Oil prices declined on Wednesday and were still lower early on Thursday morning as NATO made clear that the missile that fell in a Polish village did not come from Russia.
The global energy industry is at a turning point. Unprecedented shocks to the global economy stemming from the Covid-19 pandemic and compounded exponentially by Russia’s illegal war in Ukraine have caused massive disruption to the global economy and forced nations around the world to rethink their energy policies and energy security strategies, opening a window for a genuine clean energy transition without the usual inertia faced by such a revolution.
The Institute for Energy Policies and Research (INSTEPR) has said about $500 million was needed to revamp the Tema Oil Refinery.
Government is collaborating with the private sector to develop a petroleum hub in the Jomoro district of the Western region at a cost of six billion dollars.
COP27 is highlighting the controversial and sometimes contradictory nature of carbon credits as proposals for crediting schemes spark debate and even heckling at the event currently in its second and final week in Sharm El Sheikh, Egypt.
The threat of sharply rising gas prices and supply failures increases as Europe heads into winter without the reassurance of abundant cheap gas from Russia. Such gas supplies may halt completely if the European Union (EU) gives the final approval to a cap on gas prices from Russia at its meeting on 24 November. Russia’s state-owned gas behemoth, Gazprom, has stated that if the EU introduces this gas price cap, it will suspend all exports of its gas to EU countries.
This year’s average U.S. gasoline prices on Thanksgiving are expected to be at their highest level ever for the holiday and beat the previous record from Thanksgiving of 2012, according to estimates from fuel-savings app GasBuddy.
Ecomnews Med, a website specialized in economic affairs in the Mediterranean, has expected achieving a record level of oil and gas revenues in Libya by the end of this year, reaching $37 billion.
The speculation surrounding China’s zero-covid policy has sparked volatility in oil markets, and while crude was moving higher last week, this week may see a turnaround.
Standard Chartered analysts are now forecasting a reduction in global oil demand of over 400,000 bpd year-over-year in the fourth quarter amid increasingly bearish fundamentals.