1. US-Backed forces capture ISIS oil field in Syria.
On Sunday, US-backed Kurdish and Arab forces moved in and captured Syria's largest oil field from ISIS forces, another moral and financial blow to the jihadists in eastern Syria. Laila al-Abdullah, a Syrian Democratic Forces spokeswoman said the oil field in the Syrian province of Deir Ezzor has been "liberated", and ISIS fighters driven out “with little damage". The US coalition confirmed the capture of the oil field on Monday, and added that that ISIS oil production has been reduced from approximately $50 million per month to less than $4 million per month currently.
2. Singapore has big plans for solar.
Typically known as the oil-trading hub of Asia, Singapore is looking to make a fundamental shift regarding its energy generation going forward. The city-state plans to develop solar power and energy-storage technologies that will meet up to 25% of its electricity demand by 2025. How are they doing it? With floating solar power stations in their reservoirs. Deputy Prime Minister Teo Chee Hean unveiled the project during International Energy Week and further clarified Singapore’s plans to work against climate change and diversify away from fossil fuels. “We are one of the small island states, the average height above sea level is not a great deal,” Teo said. “If the sea levels rise, we have to take it very seriously, or all of us will have to take swimming very seriously.”
3. Venezuela continues to struggle.
PDVSA, Venezuela’s state-owned oil company is purportedly shipping crude oil with increasing quality issues. Reuters is reporting that Venezuela’s oil shipments are “soiled with high levels of water, salt or metals that can cause problems for refineries”. This isn’t good news for their major oil company that is already feeling the squeeze from a steep drop in output.
Everything seems to tie back to the country’s economic crisis. The turmoil is leaving everyone in the country without cash, and without this cash, PDVSA is struggling to acquire the proper chemicals used to treat its oil or pay for equipment and upkeep to maintain quality. As a result, PDVSA is shutting down operations, and pulling back production. “We’re refitting chemical injection points, recouping pumps and storage tanks,” a PDVSA worker told Reuters. “But without chemicals, we can’t do anything.”