Marked by fresh geopolitical tensions amid Omicron concern, Brent crude oil prices have hit the highest level in more than seven-year.

Brent oil hits highest level in over seven years

Nearly two years ago, the world’s oil producers slammed on the brakes and drastically cut production as the pandemic gripped the world’s economies. The sharp pullback came with an implicit promise that as factories reopened and planes returned to the air, the oil industry would revive, too, gradually scaling up production to help economies return to pre-pandemic health.

It is not exactly turning out that way. Oil producers are finding it harder than expected to ramp up output. Members of the cartel OPEC Plus, which agreed to cut output by about 10 million barrels a day in early 2020, are routinely falling well short of their rising monthly production targets.

“In a lot of places, once output has been reduced, it is not easy to bring it back,” said Richard Bronze, head of geopolitics at Energy Aspects, a London-based research firm.

Production in the United States, the world’s largest oil producer, has also been slow to recover from its 1-million-barrel-a-day plummet in 2020, as companies and investors are wary of committing money amid climate change concerns and volatile prices. The Energy Information Administration forecasts that U.S. crude output in 2022, while rising, is likely to average 500,000 barrels a day below 2019 levels.

This global pattern of lagging production has helped push oil prices to seven-year highs, stoking inflation, which has become a political issue in the United States and elsewhere. Brent crude, the international standard, is close to $84 a barrel, while West Texas Intermediate, the U.S. benchmark, is selling for close to $82.

A prolonged period when more oil has been consumed than pumped has drained tank farms to low levels. Investment in new drilling for new oil has also fallen to multiyear lows, though it is expected to pick up this year. At the same time, demand is expected to grow strongly, reaching pre-pandemic levels this year.

“The oil market appears to be heading for a period with little margin of safety,” Martijn Rats, an analyst at Morgan Stanley, the investment bank, wrote in a recent note to clients.

The gap between the target announced by OPEC Plus, which makes up nearly half the world’s oil output, and actual output seems to be growing. The International Energy Agency, a Paris-based forecasting group, pegged the shortfall of the 19 OPEC Plus countries covered by quotas at 650,000 barrels a day for November. Energy Aspects forecasts that the deficit will reach just over 1 million barrels a day this month, or 1% of world supplies, and will probably increase later in the year.

That deficit could be problematic because policymakers and some analysts may be overestimating how much more oil the group can add.

“OPEC Plus has been viewed as the main place that additional supply is going to come from,” Bronze said.

Of course, higher prices are likely to encourage a substantial increase of shale oil production in the United States. The tight market also gives Washington an incentive to lift sanctions on sales of Iranian oil by reaching a deal on Iran’s nuclear program.

Forecasters are split on the oil outlook, with the International Energy Agency saying in its most recent monthly report in December that “much-needed relief for tight markets is on the way.” The Energy Information Administration has forecast that oil prices will fall later this year.

Still, undershooting by countries like Nigeria and Angola has become the norm as their oil industries struggle. A variety of factors are causing production in some countries to fall short, including political turmoil, outmoded regulatory regimes and pressures on international oil companies to rethink their investments so as to bolster profits and reduce carbon emissions. That shift could leave developing countries that depend on oil income out in the cold.

“There are many basins that are simply of no interest anymore,” said Gerald Kepes, president of Competitive Energy Strategies, a consulting firm, referring to petroleum-bearing regions. In the eyes of international oil companies, even a country like Nigeria, Africa’s largest producer, “doesn’t make the cut,” he added.

Oil industry giants for decades courted Nigeria, investing billions of dollars, but production has been slipping. In November, the country was supposed to pump about 1.6 million barrels a day but missed that target by more than 300,000 barrels a day, according to the International Energy Agency.

A welter of problems lie behind the shortfall. Nigeria’s industry is plagued by damage to infrastructure caused by oil thieves and others, problems that have worsened in recent months, according to the industry.

International companies including Shell, which has long been a major investor in Nigeria, are gradually reducing their presence in swampy areas where their installations are vulnerable. They are being replaced by smaller companies with less capital to spend, analysts say.

Without investment in drilling and technology, even the best-endowed oil states will see their output dwindle. A case in point is troubled Venezuela, where, amid neglect of the industry, production has shrunk to relatively minuscule levels of less than 1 million barrels a day — less than one-tenth of Saudi Arabia’s output — despite claims to have the world’s largest reserves, about 300 billion barrels.

Kuwait, a wealthy Persian Gulf oil state, has seen its capacity to produce decline about 18% over three years. Kamel al-Harami, a Kuwaiti analyst, said that the domestic industry “does not have the experience and the expertise to deal with old and aged oil fields” but that public opinion is resistant to bringing in international companies.

