Global oil markets are firming up rapidly and it looks as if the gloomy forecasts of a high price scenario for next year may come true. Both Goldman Sachs and Citibank have predicted that crude oil will touch 100 dollars per barrel by the end of 2024. The hardening trend has arisen after Saudi Arabia […]
New partnership signed to support developing countries in their renewable energy deployment – EQ Mag Pro
Vienna, Austria / Abu Dhabi, United Arab Emirates : The International Renewable Energy Agency (IRENA) and the OPEC Fund for International Development (OPEC Fund) are ramping up efforts to advance renewable energy investment and enable access to sustainable finance in emerging and developing economies. A Memorandum of Understanding signed today in Vienna by IRENA’s Director-General […]
Crude oil price above $90/bbl for first time since 2014 – EQ Mag Pro
The crude oil price is at USD 90 per barrel for the US crude and the Brent is trading at USD 91.5 per bbl. This is the seventh weekly gain for the crude oil prices and has seen 26 percent of gains in the last seven weeks for the crude prices. While the Organisation of […]
Electric Vehicle Sales Set To Jump 80% In 2021 – EQ Mag Pro
Passenger electric vehicle sales are set to jump over 80 per cent in 2021 to 5.6 million units, off the back of unprecedented industry and government commitments around the world over the last two years, according to the Zero-Emission Vehicles Factbook, a special report published on Wednesday by BloombergNEF (BNEF), at the request of the […]
Opec Member Urges Oil Producers to Focus More on Renewable Energy – EQ Mag Pro
Iraqi minister and International Energy Agency chief urge countries to move away from fossil fuel dependency. Without help for oil-producing countries, net zero by 2050 is a distant dream. The finance minister of Iraq, one of the founding members of the global oil cartel Opec, has made an unprecedented call to fellow oil producers to […]
Climate Policies Could Hand Power And Profits Back to OPEC
The Western rush to replace oil has Gulf producers laughing all the way to the bank. By Ellen R. Wald, a non-resident senior fellow at the Atlantic Council’s Global Energy Center and president of Transversal Consulting, and Jonathan H. Ferziger, a Jerusalem-based nonresident senior fellow at the Atlantic Council and a former Middle East correspondent. […]
Mozambique Launches Construction of $1 Bln Power Plant, Transmission Line
Upon completion, the gas-to-power Temane Thermal Power Plant will have a capacity of 450 megawatts. MAPUTO : Mozambique on Monday began construction of gas-to-power plant and transmission line projects worth $1 billion in the southern province of Inhambane as the government aims to boost energy supply. The World Bank is one of the financing partners […]
OPEC Fund Helps Finance Egypt’s Largest Private Solar Plant
OPEC’s Fund for International Development is among a group of development banks providing $114 million of loans to build the largest privately owned solar plant in Egypt. ACWA Power’s 200-megawatt Kom Ombo site also received funding from the European Bank for Reconstruction and Development, the African Development Bank, the Green Climate Fund and Jordan’s Arab […]
Saudi Arabia sees over $200 billion in savings from energy reforms plan: FinMin
Saudi Arabia could save over $200 billion over the next decade by replacing liquid fuel used for domestic consumption with gas and renewable energy sources, the finance minister said, as the kingdom seeks to cut costs to fund investments. The world’s top oil exporter has embarked on an ambitious reforms programme in recent years to […]
OPEC doesn’t see peak oil demand
PARIS: The coronavirus crisis has sparked talk that the world might have reached peak oil demand but the OPEC group sees crude consumption continuing to grow during the next quarter century, driven in large part by greater use of cars in developing countries. In its latest forecasts, released on Thursday, OPEC sees surprisingly little […]
