Tag Archives: Oil Price

In February 2020, then-brand-new chief executive Bernard Looney told the world that one of the oldest and biggest oil companies in the world was going to become a net-zero company by 2050. To achieve this, it would slash its oil and gas production by 40% by 2030. Four years and …

Southeast Asia’s role in the global energy system is set to grow strongly over the next decade, according to the International Energy Agency’s (IEA) most recent publication. The region will contribute heavily both to energy production as well as global demand, as its population expands rapidly, and several countries undergo …

U.S. natural gas production from shale and tight formations, which accounts for 79% of dry natural gas production, decreased slightly in the first nine months of 2024 compared with the same period in 2023. If this trend holds for the remainder of 2024, it would mark the first annual decrease …

Russia’s Novatek recently halted operations at its Arctic LNG 2 project, and it has no plans to restart it this winter, according to an anonymous Reuters source familiar with the matter. The development is a significant setback for the country’s gas ambitions. This project, primarily located on the Gydan Peninsula …

The European Union and China agreed on Friday to continue discussions on a possible alternative to the EU import tariffs on China-made electric vehicles, a week before the levies are set to come into force, the European Commission said. The European Commission’s Executive Vice-President and Commissioner for Trade, Valdis Dombrovskis, …

The UK and Australia will work together to pursue their energy transition goals, the prime ministers of the two countries said today. PMs Keir Starmer and Anthony Albanese did not go into detail about how much money their governments would commit to these goals but mentioned green hydrogen and offshore …

Fueled by population growth, economic development and a shift towards cleaner energy, India’s gas consumption is expected to nearly double to 113.7 billion cubic meters (Bcm) by 2040 from 65 billion cubic meters (Bcm) in 2023, according to Rystad Energy’s research. Near-term demand is supported by a 51% jump in …

Norway’s largest oilfield, Johan Sverdrup, is expected to come off its production peak by early 2025, according to operator Equinor. The field, a cornerstone of Norway’s oil output since it started production in 2019, hit a record daily production of over 756,000 barrels in September. This represents about 6-7% of …

Chinese demand for natural gas is set to jump by more than 50% by 2040, from 400 billion cubic meters (bcm) now to more than 600 bcm, according to an executive at the top U.S. LNG exporter, Cheniere Energy. “There’s no doubt that gas demand growth in China, in absolute …

Germany’s government has approved plans for the development of a hydrogen network that would cost 19 billion euros, equivalent to $20.5 billion. The plan would include converting natural gas pipelines into infrastructure for the transportation of hydrogen, building new pipelines as well, and connecting them all with big industrial energy …