OPEC Heads Of State Gather In Saudi Arabia

The oil producers’ cartel will discuss cutting back output at its meeting this Wednesday in Vienna. Iraq’s output continues increasing, Iran could export more barrels as a result of last week’s nuclear deal and non-Opec production has been strong with US output soaring – all bullish supply factors that could put downward pressure on prices which Opec wants to support. [Wall Street Journal]

Thailand is emerging as a new competitor for LNG in the hungry Asia Pacific market, as the country’s domestic natural gas production is expected to soon decline while demand for power generation increases. A nascent shale gas prospect in the northeast could hold up to 5 trillion cubic feet, but the reserves are unproven and development would likely be a longer-term proposition. [Upstream]

The NRDC is working to establish an emissions control area in Hong Kong, which is located at the mouth of the Pearl River where shipping is a major air pollution contributor. Similar action has been effective in the US and as China gets increasingly serious about mitigating air pollution, some form of emissions control appears likely. [NRDC]