Even Russia, which is roughly tied with Saudi Arabia as the leading producer in OPEC Plus, is close to the short-term limit of what it can produce, analysts say. Saudi Arabia, on the other hand, produces about 10% of the oil on the world’s market and could produce more.

“Most OPEC producers are becoming capacity-constrained,” said Bill Farren-Price, director of intelligence at Enverus, an energy market research firm. “But Saudi Arabia is a different story. Its appetite for active oil market management is undiminished,” he added.

Each month since the pandemic hit, OPEC Plus members have met to set output quotas. Following a schedule agreed to in July, the group plans to raise the overall output by 400,000 barrels a day each month, even though they are missing the targets.

Stung by gasoline prices that have risen about 40% in the last year, the White House has leaned on the Saudis and their allies to go faster in opening up the throttle, but OPEC officials have so far been unwilling to lower the quotas of those who are not able to hit targets and reassign them to other countries.

“We have to keep what they are allotted,” Prince Abdulaziz bin Salman, the Saudi oil minister, told journalists late last year. The alternative, he added, would be a monthly debate over “who gets what.”

Analysts say Saudi officials do not want to unilaterally increase output and risk busting up the arrangement with other producers that gives them so much control. In addition, the lagging countries serve as a stealthy way to trim the cartel’s output, helping the Saudis enjoy high prices while increasing their own production.

And time may not be on the side of the Biden administration and others urging more oil on the markets. As producers reach the limits of what they can make in the coming months, “it is going to be less and less impactful to demand that OPEC add more,” Bronze said.

Nearly two years ago, the world’s oil producers slammed on the brakes and drastically cut production as the pandemic gripped the world’s economies. The sharp pullback came with an implicit promise that as factories reopened and planes returned to the air, the oil industry would revive, too, gradually scaling up production to help economies return to pre-pandemic health.

Nearly two years ago, the world’s oil producers slammed on the brakes and drastically cut production as the pandemic gripped the world’s economies. The sharp pullback came with an implicit promise that as factories reopened and planes returned to the air, the oil industry would revive, too, gradually scaling up production to help economies return to pre-pandemic health. It is not exactly turning out that way. Oil producers are finding it harder than expected to ramp up output. Members of the cartel OPEC Plus, which agreed to cut output by about 10 million barrels a day in early 2020, are routinely falling well short of their rising monthly production targets. “In a lot of places, once output has been reduced, it is not easy to bring it back,” said Richard Bronze, head of geopolitics at Energy Aspects, a London-based research firm. Production in the United States, the world’s largest oil producer, has also been slow to recover from its 1-million-barrel-a-day plummet in 2020, as companies and investors are wary of committing money amid climate change concerns and volatile prices. The Energy Information Administration forecasts that U.S. crude output in 2022, while rising, is likely to average 500,000 barrels a day below 2019 levels. This global pattern of lagging production has helped push oil prices to seven-year highs, stoking inflation, which has become a political issue in the United States and elsewhere. Brent crude, the international standard, is close to $84 a barrel, while West Texas Intermediate, the U.S. benchmark, is selling for close to $82. A prolonged period when more oil has been consumed than pumped has drained tank farms to low levels. Investment in new drilling for new oil has also fallen to multiyear lows, though it is expected to pick up this year. At the same time, demand is expected to grow strongly, reaching pre-pandemic levels this year. “The oil market appears to be heading for a period with little margin of safety,” Martijn Rats, an analyst at Morgan Stanley, the investment bank, wrote in a recent note to clients. The gap between the target announced by OPEC Plus, which makes up nearly half the world’s oil output, and actual output seems to be growing. The International Energy Agency, a Paris-based forecasting group, pegged the shortfall of the 19 OPEC Plus countries covered by quotas at 650,000 barrels a day for November. Energy Aspects forecasts that the deficit will reach just over 1 million barrels a day this month, or 1% of world supplies, and will probably increase later in the year. That deficit could be problematic because policymakers and some analysts may be overestimating how much more oil the group can add. “OPEC Plus has been viewed as the main place that additional supply is going to come from,” Bronze said. Of course, higher prices are likely to encourage a substantial increase of shale oil production in the United States. The tight market also gives Washington an incentive to lift sanctions on sales of Iranian oil by reaching a deal on Iran’s nuclear program. Forecasters are split on the oil outlook, with the International Energy Agency saying in its most recent monthly report in December that “much-needed relief for tight markets is on the way.” The Energy Information Administration has forecast that oil prices will fall later this year. Still, undershooting by countries like Nigeria and Angola has become the norm as their oil industries struggle. A variety of factors are causing production in some countries to fall short, including political turmoil, outmoded regulatory regimes and pressures on international oil companies to rethink their investments so as to bolster profits and reduce carbon emissions. That shift could leave developing countries that depend on oil income out in the cold. “There are many basins that are simply of no interest anymore,” said Gerald Kepes, president of Competitive Energy Strategies, a consulting firm, referring to petroleum-bearing regions. In the eyes of international oil companies, even a country like Nigeria, Africa’s largest producer, “doesn’t make the cut,” he added. Oil industry giants for decades courted Nigeria, investing billions of dollars, but production has been slipping. In November, the country was supposed to pump about 1.6 million barrels a day but missed that target by more than 300,000 barrels a day, according to the International Energy Agency. A welter of problems lie behind the shortfall. Nigeria’s industry is plagued by damage to infrastructure caused by oil thieves and others, problems that have worsened in recent months, according to the industry. International companies including Shell, which has long been a major investor in Nigeria, are gradually reducing their presence in swampy areas where their installations are vulnerable. They are being replaced by smaller companies with less capital to spend, analysts say. Without investment in drilling and technology, even the best-endowed oil states will see their output dwindle. A case in point is troubled Venezuela, where, amid neglect of the industry, production has shrunk to relatively minuscule levels of less than 1 million barrels a day — less than one-tenth of Saudi Arabia’s output — despite claims to have the world’s largest reserves, about 300 billion barrels. Kuwait, a wealthy Persian Gulf oil state, has seen its capacity to produce decline about 18% over three years. Kamel al-Harami, a Kuwaiti analyst, said that the domestic industry “does not have the experience and the expertise to deal with old and aged oil fields” but that public opinion is resistant to bringing in international companies. Even Russia, which is roughly tied with Saudi Arabia as the leading producer in OPEC Plus, is close to the short-term limit of what it can produce, analysts say. Saudi Arabia, on the other hand, produces about 10% of the oil on the world’s market and could produce more. “Most OPEC producers are becoming capacity-constrained,” said Bill Farren-Price, director of intelligence at Enverus, an energy market research firm. “But Saudi Arabia is a different story. Its appetite for active oil market management is undiminished,” he added. Each month since the pandemic hit, OPEC Plus members have met to set output quotas. Following a schedule agreed to in July, the group plans to raise the overall output by 400,000 barrels a day each month, even though they are missing the targets. Stung by gasoline prices that have risen about 40% in the last year, the White House has leaned on the Saudis and their allies to go faster in opening up the throttle, but OPEC officials have so far been unwilling to lower the quotas of those who are not able to hit targets and reassign them to other countries. “We have to keep what they are allotted,” Prince Abdulaziz bin Salman, the Saudi oil minister, told journalists late last year. The alternative, he added, would be a monthly debate over “who gets what.” Analysts say Saudi officials do not want to unilaterally increase output and risk busting up the arrangement with other producers that gives them so much control. In addition, the lagging countries serve as a stealthy way to trim the cartel’s output, helping the Saudis enjoy high prices while increasing their own production. And time may not be on the side of the Biden administration and others urging more oil on the markets. As producers reach the limits of what they can make in the coming months, “it is going to be less and less impactful to demand that OPEC add more,” Bronze said.

