The ultimate goal of the sanctions is to reduce Iran’s oil exports to zero, as stated by President Trump in a February directive to the State Department. The president directed the Secretary of State to “implement a robust and continual campaign, in coordination with the Secretary of the Treasury and other relevant executive departments or agencies, to drive Iran’s export of oil to zero, including exports of Iranian crude to the People’s Republic of China.”
The Biden administration had indeed introduced a lot of red tape into the energy industry that has made it more difficult for companies to expand their operations—yet they still managed to do it and bring oil and gas production to new highs. Price, however, seems to remain a rather sensitive subject. The industry has not hidden its reluctance to drill at will just because Trump is president; instead, it has indicated that it will stick to its new focus on fiscal discipline and making shareholders happy. Indeed, the industry’s agenda here is at odds with the president’s, since his involves cheaper energy.
Opec has hit back at the latest research on transition in the oil and gas sector released by the International Energy Agency (IEA), claiming the report aims to “vilify” the industry while ignoring the quest to secure energy supplies for global economies.
Enel Chairman Michele Crisostomo, Enel CEO Francesco Starace, The Italian Minister of the Environment and Energy Security Gilberto Pichetto Fratin, the Director-General for Energy of the European Commission Ditte Juul Jørgensen, the President of the Region of Sicily Renato Schifani, and the Catania Municipality’s Special Commissioner – Prefect Piero Mattei visited the construction site of the 3Sun Gigafactory in Catania, which will become Europe’s largest solar panel factory by 2024, with a one-of-a-kind technology globally
Europe has always been an importer of energy, so the energy transition offers an unparalleled opportunity for the EU to flip the switch and secure its energy sovereignty.
Norway supplies around 50 percent of Europe’s domestic gas volumes which equates to around 25 percent of the continent’s total gas
A Biden statement attempting to address May inflation data contained harsh words—both for the oil industry as a whole and Exxon specifically.