The 20th Ministerial Council meeting of the Energy Community, held in Vienna today, has reached agreement on a number of important issues which will further enhance energy cooperation between the EU, the Western Balkans and the three Eastern Partners – Ukraine, Moldova and Georgia. Crucially, the Contracting Parties agreed on an ambitious renewable energy target of 31% for 2030, as well as energy efficiency and greenhouse gas emissions targets.
U.S. Energy Secretary Jennifer Granholm extended an olive branch to the oil and gas industry, telling executives at a meeting in Washington that she recognizes that fossil fuels will be around for a long time, even as the Biden administration works to transition away from them to cleaner alternatives, Bloomberg reports.
The Economic and Financial Crimes Commission (EFCC) has so far recovered over N201 billion from oil firms defaulting on royalties to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the 3 per cent statutory payment to the Niger Delta Development Commission.
Russia is interested in increasing its oil production through projects in Venezuela, Russian deputy prime minister Alexander Novak said on Thursday, according to TASS.
Last week, one of the more bearish articles was published on the oil price outlook as reviewed by commodity analysts at Standard Chartered. According to the analysts, their proprietary crude oil money-manager positioning index that compares net longs across the four main New York and London-based crude contracts relative to open interest and historical norms is currently more negative than those for all other commodities they track.
Oil prices dipped on Thursday as the dollar firmed, while the possibility of further increases to interest rates by global central banks also heightened demand concerns.
HSBC Holdings Plc will no longer finance new oil and gas fields or related infrastructure in a move that climate activists say puts it ahead of many peers in addressing global warming.
We have seen a wide range in oil prices during 2022. From the start of the year, when West Texas Intermediate-WTI, was trading in the upper $ ’60s, to late March, where it topped $130 per barrel.
Despite the dire predictions of peak oil demand, which will is expected to arrive during the next decade as the world transitions to a low-carbon economy, international energy companies are investing heavily in fossil fuel exploration and production.
The energy crisis that began last year in Europe and dramatically escalated following the EU response to Russia’s invasion of Ukraine has seen many in government worry about the survival of the continent during the winter