Oil producers aren’t keeping up with demand, causing prices to stay high

US oil prices rose sharply yesterday climbing above $81 a barrel for the first time in two months. Crude closed at $81.22 a barrel, up nearly four percent on the day now it's the highest level for oil since November.

US crude oil prices climb to two-month high

OPEC+ production group is expected to stick to its plans to increase output in February when it meets on Tuesday.

OPEC+ expected to stick with planned February output increase

India is all set to sign a long-dragging deal with Sri Lanka to jointly develop oil tank farm in the island’s north-eastern Trincomalee province, making its entry into the ‘China Bay’, according to reports.

The signing of the deal will reflect a positive sign, amidst strained relationship between the two countries.

The timing&nbsp;of the deal comes amid tensions between Sri Lanka and China over a contaminated consignment of organic fertiliser.

<img alt="An aerial view of oil tank farm in north-eastern Trincomalee province " data-entity-type="file" data-entity-uuid="f492eb9c-d7b8-4790-8e7b-86a86027edde" src="//cdn.wionews.com/sites/default/files/inline-images/gt3.jpeg" />

Sri Lankan energy minister Udaya Gammanpila told Indian newspaper The Hindu that New Delhi and Colombo are close to finalising the terms of the project after negotiating for 16 months.

Watch:&nbsp;Gravitas |&nbsp;India and Sri Lanka to jointly develop oil farms in Trincomalee Harbour

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-india-and-sri-lanka-to-jointly-develop-oil-farms-in-trincomalee-harbour-441039/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

“We don’t have a Cabinet meeting this week because of the holidays. We will get the decision ratified in the next one,” Gammanpila was quoted as saying.

The Trincomalee oil tank farm, located in 'China Bay', was built during the Second World War by the British to serve as a refuelling station.

