Author: AEN Staff

Toyota EV motor uses up to 50 per cent less rare earth metals

The Toyota EV motor magnet will use lanthanum and cerium which are cheaper than neodymium, demand of which is expected to exceed supply after 2025.  Toyota EV magnet development expected to be in use in the coming decade Toyota, the world’s third largest automaker, has discovered a way to reduce the amount of a key and expensive rare earth metal used in magnets for Toyota EV motors by around 20 per cent. The finding could cut the cost of producing EVs and reduce the risk of dependency on materials needed for production. Toyota says it will replace some of...

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OAS chief calls for harsher Venezuelan sanctions targeting oil

Luis Almagro, head of the Organization of American States, says Venezuelan sanctions targeting oil industry would be in response to the South American country’s repressive political climate.  El Comercio photo. Proposed Venezuelan sanctions on oil industry would escalate financial pressure Luis Almagro, the head of the Organization of American States (OAS), says Venezuelan sanctions should be stepped up to include the country’s struggling oil industry, according to a report by Reuters. Currently, sanctions against the OPEC member’s repressive political climate are focussed on individual members of the government as well as a ban on buying new Venezuelan debt. Almagro...

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Oil prices mixed, reduced Canadian supply supports US crude

Oil prices were mixed on Tuesday with Brent slightly down and US WTI up by over 1 per cent.  The discount between the two futures contracts is now at a six-month low.  Statoil photo. Canadian oil prices up due to restricted capacity of Keystone pipeline Oil prices were mixed as a stronger US dollar and profit-taking pushed down the value of Brent while US crude futures were steady as Canadian crude shipments to the US were curtailed due to reduced capacity on a key North American pipeline. By 1:06 p.m. EST, Brent crude was down 15 cents to $65.52/barrel...

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Opinion: US refiners turn to export markets as gasoline growth slows at home

US refiners exported more than 1.1 billion barrels of finished petroleum products in the first 11 months of 2017, an increase of almost 12 per cent compared with the same period in 2016. Valero photo. US refiners turn to developing economies as US gasoline consumption levels off By John Kemp LONDON, Feb 20 (Reuters) – US gasoline consumption has levelled off as the stimulus provided by low and falling oil prices between 2014 and 2016 has faded, so US refiners are increasingly turning to diesel and customers in emerging markets. US gasoline consumption is forecast to rise by just...

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Oil prices hit two-week high on equity market recovery, mideast tensions

Oil prices rise, but concerns over higher US production tempered Monday gains.  Apache photo. Oil prices rise as border incidents in Syria bring Israel and Iran closer to direct confrontation Oil prices rose slightly in light trading on Monday thanks to a recovery in the global equity market and Mid East tensions, but rising US production moderated gains. By 2:03 p.m. EST, benchmark Brent had risen 75 cents to $65.59/barrel, after hitting an 11-day high of $65.75 earlier in the session.  US WTI rose 56 cents to $62.11/barrel, slightly down from an earlier session level that was its highest...

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