INDUSTRY NEWS
French Strikes Disrupt Power Infrastructure
The ongoing protests are in response to President Emmanuel Macron's proposed changes to the pension system, including raising the retirement age by two years to 64. Macron aims to move past the pension reform and focus on other measures.
Congressional Inquiry Into Potential Ethics Lapses, Green Activism in Federal Commission
Congressional figures responsible for conducting oversight are in position to corral green activists who have burrowed into federal agencies while jeopardizing the domestic availability of energy.
Russia Becomes China’s Biggest Oil Supplier
China and India have emerged as major buyers of Russian crude after the war in Ukraine re-shaped global energy flows. Moscow has been offering its oil at discounted prices, a move to entice a shrinking pool of customers and widely welcomed by Asian buyers trying to control inflation.
Oil prices rebound after hitting lowest since 2021 on banking fears
Oil prices bounced up on Monday in volatile trade after diving to their lowest levels in 15 months as the market worried that risks in the global banking sector could spark a recession that would sap fuel demand.
Four Reasons For Europe’s Record-Breaking Drop In Natural Gas Demand
Record additions of solar and wind power helped lower gas demand, but record-high gas prices in the summer of 2022 also led to a lot of industry curtailments and lower consumption by industries and businesses, according to the IEA.
What Silicon Valley Bank’s Collapse Means for Climate Tech
As the buoyancy drained out of the tech sector last year, leading to almost 100,000 job cuts in the US, cleantech looked like a bright spot. Investors pumped some $59 billion into climate technology companies in 2022, more than the year before, across 1,182 deals tracked by researchers at BloombergNEF.
The Real Reason Why Automakers Slashed EV Prices
Tax credits and government subsidies have propped up the EV market to date as countries identify passenger car fleet electrification as a core tactic for meeting net-zero emissions goals, but the reduction or removal of these subsidies this year has dampened consumer sentiment.
Bank of England Will Cut Spending for its Work on Climate Change
The BOE’s climate work currently focuses on building ESG disclosure guidelines, preparing insurers for risks from rising global temperatures and getting banks to carbon-test their balance sheets.
Biden approves massive offshore oil project in Alaska, moves to bar future drilling in Arctic Ocean
The move came as Biden also signaled sweeping future action to bar offshore drilling on 2.8 million acres in the Arctic Ocean in an appeal to critics who said the president betrayed his commitment to fight climate change.
Global Liquid Fuel Production to Outpace Demand
n the STEO, which was released this week, the EIA projects that total world production will hit 101.47 million barrels per day this year and 103.02 million barrels per day next year. The STEO expects total world consumption to come in at 100.90 million barrels per day in 2023 and 102.69 million barrels per day in 2024.
Billionaires Give Cows New Year’s Resolutions to Stop Burping
Last month, three of the richest men alive joined investors to raise $12 million for Rumin8, an Australian startup that is shaking up cattle diets using supplements that reduce their methane emissions. Yet with the recent exponential increase in greenwashing, until Rumin8’s products are proven to be effective at a commercial scale, celebration would be premature.
Oil Prices Climb As China’s Manufacturing Data Stuns Markets
China’s oil demand is seen as the chief factor behind expectations for higher oil prices later in the year. A recent Reuters poll among economists showed most expect Brent crude to top $90 per barrel in the second half of the year. The respondents cited Chinese demand and Russian supply as factors.
Global Electric Vehicle Market Reeling
In the statement sent to Rigzone, Rystad stated that tax credits and government subsidies have propped up the electric vehicle market to date and noted that the reduction or removal of these subsidies this year has dampened consumer sentiment.
China is building six times more new coal plants than other countries
The report by energy data organizations Global Energy Monitor and the Centre for Research on Energy and Clean Air finds the country quadrupled the amount of new coal power approvals in 2022 compared to 2021.
House votes to kill Biden’s ‘woke’ ESG investment rule
The House voted Tuesday to kill the Biden administration’s controversial rule that encourages private retirement plan fiduciaries to consider environment, social and governance (ESG) factors when making investment decisions for tens of millions of Americans.
Oil Rebounds On Smaller Than Expected Crude Build
Crude oil inventories added 1.2 million barrels in the reporting period, the EIA said, adding that at 480.2 million barrels they were 9 percent above the five-year average for this time of the year.
How U.S. Shale Changed The Face Of Global Politics
In the early 2000s, a revolution was unfolding in the energy industry. Technological advancements in horizontal drilling and hydraulic fracturing had unlocked vast reserves of oil and natural gas trapped in shale rock formations deep beneath the earth's surface.
Why Is China Buying Up So Much U.S. Oil?
One of the most important bull thesis for crude in 2023 is that China, having permanently shelved its zero Covid policies, will unleash a global buying spree as the Chinese economy sharply roars back to life.
Freeport LNG Provides LNG Facility Update
In a statement posted on its website, Freeport LNG Development, L.P. has announced that it has received regulatory approval to commence commercial operations of its natural gas liquefaction and export facility.
Germany Plans To Have The World’s Fourth Largest LNG Import Capacity By 2030
Germany no longer receives Russian gas via Nord Stream, which was sabotaged in the autumn of 2022. Even before that, Russia had slashed pipeline flows via Nord Stream, citing Western sanctions that prevented gas turbine maintenance.