US President Donald Trump said a deal is imminent between Russia and Saudi Arabia to bring an end to the price crisis that has ‘ravaged’ oil markets – claiming a potential 15 million bpd production cut to be on the cards Donald Trump says both Riyadh and Moscow ‘know what they have to do’ to end the disruption to oil marketsA production binge among Opec members had been expected to begin this month as the existing cutback agreement expired on 31 March.Just yesterday, state-backed Saudi Aramco boasted of a “record-breaking” effort to stockpile 15 tankers with more than 18.8 million barrels of oil ready for shipment.But President Trump talked up the chances of a de-escalation in the price war, saying his recent conversations with Russian president Vladimir Putin and Saudi Crown Prince Mohammed bin Salman had led him to believe they would “make a deal in the not too distant future, because it’s very bad [for both countries]”.Russian and Saudi leaders have been at odds since they failed to agree measures to respond to the effects of coronavirus (Credit: Kremlin)He added: “We have a great oil industry and the oil industry’s being ravaged. I think [Russia and Saudi Arabia] will work it out over the next few days. It’s too simple not to be able to — they both know what they have to do. I have confidence in both that they will be able to work it out.“They’re talking, and I think they’ll come up with something.” President to meet oil executives to discuss protection of US oil interests, as first shale bankruptcy confirmedThe US leader also confirmed he would hold meetings with his country’s top oil executives later this week, amid troubling time for the US shale industry which has emerged as a prime casualty of the deteriorating price environment.There have been strong calls from both industry and politicians for an intervention to protect US oil interests, with the warnings from analysts about the likelihood of insolvencies realised yesterday as Denver-based Whiting Petroleum filed for Chapter 11 bankruptcy protection.President Trump said: “We don’t want to lose our great oil companies. We’re the number one producer in the world — a month ago when you said that it was great, but today it’s not so meaningful.“But there’s a way that can be pretty well solved. I think I know what to do to solve it.”Reporting by the Wall Street Journal suggests the meetings scheduled with US oil firms will discuss the possibility of imposing tariffs on Saudi crude oil, which Riyadh has been offering to global markets at a heavily-discounted price since the stand-off with Russia began. …..Could be as high as 15 Million Barrels. Good (GREAT) news for everyone!— Donald J. Trump (@realDonaldTrump) April 2, 2020Via its state news service, Saudi Arabia confirmed it would seek a an “urgent” assembly of the Opec+ alliance – and notably “other countries” – to discuss potential measures to address the market crisis.It said in a statement: “Today, the kingdom calls for an urgent meeting for Opec+ group and other countries, with aim of reaching a fair agreement to restore the desired balance of oil markets.“This invitation comes within [the] framework of the kingdom’s constant efforts to support the global economy in this exceptional circumstance, and in appreciation of President Donald Trump of the United States of America’s request and the US friends’ request.”Despite the renewed market optimism, crude oil prices remain around the sub-$30 per barrel range – their lowest for years and well below the break-even level for most producers. US President Donald Trump claims a deal to end the price war between Saudi Arabia and Russia could be struck within the next few days (Credit: White House/D Myles Cullen) Embattled oil markets have rallied today (2 April) on remarks from President Donald Trump that an end might be in sight for the Saudi-Russian stand-off that has sent crude prices plummeting in the past month.Speaking at a White House press briefing, the president said the two countries had been negotiating, and he believes a deal is likely within the “next few days”.Crude oil prices — which have been in freefall since a failed Opec+ meeting last month to agree production cuts in the face of coronavirus-weakened demand, and the subsequent price war waged by Riyadh and Moscow — surged on the president’s remarks, with both Brent crude and West Texas International up more than 20% in the day’s trading.In a Twitter update, Trump said he had spoken with Saudi Arabia’s Crown Prince Mohammed bin Salman and was hopeful of an agreement between the respective leaders to cut oil production by up to 15 million barrels per day (bpd).He wrote: “Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more.“…..Could be as high as 15 Million Barrels. Good (GREAT) news for everyone!”Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!— Donald J. Trump (@realDonaldTrump) April 2, 2020
Faehner to lead the Young Lawyers Division Faehner to lead the Young Lawyers Division Assistant EditorWhen he takes the helm of the Young Lawyers Division, Michael J. Faehner hopes to plot a new course for young lawyers, in part by raising the issue of forgiveness on student loans and refocusing on quality of life issues.Faehner, 33, was voted into office by the YLD Board of Governors in January and will serve as president-elect in 2003-04 under incoming YLD President Mark Romance. Faehner, senior associate of McFarland, Gould, Lyons, Sullivan & Hogan, P.A., in Clearwater, will lead the YLD for the 2004-05 Bar year.Romance said that he and Faehner have been working closely and have discussed “quality of life issues for young lawyers and lawyers everywhere.”“I would like to raise awareness in law firms, especially the larger ones, that there are other ways to accommodate young lawyers,” said Faehner.Faehner plans on doing this through day of service programs and by developing a better rapport with the community.“We are very lucky to have Michael Faehner,” said Romance. “He has been called ‘the hardest working lawyer’ by people like Terry Russell.”Despite such praise, Faehner remains modest. “I am honored to have run and won, and I look forward to working with the Bar,” said Faehner.Don’t mistake modesty for a lack of confidence though. Faehner has an agenda that includes furthering some already established goals of what he sees as a very successful and important division of the Bar.“I want to continue the great job the YLD has done in supporting its affiliates,” said Faehner, who also acknowledged the diversity efforts of the division.Faehner went on to say that he wanted to focus on one of the more immediate issues facing young lawyers just out of law school — forgiveness on student loans. Faehner made the point that with loans to pay back many young lawyers are forced to forego public service, and insists this needs to change.“I want to give young lawyers an opportunity to take public service,” said Faehner. “It’s time somebody took a stand on that.”Encouraging young lawyers to become involved with local bar associations and in their communities, Faehner looks forward to his term as president with enthusiasm.“You never know what the project of the day will be, ” said Faehner of the YLD, the largest division of the Florida Bar, with over 18,000 members.Faehner graduated with multiple honors from Valparaiso University School of Law in 1994 and received his undergraduate degree from the University of Notre Dame in 1991. Faehner is not married and finds solace in going solo.“I am happily single. I have the dubious distinction of being named one of Clearwater’s most eligible bachelors,” said Faehner. April 1, 2003 Daniel Staesser Assistant Editor Regular News
Innogy announced three pretty big news about its Galloper offshore wind project today, 7 November. The wind farm generated the first power on 5 November, 38 wind turbines are now installed at the site, and the project’s capacity has increased by 17MW.Namely, Siemens Gamesa – the supplier of fifty-six 6MW turbines – has improved the turbines and increased the output from 6MW to 6.3MW for each turbine, which totals to almost 17MW across the entire wind farm. With this boost, Galloper can supply over 40,000 more homes a year and the project can now provide clean electricity to over 380,000 households.On the project generating its first power, innogy pointed out that this milestone signals the beginning of the process to bring all 56 wind turbines online, expected to be completed in early 2018.Project Director Toby Edmonds said: “We have generated in record time having built the offshore part of the project in a single year which is a fantastic achievement. It has been a superb team effort that has been made possible by everyone involved from the innogy project team to our contractors and partners.”The Galloper offshore wind project is owned by innogy SE, Macquarie Capital, Siemens Financial Services, and a consortium managed by Green Investment Group and Macquarie Infrastructure and Real Assets, with innogy leading the project construction on behalf of its partners. The financial close for Galloper was reached in November 2015.