Recent months of compounding crises in the Middle East have exposed China's limited commitment and ability to play a leading role in the region, and as I explained here, Beijing isn't necessarily well-positioned to benefit from the newfound chaos. Finding Perspective: Since the beginning of Israel's ongoing war in Gaza, China has gradually taken a backseat toward the conflict. Beijing has used the large-scale humanitarian crisis and mounting civilian casualties in Gaza as an opportunity to blame... Читать дальше...
The Norwegian government has suffered a major setback in its bid to expand the country’s oil and gas production after the country’s Supreme Court ruled that three permits issued by the government to develop new offshore oil and gas fields are invalid because their environmental impact was not sufficiently assessed. Last year, Greenpeace Nordic and Natur og Ungdom filed a lawsuit with the Oslo District Court, seeking a temporary injunction for the three projects—Equinor ASA’s (NYSE:EQNR) Breidablikk…
Last week we learnt that 2023 was the world’s hottest year on record. Concerns about the temperature data from both the Met Office and the EU’s Climate Change Service comes as we have faced worsening flooding in the UK, wildfires across North America and prolonged droughts in East Africa. This extreme weather poses a risk to lives and livelihoods in the UK and around the world. It presents business and the City with serious challenges, but also opportunities to shape the future for the better. In this General Election year... Читать дальше...
The Philippines says it will go ahead with plans to build defense alliances with the U.S. and its Western allies in a bid to make it possible for the Southeast Asian nation to explore oil-and-gas-rich South China Sea. “I really do think it’s quite urgent that we start now,” Philippine’s Defence Secretary Gilberto Teodoro Jnr told Bloomberg News in an interview on Wednesday in his office in Manila, adding that oil exploration is “part of the package” of the country’s strategy to protect its…
Red Sea diversions mean container lines need more ships to carry the same amount of cargo. The security situation — which is even more precarious in the near term due to coalition air strikes in Yemen — has already driven spot container freight rates much higher. Now it is starting to push up the price container lines pay to rent ships. “This week saw a scramble for prompt tonnage,” said MB Shipbrokers (formerly Maersk Broker) in a market report on Friday, referring to ships that can be chartered immediately. Читать дальше...
Shell has begun hundreds of layoffs, sources with knowledge of the matter told Bloomberg on Thursday, as the supermajor looks to create more value through simplification and discipline. Positions in the low-carbon business will be the first to be eliminated, followed by additional job cuts in the corporate affairs division and project and technology departments, Bloomberg’s sources said. Last year, Shell said it plans to cut 15% of the 1,300 jobs in its Low Carbon Solutions business as it scales... Читать дальше...
Despite the continued escalation of tensions and conflicts in the Middle East and the diversion of LNG cargoes away from the Red Sea, natural gas prices in Europe and spot LNG prices in Asia have dropped to the lowest levels in years and months, respectively, even during peak winter season. Asian demand for LNG has rebounded this winter season, following weaker-than-expected import demand in the 2022/2023 season, while gas inventories in the region are relatively high. This would help the biggest Asian buyers... Читать дальше...
Global coal-fired power generation reached a record-high level in 2023, per data from environmental think tank Ember reported by Reuters columnist Gavin Maguire. As countries, especially in Asia, looked to meet growing electricity demand and ensure their energy security, coal use in power generation hit record highs. Per Ember data, global electricity generation from coal was 8,295 terawatt hours (TWh) between January and October, up by 1% compared to the same period in 2022. Meanwhile, global coal... Читать дальше...
Crude oil prices inched higher today after the U.S. Energy Information Administration reported an estimated inventory decline of 2.5 million barrels for the week to January 12. This compared with a moderate inventory build of 1.3 million barrels for the previous week, which also saw another round of massive increases in fuel inventories that drove prices lower at the time. For last week, the EIA also reported more inventory builds in gasoline and middle distillate stocks. In gasoline, the authority... Читать дальше...
