Tightening markets for liquefied natural gas (LNG) worldwide and major oil producers cutting supply have put the world in the middle of “the first truly global energy crisis”, the head of the International Energy Agency (IEA) said on Tuesday.
Heading into November 2022 with the firm knowledge that intra-OPEC+ cohesion has been restored to the fullest and the oil group has been given a new long-term ambition, pricing decisions for Middle Eastern cargoes loading next month faced an uncanny dilemma.
“The world is in the middle of the first truly global energy crisis,” the executive director of the International Energy Agency, Fatih Birol, said today in Singapore.
Oil prices rose on Tuesday as the US dollar eased against major peers but gains were limited by worries of slowing global fuel demand growth amid bearish economic data from key oil importing economies such as China.
The Chief Executive of the National Petroleum Authority (NPA), Dr Mustapha Abdul-Hamid, has stressed the need for Africa to consider developing petroleum infrastructure networks across Africa if the continent is to address fuel distribution challenges and also aims to end energy poverty by 2030.
City College of New York Grove School of Engineering released a new report which examined advanced plastic recycling. The report concluded that advanced recycling helps avoid climate impacts, reduces demand for energy resources, and offers key tools for expanding the circular economy.
In order to guarantee a more sustainable way of reducing losses and enhancing distribution utilities in the energy sector, there is a need for more funding to be directed at the supply-side of energy efficiency instead of the demand-side, energy consultancy firm Arthur Energy Advisors (AEA) has advised.
Of all of the optimistic futuristic dreams, a world of clean, renewable energy to combat climate change is perhaps the closest to realisation, thanks to the growing acceptance of and demand for renewable energy (RE).
Underneath a chaotic global energy market is a dislocation between oil prices on the futures and physical market that appears to have emerged.
In the process of energy transition, it has become imperative for government to review the underlying fiscal regime for critical (transition) minerals as the country is endowed with several mineral resources: including manganese, bauxite/aluminium, iron ore, silica, graphite and lithium.