Slovak leader Fico raps EU for inaction on fuel prices, demands summit
Slovak PM Robert Fico criticized the European Union for failing to address'soaring fuel prices' and called on it to convene an emergency summit. Fico, who is a populist and has warm relations with Russia, has attacked the EU and NATO more and more over the economic situation and the West’s approach to the conflict in Ukraine. He said: "The EU's incompetence and cynicism…
Nigeria Looks to Double Energy Investment Within Five Years
Nigeria could double investment into its energy sector within five years after joining the International Energy Agency, its chief Fatih Birol said on Thursday, as nations seek partners they can "trust" after supply disruptions from the wars in Iran and Ukraine.Speaking during a visit to Abuja, Birol told Reuters that Nigeria's admission as an associate member of the Paris-based energy watchdog would help attract investment…
Argent LNG, Naftogaz to Explore US LNG Supply
Argent LNG and Ukraine's state energy company Naftogaz Group have signed a memorandum of understanding to explore long-term U.S. liquefied natural gas supply, transport and distribution cooperation, the companies said on Wednesday.The MoU covers potential LNG sales from Argent's planned 25-million-tonnes-per-annum (mtpa) export terminal at Port Fourchon, Louisiana.The agreement includes free-on-board cargoes…
Trump's cuts in clean energy projects are linked to $83 Billion in cancelled or delayed projects
According to a report published on Tuesday by the labor and environmental coalition BlueGreen Alliance, policies of the Trump administration that reduced federal support for clean energy have resulted in the cancellation or deferral of $83 billion worth of investment across hundreds of projects. On Tuesday, labor leaders and Senate Democrats met to discuss the clean-energy workforce.
Brazil temporarily increases the mandatory ethanol blend of gasoline from 30% to 32%
The Brazilian 'National Energy Policy Council', or CNPE, approved on Tuesday a temporary increase in the mandatory ethanol mix in gasoline from 30% to 32%, according to a statement released by the Ministry of Mines and Energy. The measure, which is expected to be implemented by the end June, was delayed or cancelled in recent weeks. Brazil increased the mandatory ethanol mix in gasoline from 27% to 30% in August of last year.
Germany to introduce investor-friendly reforms in gas power stations
According to a draft document that will be presented to the German parliament on Thursday, the governing coalition in Germany has agreed to reforms to encourage?the construction of gas power stations? and attract investment. The conservatives of Chancellor Friedrich Merz and their Social Democratic partners plan to increase the maximum bid permissible for tenders from EUR173,000 (197,687) up to EUR244,000.
Projects are rushed as prices soar due to the Trump Clean Energy Tax Credit Cutoff
Solar developers in the United States have secured federal subsidies to help them build a large number of solar projects that will nearly double their current capacity. They are rushing to beat a deadline on July 4, which could cause a sharp increase in renewable power costs. The projections show the loss of 'valuable renewable energy credits worth at least 30 percent of project costs. This change threatens to increase U.S.
OPEC Maintains Robust Oil Growth Forecast Over Next Four Years
OPEC maintained its forecast for robust global oil demand growth in the next four years on Thursday and nudged up its longer-term view, citing a worldwide shift towards more supportive policies for oil use and saying there was no sign demand would peak.The 11-member Organization of the Petroleum Exporting Countries depends on oil for a large part of government income, and its views on demand are higher than those of others in the industry…
OPEC maintains robust outlook for oil demand, but does not see a peak until 2050
* U.S. shale production likely peaked by 2025, according to the report (Source changed on OPEC website paragraph 3). LONDON, 18 JUNE - OPEC has maintained its forecast of robust growth in global 'oil demand' over the next four years and has shifted its long-term?view. It cited a worldwide shift to more supportive policies regarding oil usage and said there were no signs that demand would peak.
OPEC maintains robust outlook for oil demand, but does not see a peak until 2050
* Says shale production likely peaked around 2025, but that the U.S. LONDON, JUNE '18 - OPEC affirmed its forecast of robust growth in global oil demand over the next four years and boosted its long-term view. Citing a worldwide shift to more supportive policies relating to?oil usage, it said there were no signs that demand would peak. Organization of the Petroleum Exporting Countries…
Italy Business Lobby urges energy reform and investment to revive growth
The head of Italy’s largest business group on Tuesday called for sweeping reforms to revive the near-stagnant country’s economy. He warned that high energy costs and low investment undermined growth. Emanuele orsini, president of Confindustria, said that the price of energy has become a threat to companies. He called for immediate action to lower costs and increase competitiveness.
