Happy Friday. Generate will be taking Monday off. Have a nice holiday weekend!
Tomorrow marks the birthday of the late Levon Helm, so this richly told story is today's intro tune . . .
It's happening: per Reuters, "Russian Energy Minister Alexander Novak has had talks with Saudi Energy Minister Khalid al-Falih on an easing of the terms of the global oil supply pact that has been in place for 17 months, Novak said on Friday."
Why it matters: the comments signal how a swirl of forces — notably Venezuela's collapsing production and the revived U.S. sanctions against Iran — are prompting Russia and OPEC to weigh changes in their output-limiting agreement.
What's on the table: Reuters and the Financial Times, citing anonymous sources, say discussions are exploring a combined output boost of around one million barrels per day.
What's going on in the market: prices have been sliding recently in anticipation of more supplies hitting the market.
The global benchmark Brent crude, which has touched $80 per barrel in trading earlier this month, has fallen into the $77 range this morning.
What's next: all eyes will be on the OPEC meeting in Vienna next month, where ministers from the cartel and allied producers will discuss the output-limiting deal that's currently slated to run through the end of 2018.
2018 ladies and gentlemen: Reuters reports from Russia this morning . . .
Amy Harder reports . . .
Shareholders at almost two dozen energy companies have pushed for resolutions urging more disclosure around climate change over the past two years, with most firms either releasing, or committing to release, reports on the topic.
Why it matters: Publicly traded companies are facing increasing pressure from investors on a range of hot-button issues amid inaction in Washington, with energy firms in particular feeling the heat on climate change. This trend has prompted a conservative and industry campaign opposing it.
Yes, but: The resolutions aren’t legally binding. A majority support typically indicates companies will act to respond rather than ignoring it, which often occurs for resolutions that don’t pass 50%. The process, which for most companies occurs in the spring, is called "shareholder democracy."
The details: The resolutions in the chart above call on companies to issue reports assessing how their businesses would fare in a world that cuts greenhouse gas emissions to amounts roughly in line with the aspirations of the 2015 Paris climate agreement.
New analysis: The consulting arm of Energy Intelligence is out with a new look at the finances of Saudi state oil giant Aramco (with an assist from leaked data Bloomberg obtained).
It estimates the company's value, based on current prices and production levels, at $1.3 trillion. That's well below the $2 trillion valuation the kingdom has hoped for as it prepares for its IPO.
But it's "perhaps enough to satisfy skeptics at home," states a summary of the analysis. It notes that even oil at $100 per barrel would not achieve the $2 trillion target.
New political volley: the Democratic Senatorial Campaign Committee is running an ad on Twitter starting today and through the holiday weekend that seeks to blame Republicans for rising gasoline prices.
New legal developments: per the Wall Street Journal, a federal judge is asking for more information from several of the world's largest oil companies ahead of a decision on their bid to dismiss lawsuits over global warming.
DOE budget: per The Washington Examiner, "The Senate Appropriations Committee easily advanced its Energy-Water fiscal 2019 spending bill on Thursday, rejecting Trump administration efforts to reduce funding for energy and science research."
Vacancy filled: Yesterday the Senate unanimously confirmed Francis Fannon — a former oil executive and Capitol Hill aide — to be the assistant secretary of State for energy resources.
ICYMI: yesterday in Copenhagen the Energy Department announced the launch of an alliance with eight other countries aimed at bolstering nuclear power and promoting it as a tool to fight climate change.
Trendspotting: "The world market for corporate sourcing of renewables in 2017 reached about 465 terawatt-hours, placing it close to France’s overall electricity demand," states a new report from the International Renewable Energy Agency.
Why it matters: it's the intergovernmental group's first attempt to tally the scope of various kinds of corporate agreements to purchase renewable electricity worldwide.