energy crisis – Oil & Gas 360

Venezuela’s oil exports hit a 4-year peak on higher output, sales to US, India

November 1, 2024

(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

The energy crisis isn’t over, investment firm Guggenheim says

March 8, 2023

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

The energy crisis has sparked major investments in efficiency

December 2, 2022

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

WTO: Energy crisis will cause a slowdown in global trade growth

October 5, 2022

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

Energy CEO hits at ‘energy ignorance’ driving current policy: ‘Little hope of ending the crisis anytime soon’

September 21, 2022

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

Coal rush! Energy crisis fires global hunt for polluting fuel

September 20, 2022

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

Balkans turns to coal as energy crisis trumps climate commitments

April 19, 2022

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

Energy crisis divides European nations before emergency meeting

October 26, 2021

World Oil BRUSSELS (Bloomberg) –European Union energy ministers are set for another spat over how to cushion consumers and companies from soaring power and natural gas prices, with political and legal constraints leaving little room for immediate action. At an emergency meeting in Luxembourg on Tuesday, the ministers will discuss how the EU could complement measures already taken by member

Climate policies could spark an ‘even worse’ energy crisis, Saudi finance minister says

October 21, 2021

CNBC Saudi Arabia’s finance minister has told CNBC that an “even worse” energy crisis could be triggered if the world is not careful with its climate policies. “If we are not careful about what we are doing to achieve our targets, we may end up having [a] very serious energy crisis like what we are seeing now, and it could be

Energy crisis is wake up call for more investment, forum hears

October 20, 2021

Reuters NEW DELHI/LONDON, Oct 20 – The current energy crisis is a wake-up call for the need to invest more in the sector to avoid another energy supply crunch, Abu Dhabi National Oil Company (ADNOC) Chief Executive Sultan al-Jaber told a conference on Wednesday. The oil minister of India, the world’s third biggest oil consumer and importer, echoed Jaber’s comments,

Energy crisis makes multi-year contracts fashionable again

October 19, 2021

World Oil Energy crisis makes multi-year energy contracts fashionable again. (Bloomberg) –U.S. manufacturers and other large energy users are starting to lock in natural gas and power costs for at least three years or longer to buffer against price surges this winter, a practice that went out of vogue with the shale boom. With gas prices more than doubling from

EQT’s CEO calls for more American shale investment to end energy crisis

October 15, 2021

World Oil (Bloomberg) –The largest U.S. natural gas driller is using the global energy crisis to renew his call for more investment in domestic infrastructure such as pipelines, which he says will enable increased exports and ease shortages. U.S. gas drillers could increase supplies by about 20% if not for pipeline and export constraints, EQT Corp. CEO Toby Rice said

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