The Australian far-right party proposes a state oil company and oil fund similar to Norway
One Nation, the Australian populist group led by Pauline Hanson, said it wanted to create an offshore production licenses fund in federal waters and a sovereign wealth fund in the style of Norway. It announced its 'energy policy' at the Australian Energy Producers Conference in Adelaide. One Nation, the Australian populist party led by Pauline Hanson, has gained popularity in recent years, winning their first House of Representatives seats.
Bolivia announces energy sector reforms in order to attract foreign investment and end state control
Bolivia's government announced on Thursday a proposal for a renewable energy and electricity law that aims to 'attract international investment' and reduce 'the 'country's dependency on natural gas. This could be the end of years of state control in this sector. Hydrocarbons Minister Marcelo Blanco announced at a press event that the law would allow for private companies to be involved in energy production, export, and import, thus ending ENDE's monopoly.
The Iran War oil and gas supply disruption compares to previous disruptions
According to calculations based on International Energy Agency data and U.S. Department of Energy, the U.S. and Israeli war against Iran and the closing of the Strait of Hormuz has caused the largest oil supply disruption in history by daily production lost. However, at least one previous shock had a larger cumulative impact. The IEA stated on Tuesday that this conflict…
India is dependent on imported goods, whether it's oil, gas or green technology
India's goal is to??install 500 gigawatts (including solar, wind, and hydropower) of green energy by 2030. This will include expanding battery storage, and electric transportation. Last month, the country announced its latest climate goals. These include a goal of 60% non-fossil power by 2035. This could increase demand for essential minerals. India is a major importer of several green minerals, including lithium, cobalt, and nickel.
Thailand Seeks LNG Supplies from Malaysia Due to Middle East Conflict
Thailand is actively seeking additional LNG supplies from Malaysia following disruptions caused by the ongoing Middle East conflict, Thai energy government officials said on Wednesday.Thailand would need to diversify some of its LNG supply away from the Middle East, estimated at roughly 5% to 10%, said Watcharin Boonyarit, the Energy Ministry's deputy director general of its Energy Policy and Planning Office, on the sidelines of the Offshore Technology Conferen
Trump's tariff reversal may reduce costs for US energy companies, but it will likely not affect broader flows.
Although the U.S. Supreme Court’s decision to overturn trade tariffs that President Donald Trump imposed last year could ease costs for certain?oil drillers and producers, analysts and experts said that energy flows in general would?remain unchanged for now. The ruling of the court could lower the cost to build LNG plants and large-scale infrastructures that depend on modules and parts made in countries affected by tariffs.
Spanish grid blackout risks remain, Endesa CEO says
The widespread 'blackout' that affected Spain and Portugal last year could be repeated under similar circumstances, according to the CEO of Endesa, who blamed the Spanish grid operator REE, for the outage. On April 28, last year, Europe's biggest blackout in over two decades paralyzed cities and left passengers stranded aboard trains throughout Portugal and Spain. After the outage, grid operators increased the use of stable power generation, such as?gas plants.
US Energy Secretary to Arrive in Venezuela With Herculean Task of Oil Recovery
This week, the U.S. Department of Energy Chris Wright will visit Venezuela. It is the highest-level U.S. The OPEC country has not had a visit to discuss energy policy in almost three decades. Washington is conducting its first assessment on the ground of the oil industry that it plans to rebuild. Wright will arrive in Caracas Wednesday, one day after the U.S. granted a general license to explore and produce oil and gas in Venezuela.
Taiwan will increase its purchases of US gas in this year
Taiwan will increase its purchases of U.S. Natural Gas?to account for about one-third its import supply?this, and reduce its purchases from other countries. Taiwan, which has a large surplus of trade with the U.S. has expressed interest in an enormous new LNG project in Alaska, that the Trump Administration has been pushing to its Asian allies as a possible supply option.