In The News

Oil, Gas Sector in Terminal Decline? OilPrice.com

Robert Rapier June 19, 2020
The rise of renewable energies and reduced energy consumption due to the Covid-19 pandemic may push fossil fuels into terminal decline, reports Robert Rapier. Global consumption of coal, while still growing, peaked in the developed world after being replaced by natural gas. Price pressure has accompanied intense production for oil and natural gas in recent years while consumers increasingly...

Unprecedented Wipeout for Oil: Bloomberg

Catherine Ngai, Olivia Raimonde and Alex Longley April 20, 2020
The Covid-19 pandemic stopped the global economy, and the price of future contracts for West Texas Intermediate crude oil, in May plunged into unprecedented negative territory. Brent and other pricing benchmarks also fell. Energy companies and distributors have no place to store oil, and there is no interest in crude contracts that require delivery, regardless of low price. “Underscoring just how...

Russia vs Saudi Arabia: Reuters

Davide Barbuscia and Darya Korsunskaya March 10, 2020
OPEC nations failed to reach agreement with a group of non-OPEC nations led by Russia to limit oil production and, in defiance, Saudi Arabia approved opening the pumps for full production, forcing prices to plummet. Stock prices of major oil companies also fall. Saudi Arabia and Russia have large financial cushions, but other countries and oil companies with debt could struggle. “The world’s top...

End of Oil Dependence and Geopolitics: BBC

James Landale January 4, 2020
Technological advances in renewable energy are putting purveyors of fossil fuels on notice. For example, solar energy is advancing with improved site locations, molten salt and mirrors. Battery and electric vehicle technologies are also advancing, and such developments will impact global politics, suggests James Landale. “From that moment, much of the history of the 20th Century can be seen...

US Kills Iranian Commander: Washington Post

Louisa Loveluck January 3, 2020
The United States used a drone to kill a group of Iranian commanders in Baghdad, including Maj. Gen. Qasem Soleimani, a powerful and popular leader of the elite Qud Force. “After a week in which frictions between the two countries had sparked a siege of Baghdad's U.S. Embassy by supporters of an Iranian-backed militia, Thursday's airstrike appeared to be aimed at crippling a force that...

Indonesia, EU and Palm Oil: Jakarta Post

Made Anthony Iswara December 29, 2019
The European Union labeles some palm oil as unsustainable, responsible for high rates of deforestation. Indonesia has filed a lawsuit with the World Trade Organization over EU renewable energy policy. The European Union plans to phase out use of biofuels by 2030, and Indonesia officials express concern that EU policy could “tarnish the image of palm oil products in global trade.” The EU insists...

Global Green Revolution for Africa: Guardian

Jillian Ambrose December 28, 2019
Africa is set to spearhead “the world’s cleanest economic revolution by using renewable energy sources to power a massive spread of urbanisation,” according to a recent report by the International Energy Agency. As a recent Guardian article confirms, according to the IEA, solar energy will power the continent’s population and industrial growth over the coming decades. Although the continent has...