Carbon dioxide emissions from energy use in the European Union fell by 2.8 percent last year, thanks to reduced use of natural gas following Russia’s invasion of Ukraine, Eurostat reported on Friday. The European Union’s statistical agency said in a report that CO2 emissions from the 27 EU nations was …
Read More »China’s CNOOC Drills in Deeper Waters to Reduce Reliance on Foreign Oil
China’s drive to reduce its dependence on imported oil has led to the construction of a huge concrete facility near Zhuhai, resembling the size of Monaco, which serves as the centerpiece of its deepwater drilling efforts. The facility, operated by a unit of China National Offshore Oil Corp (CNOOC), is …
Read More »Goldman Sachs Looks to Open New Tokyo Desk to Trade Profitable Power Futures
Post-energy crisis hedging enthusiasm is prompting Goldman Sachs Group to launch plans for a Tokyo desk to trade Japanese power derivatives as trading volumes for Japanese power futures on the European Energy Exchange are set to soar by up to 3X. An executive with the European Energy Exchange (EEX) told …
Read More »WoodMac: $30 Billion in UK Energy Investments at Risk Ahead of Elections
Some $30bn (£24.2bn) of investment in new UK energy projects is at risk if Labour wins the next election, a top energy consultancy has warned. Consultancy giant Wood Mackenzie believed the growing expectation of a Labour government – which has pledged to ban new North Sea oil and gas developments …
Read More »China’s Investment Boom is Fueling Growth in Central Asia
China and Kazakhstan are planning a new rail connection and border crossing in the Bakhty-Ayagoz area, expressing hope that the new route can cut freight transit times. Kazakh President Kassym-Jomart Tokayev announced the move during the May 24 Eurasian Economic Forum, attended by representatives of the Eurasian Economic Union. Kazakhstan’s …
Read More »Despite Soaring Inflation, EU Says won’t Extend Emergency Energy Measures
Emergency energy price measures implemented by the European Union in 2022 will not be extended further, the European Commission said on Monday, bringing to an end hundreds of billions of dollars in tax cuts, subsidies and other incentives. Citing electricity prices that have dropped to under 80 euros per megawatt-hour …
Read More »Saudi Surprise Cut Signals OPEC+ Crisis
Following a suspense-filled weekend in Vienna, where OPEC oil ministers attempted to downplay media attention, global oil markets remain uncertain about the direction of oil prices. The recent “surprise” oil production cut announced by Saudi Arabia’s Minister of Energy, Prince Abdelaziz bin Salman, has failed to restore confidence in the …
Read More »SA Pledges Oil Cuts in July as OPEC+ Extends Deal into 2024
Saudi Arabia will make a deep cut to its output in July on top of a broader OPEC+ deal to limit supply into 2024 as the group seeks to boost flagging oil prices. Saudi’s energy ministry said the country’s output would drop to 9 million barrels per day (bpd) in …
Read More »Iraq Negotiating with Turkey for Kurdistan Region’s Oil Re-exports
Iraq is negotiating with Turkey to resume pumping oil exports from the Kurdistan region, confirmed by Iraqi Oil Minister Hayan Abdul-Ghani on Friday. He also emphasized that the OPEC+ coalition is committed to making decisions that achieve balance in the oil market and serve the interests of consumers, producers, and …
Read More »Germany must Speed up Energy Transition for Climate Protection, Prosperity
German Chancellor Olaf Scholz said on Friday that the country should speed up the transition to green energy both for climate protection and more prosperity. Speaking to reporters in Berlin, after a meeting with business and trade union leaders, Scholz underlined that Germany has ambitious goals, and it is aiming …
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