Oil climbed on Friday as the dollar eased and supply risks lingered, though recession fears and China’s COVID outbreaks kept a check on prices.
Mr. Abdulai cited technical and financial crises as the reasons TOR cannot be in operation in its current form to alleviate the fuel challenges in the country.
As the hype around green hydrogen intensifies, several energy firms and governments are exploring the potential for transforming existing natural gas infrastructure to be used to transport hydrogen as the world transitions away from fossil fuels. Now, the U.K. has announced a new development, trialing a hydrogen-gas project to see if this vision can become a reality.
Renewable energy stocks are having a hard time, even in the middle of Europe’s energy crisis. It seems that the sector needs central banks to take their foot off the gas in hiking interest rates, but it may have to wait a little longer.
The world is investing hundreds of billions of U.S. dollars every year in renewable energy and other clean energy solutions, but it needs more than a trillion U.S. dollars in investments annually if it still stands a chance of reaching net-zero emissions by 2050.
High spot electricity prices, particularly in Europe, are changing the utility wind and solar investment narrative as potential payback periods of under a year could start a race to develop renewable assets purely based on project economics, Rystad Energy research shows. Capital investments in renewables have also increased significantly and are set to reach $494 billion in 2022, outstripping upstream oil and gas at $446 billion for the year, according to Rystad Energy research. This is the first time that investment in renewables is set to be higher than for oil and gas.
The U.S. is rapidly depleting our Strategic Petroleum Reserve (SPR) and is now begging Saudi Arabia and OPEC not to cut oil production. This is a result of the unintended — but predictable — consequences of U.S. energy policy that is often hostile to our domestic energy companies. Our energy policy is often undermined by well-meaning but naïve people. They fought for years against the on-again, off-again Keystone XL pipeline, which was ultimately canceled by the Biden Administration.
Natural gas consumption in China may fall this year for the first time in two decades, albeit moderately, because of the slowdown in the economy, Reuters has reported, citing officials from state energy companies.
Oil slipped on Thursday as a U.S. interest rate hike pushed up the dollar and increased fears of a global recession that would crimp fuel demand, although losses were capped by concerns over tight supply.
The Akufo-Addo government says it has so far paid a sum of US$3.6 billion in the past seven years for the alleged ENI Sankofa gas pipeline deal signed by the Mahama administration.