(Oil Price) – Asia will bear the brunt of the energy crisis unfolding as a result of the war in the Middle East, former IEA chief Nobuo Tanaka warned this week. Speaking at a hydrogen industry event in Malaysia, Tanaka said, as quoted by the Borneo Times, that “The first oil shock created the IEA in 1973. The second transformed industries and
(By Oil & Gas 360) – Coal has been written off many times before. Each time, it stayed. Today, the conversation is returning with more urgency. Climate targets, investor pressure, and policy commitments continue pushing toward a future with less coal. But the real question is no longer whether coal use should decline. The question is whether the world is
(Oil Price) – Global coal shipments and imports surged in March and April as buyers scrambled for fuel amid massively disrupted oil and gas supply from the Middle East. The trend has been accelerating in recent weeks, and global coal imports are on track to reach their third-highest monthly level on record, according to estimates by analytics platform Kpler cited by
(Oil Price) – The new energy crisis triggered by the Middle East conflict could hurt European consumers and industries for years, European Commission President Ursula von der Leyen said on Wednesday. “Our shared goal is now to see a lasting end to the war,” von der Leyen told the European Parliament in a speech today. “But there is also a harsh reality
(BOE Report) – The leaders of the International Energy Agency, the International Monetary Fund and the World Bank will discuss the energy crisis triggered by the Iran war next Monday, IEA executive director Fatih Birol said on Tuesday. “This energy crisis calls for all hands on deck & international cooperation,” Birol said on social media platform X, stressing the need
(Investing) – HOUSTON/MARACAY – Venezuela’s oil exports rose to a four-year high, approaching 950,000 barrels per day in October, boosted by growing crude output and more sales to India and the United States, according to shipping data and documents from state firm PDVSA. The increase happened despite a large storage terminal fire last month, tighter U.S. sanctions since June and the
Oil Price Energy markets appear to be in a precarious balance, but the energy crisis is not over, Michael LaMotte, senior managing director at investment firm Guggenheim Partners, said at the CERAWeek energy conference in Houston this week. “We may have gotten through this winter surprisingly well, but I don’t think we’re out of the woods yet,” LaMotte said, as carried by
Oil Price Record-high energy prices and the energy market turmoil this year have accelerated efforts in energy efficiency with global investments rising by 16% annually to $560 billion this year, the International Energy Agency (IEA) said in a new report on Friday. With sky-high energy prices and much higher concerns about energy security, governments and consumers have turned to energy efficiency as
Oil Price Global trade growth is losing momentum and will stay muted next year amid multiple shocks to major economies, the World Trade Organization (WTO) said on Wednesday, in yet another sign that recessions could be looming and weighing on oil demand. World merchandise trade volumes are expected to grow by 3.5% this year, which would be slightly better than the
Fox Business The ongoing energy crisis was preceded by a decade of red flags that went mostly ignored and global plans to transition from conventional energy sources to renewable options failed to address key issues, according to a chief executive of the world’s largest oil producer. Addressing the Schlumberger Digital Forum 2022 in Switzerland, Aramco CEO Amin Nasser said a lower energy supply is
US News DAR ES SALAAM – The sleepy Tanzanian port of Mtwara mainly dealt in cashew nuts until late last year. Now it bustles with vessels loading up with coal, as Russia’s invasion of Ukraine drives a worldwide race for the polluting fuel. Tanzania traditionally exports thermal coal only to neighbouring countries in east Africa; sending it further afield was
Investing OSLOMEJ – Balkan nations in southeast Europe are turning to coal as they try to tackle a global surge in energy prices, raising fears among environmentalists that countries are rowing back on commitments to phase out the most polluting fossil fuel. North Macedonia, once a frontrunner in attracting renewable energy investors, said earlier this month it planned to open
