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Growth in Low-Emissions Power Expected to Cover Demand – IEA

CDN and International News, Latest, Renewable Energy, Solar, Wind / By

(Reuters) – Power generated from low-emissions sources, such as wind, solar and nuclear, will be adequate to meet growth in global demand for the next three years, the International Energy Agency (IEA) said, adding power sector emissions are on the decline. Following record growth, electricity generation from low-emissions sources will account for almost half of …

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OPEC’s Mission for 2024 is Looking Even Tougher

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC / By

International Energy Agency data shows the cartel and its allies may need to restrain supplies all year. OPEC’s mission to defend oil prices this year is starting to look even harder. The cartel and its allies launched new production cuts this month to stave off a global oil surplus, and group leader Saudi Arabia said …

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Gas Exporting Group Sees Tight Global LNG Markets Until 2026

CDN and International News, Conventional Energy, Latest, LNG / By

The Gas Exporting Countries Forum (GECF) sees tight global liquefied natural gas (LNG) markets until 2026 as demand rises 1.5% this year and by up to 22% through 2050, the group’s secretary general, Mohamed Hamel, said on Monday at a conference in Trinidad and Tobago. The GECF represents natural gas exporters including Qatar, Russia and …

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Saudi Arabia’s November Crude Exports Hit 5-Month High

CDN and International News, Conventional Energy, Latest, Oil / By

Saudi Arabia’s crude oil exports in November climbed to their highest level in five months and marked a third straight rise, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world’s largest oil exporter rose 0.6% to 6.336 million barrels per day (bpd) from 6.297 million bpd in October. …

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Chevron Seeks to Sell Canadian Duvernay Shale Assets After Hess Purchase

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Chevron Corp. has begun marketing its Duvernay shale holdings in Alberta as the oil giant divests assets following its agreement to buy Hess Corp. Chevron plans to shed all of its 70% stake in the Western Alberta oil and natural gas play, spokesman Braden Reddall said in an email. Other assets in Canada won’t be …

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China Defies Sanctions to Make Russia its Biggest Oil Supplier in 2023

CDN and International News, Conventional Energy, Latest, Oil / By

BEIJING, Jan 20 (Reuters) – Russia leapfrogged Saudi Arabia to become China’s top crude oil supplier in 2023, data showed on Saturday, as the world’s biggest crude importer defied Western sanctions to purchase vast quantities of discounted oil for its processing plants. Russia shipped a record 107.02 million metric tons of crude oil to China …

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Norway Loses Court Battle With Climate Groups on Oil Fields

CDN and International News, Conventional Energy, Latest, Oil / By

Source: Equinor Climate activists won a court case in Norway against the state over development plans at a handful of oil and gas fields under the sea off the Nordic country’s coast. Greenpeace Norway and Young Friends of the Earth argued that development plans at the Breidablikk, Tyrving and Yggdrasil fields, approved by the ministry …

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Cheap Russian Oil Cuts OPEC’s Share of India Imports to Record-Low 50%

CDN and International News, Conventional Energy, Latest, Oil / By

The annual share of OPEC’s oil in India’s crude imports fell to its lowest level ever in 2023 while that of discounted Russian barrels surged to an all-time high, data obtained from trade and industry sources show. India, the world’s third-biggest oil importer and consumer, has long relied on the nearby middle eastern nations for …

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IEA Raises 2024 Oil Demand Forecast But Lags OPEC View

CDN and International News, Conventional Energy, Latest, Oil, Tri-Pinned / By

Summary Raises demand growth projection by 180,000 bpd World supply growth in 2024 to exceed demand growth IEA demand forecast remains lower than OPEC’s projection Sees supply surplus in Q2 if OPEC+ unwinds cuts LONDON, Jan 18 (Reuters) – The International Energy Agency (IEA) has again raised its 2024 global oil demand growth forecast, though …

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Global Gas, LNG Prices to Remain Relatively Weak in 2024 Amid Subdued Demand – WoodMac

CDN and International News, Conventional Energy, Latest, LNG, Natural Gas / By

Global prices of gas and liquefied natural gas (LNG) are expected to remain relatively weak in 2024, with demand subdued due to high storage levels in Europe and Asia and a mild Northern Hemisphere winter, consultancy Wood Mackenzie said on Wednesday. “Wood Mackenzie has been forecasting lower 2024 prices for much of last year, especially compared …

Global Gas, LNG Prices to Remain Relatively Weak in 2024 Amid Subdued Demand – WoodMac Read More »

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