPEC oil deal.
Speaking at an energy conference in Istanbul on Monday, the Saudi Energy Minister, Khalid al-Falih said he is “optimistic” major oil producers would reach an agreement to cut production by November of this year. Investors have been cautiously optimistic since OPEC reached a tentative agreement last month to curb its oil output, and we’re still far from certain that any deal will be finalized. Iran seems to be the main stumbling block due to their commitment to boost production.
3. Russia agrees to join global effort to limit oil supply.
At the 23rd World Energy Congress in Istanbul, Turkey, Russian President Vladimir Putin pledged his support to limit Russian oil supply in an effort to boost prices. Speaking to the congress he stated, “We believe freezing or even reducing oil production is the only way to save the stability of the energy sector… Russia stands ready to join common efforts to limit oil production and urges others to as well.”
This comes just a few hours after Saudi Energy Minister Khalid al-Falih said he was optimistic for a supply limitation agreement as well. (As noted above). Energy ministers from Russia, Saudi Arabia, and other major oil producing are expected to meet while at the conference this week to establish a tentative agreement to limit oil supplies.