SEC’s peak power load hits record high

Updated 13 September 2015
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SEC’s peak power load hits record high

ALKHOBAR: Saudi Electricity Co.'s (SEC)'s peak electricity load hit its highest level ever in August driven by local demand for power during the hot summer, the Gulf's largest utility said on Sunday.
SEC's peak load rose by 10.2 percent to 62,260 megawatts (MW) from 56,547 MW a year earlier, SEC said in a statement.
The state-run company this summer commissioned 4,516 MW of additional power generation capacity by building 22 new power transfer units and facilities, SEC Chief Executive Ziyad Al-Shiha was cited as saying in the statement.
Saudi Arabia, the world's top oil exporter, burns a significant amount of its crude oil for power generation.
Rising domestic power consumption threatens to reduce the amount of crude available for export.
Crude oil used to generate power surged to 894,000 barrels per day in June.
To meet the Kingdom's power demand, which is growing at 6 to 8 percent annually, SEC currently spends SR40 billion to SR60 billion ($10.7 billion to $16 billion) a year.


Brent eases from 2019 highs as markets await US-China trade talks outcome

Updated 19 February 2019
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Brent eases from 2019 highs as markets await US-China trade talks outcome

  • The slight downward correction was driven by concerns about the health of the global economy this year
  • Bank of America Merrill Lynch expects Brent prices to average between $50 and $70 per barrel

SINGAPORE: Brent crude oil prices eased away from 2019 highs on Tuesday on caution that economic growth may dent fuel demand this year, although supply cuts led by OPEC still meant markets were relatively tight.
International Brent crude oil futures were at $66.08 per barrel at 0220 GMT, down 42 cents, or 0.6 percent from their last close, but still not far off the 2019 high of $66.83 a barrel hit in the previous session.
US West Texas Intermediate (WTI) crude futures were at $55.71 per barrel. While that was up 12 cents from their last settlement, it was below the $56.33 2019 high from the previous day.
Traders said the slight downward correction was driven by concerns about the health of the global economy this year.
Bank of America Merrill Lynch said in a note that the Sino-American trade dispute was hurting economic growth globally.
“Addressing global trade tensions is key for improving the economic outlook,” it said in a note.
China’s vice premier and chief trade negotiator, Liu He, and US Trade Representative Robert Lighthizer lead a round of trade talks this week in Washington.
Considering the economic outlook and supply and demand balances, the bank said it expects Brent prices to average between $50 and $70 per barrel, “anchored around $60.”
Despite some caution around trade, global oil markets remain relatively tight because of supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC), with top crude exporter Saudi Arabia cutting the most.
Saudi seaborne crude exports fell in the first half of February, with departures standing at 6.204 million barrels per day (bpd), a 1.341 million bpd decline on the previous month and 0.91 million bpd decline on the year, data intelligence firm Kpler said.
Further providing oil markets with support are US sanctions against petroleum exporters Iran and Venezuela.
Venezuela is a major crude supplier to US refineries while Iran is a key exporter to major demand centers in Asia, especially China and India.