As the push to reopen economies intensifies, world leaders face mounting pressure to successfully balance health concerns, national economies and their own political futures. That’s true of US President Donald Trump as he heads into his re-election campaign this fall, but a surprise addition to this list of vulnerable world leaders is Chinese President Xi Jinping. This new reality may bring the US and China to the cusp of a cold war.
Despite the low oil demand during the COVID-19 outbreak in China, the world’s top oil importer is set to increase its crude oil imports by 2 percent in 2020, thanks to the low oil prices, according to a research think-tank affiliated with state oil giant China National Petroleum Corporation (CNPC).
China’s apparent crude oil consumption is expected to increase by between 1 percent and 2 percent year on year, CNPC Research says, as carried by Reuters.
It wasn’t a banner year for electric vehicles in 2019. After a six-year run typified by near exponential growth — EVs averaged an incredible 60 per cent year-over-year increase from 2012 to 2018 — worldwide sales of plug-in vehicles have stagnated
The glut of natural gas could lead to more cancelled LNG exports in the next few months. “It is clear that yes we face today people talk lot about the oil market, but the gas markets are suffering a lot,” the CEO of Total SA, Patrick Pouyanne, told investors and analysts on an earnings call on Tuesday. “We are on the way to, I would say, cancel some of the of the LNG tankers during summer time in order to limit some losses.”
The Covid-19 pandemic represents the biggest shock to the global energy system in more than seven decades, with the drop in demand this year set to dwarf the impact of the 2008 financial crisis and result in a record annual decline in carbon emissions of almost 8%.A new report released today by the International Energy Agency provides an almost real-time view of the Covid-19 pandemic’s extraordinary impact across all major fuels. Based on an analysis of more than 100 days of real data so far this year, the IEA’s Global Energy Review includes estimates for how energy consumption and carbon dioxide (CO2) emissions trends are likely to evolve over the rest of 2020.
Demand for residential energy storage continued to increase in Germany last year, according to analyst EuPD Research, which estimated 65,000 rooftop-PV linked systems were installed.
That took Germany to around 200,000 residential batteries by the end of the year, meaning the market had doubled in just two years. In 2018, 40,000 household batteries were installed, according to EuPD.
The latest OPEC deal to curb oil production for the second quarter of 2020 would prevent some of the rise in global oil storage capacity, according to experts on Friday. OPEC and non-OPEC oil producing countries agreed earlier Friday to cut their total oil production by 10 million barrels per day (bpd) from May 1 until June 30. "A 10 million bpd cut would be very supportive of price over the second quarter," Ann-Louise Hittle, vice president of macro oils at Wood Mackenzie, said in a note
Two weeks into a growing coronavirus outbreak, Lucy Vinis, the mayor of the Oregon city of Eugene, has plenty to worry about – from how to protect the community’s homeless population to how to keep services functioning in the face of uncertainty. COVID-19, she said, feels like a slow, invisible tsunami – the kind of risk earthquake-threatened U.S. West Coast cities are more used to preparing for
After a 15-year absence from the international exploration scene, Greece made an impressive comeback with the introduction of a new legal and regulatory framework for hydrocarbon exploration and production in 2011, with the support of an enthusiastic government.
In 2014 the government signed new concession agreements for three onshore and offshore areas in western Greece with a group of local and international companies, the first time since 1996.
The end of January this year saw important news regarding Turkey’s energy scene from President Tayyip Erdogan in statements he made to reporters while returning from Berlin after the Libya summit. While talking about the maritime boundary delimitation agreement with Libya and Turkey’s exploration vessels in the eastern Mediterranean,
Over the last few months, and especially following the publication of the European Commission's Green New Deal, we are witnessing an unprecedented attack on natural gas. The opposition to the growinguse of gas stems from the notion that, along with coal and oil, it is highly
The establishment of the Regional Security Coordinator (RSC) for Southeast Europe (SEE) is an important step towards European integration in a synchronous zone, by integrating two capacity calculation regions: Greece-Italy and Southeast Europe, said Manos Manousakis, CEO
Looking back at 2019 this will no doubt be remembered as the year that Turkey upped the ante in the deep waters of the East Mediterranean by adopting and promoting a highly provocative, if not belligerent, stand. In what appears to be a well thought out plan Ankara has very consistently over
While the Energy Community Treaty works to integrate Contracting Parties into the EU energy market via harmonization of the legal and regulatory framework, a crucial element is still missing – a carbon pricing mechanism. EU electricity prices account for externalities via the emissions trading
On November 27, 2019, Turkey signed a Memorandum of Understanding (MOU) with Libya’s Government of National Accord (GNA), led by Prime Minister Fayez Al-Sarraj, for the delimitation of the two countries' Exclusive Economic Zones (EEZs). This agreement creates a joint maritime strip extending across the Eastern Mediterranean
Two geostrategic energy alliances are crossing swords over southeastEuropeand the eastern Mediterranean. Between them, they plan billions of dollars' worth of competing infrastructure projects. And the ones that succeed will create the regional energy map of the future.
The EastMed natural gas pipeline is a political project, it is not viable and very expensive, said an academic, expert on energy diplomacy. Greek Prime Minister Kyriakos Mitsotakis, Israeli Prime Minister Benjamin Netanyahu and Greek Cypriot leader Nicos Anastasiades inked an agreement on Thursday over the EastMed
The world's first floating nuclear power plant "Akademik Lomonosov" will boost the socio-economic development of the region and be a key infrastructural element in the Northern Sea Route (NSR) project, a shipping lane runs along the Russian Arctic coast, a Russian official said.
The global energy sector in 2019 largely featured growing tensions between the U.S. and Iran, oil tanker attacks amid heightened tensions in the Middle East and climate crisis. The growing tensions between Iran, the U.S. and Saudi Arabia were at the center of discussions on the oil market in 2019 resulting in supply concerns.
The global oil market should trust OPEC as the organization will not leave the market neglected, Saudi Energy Minister Prince Abdulaziz bin Salman said Friday. As the 7th OPEC and non-OPEC ministerial meeting kicked off in Vienna, OPEC's largest producer Saudi Arabia tried to reassure both
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