The nearly century-old oil tanks need an urgent overhaul, which might cost of millions of dollars, if they are to be fit for use again.
<img alt="Indian foreign secretary Harsh Vardhan Shringla " data-caption="Indian foreign secretary Harsh Vardhan Shringla&amp;nbsp;standing near one of the storage tanks run by India" data-entity-type="file" data-entity-uuid="74bc4d82-2559-449f-85ff-40900c35b29a" src="//cdn.wionews.com/sites/default/files/inline-images/gt2.jpeg" />
According to local media reports, the Trincomalee oil farm&nbsp;has 99 storage tanks with a capacity of 12,000 kilolitres each and spread across the Upper Tank Farm and the Lower Tank Farm, where LIOC— a subsidiary of Indian Oil Corporation— currently runs 15 tanks.

The new agreement being negotiated pertains to the remaining tanks.

The deal is part of the 1987 India-Sri Lanka Accord, whereby it was decided that the work of refurbishing the tank would be undertaken jointly by the two countries.

But the deal never came to fruition because of the civil war in Sri Lanka, where the government was fighting against local Tamil insurgents.

(With inputs from agencies)

India is all set to sign a long-dragging deal with Sri Lanka to jointly develop oil tank farm in the island’s north-eastern Trincomalee province, making its entry into the ‘China Bay’, according to reports.

India is all set to sign a long-dragging deal with Sri Lanka to jointly develop oil tank farm in the island’s north-eastern Trincomalee province, making its entry into the ‘China Bay’, according to reports. The signing of the deal will reflect a positive sign, amidst strained relationship between the two countries. The timing of the deal comes amid tensions between Sri Lanka and China over a contaminated consignment of organic fertiliser. Sri Lankan energy minister Udaya Gammanpila told Indian newspaper The Hindu that New Delhi and Colombo are close to finalising the terms of the project after negotiating for 16 months. Watch: Gravitas | India and Sri Lanka to jointly develop oil farms in Trincomalee Harbour “We don’t have a Cabinet meeting this week because of the holidays. We will get the decision ratified in the next one,” Gammanpila was quoted as saying. The Trincomalee oil tank farm, located in 'China Bay', was built during the Second World War by the British to serve as a refuelling station. The nearly century-old oil tanks need an urgent overhaul, which might cost of millions of dollars, if they are to be fit for use again. According to local media reports, the Trincomalee oil farm has 99 storage tanks with a capacity of 12,000 kilolitres each and spread across the Upper Tank Farm and the Lower Tank Farm, where LIOC— a subsidiary of Indian Oil Corporation— currently runs 15 tanks. The new agreement being negotiated pertains to the remaining tanks. The deal is part of the 1987 India-Sri Lanka Accord, whereby it was decided that the work of refurbishing the tank would be undertaken jointly by the two countries. But the deal never came to fruition because of the civil war in Sri Lanka, where the government was fighting against local Tamil insurgents. (With inputs from agencies)

India to enter Sri Lanka's ‘China Bay’ with Trincomalee oil farm deal

With the projection of Omicron being a milder COVID variant than Delta and its limited impact on fuel demand, oil prices rise. Prices extend gain from last Friday.

Oil prices rise with Omicron's projected limited impact on fuel demand

Israel has blocked a major deal with the UAE which was to transport oil from the Gulf to Europe via an Israeli port city that houses fragile coral reefs, the announcement not could lead to the cancellation of the deal.

Israel blocks oil pipeline deal with UAE

US bank JP Morgan, in a new report, has revealed that the oil prices could surge by 66 per cent in 2022, which is US $125 per barrel. Crude oil could cost as much as US $150 per barrel by 2023.

As per Christyan Malek, JP Morgan's head of oil and gas research, the main issue&nbsp;is that the OPEC nations have plenty of oil, however, they don't have the logistics to deliver it quickly.&nbsp;

JP Morgan estimates that OPEC's real spare capacity stands at 2 million barrels per day next year. The American bank said that OPEC's spare capacity equates to 4 per cent of total capacity. This is a decrease from an average of 14 per cent between 1995 and 2020. When this amount gets even lower, oil prices will surge.

<a href="https://www.wionews.com/world/stocks-tumble-oil-prices-slump-amid-concerns-over-new-virus-variant-432211">Also read |&nbsp;Stocks tumble, oil prices slump amid concerns over new virus variant</a>

Oil prices have hit a low in the past few days due to the new Covid variant - Omicron. Investors have been fearing that if a lockdown is imposed, it would reduce travel and therefore lower demand for oil. However, JP Morgan believes that there will be no reduction in travels. "We believe the market may overestimate the impacts of the recent emergence of the Omicron variant of COVID-19 on oil prices during the US holiday period," it said.&nbsp;

On Friday, stock markets and oil prices hit a new low over fears of a new coronavirus variant. "It's Black Friday today for the retailers, but it's 'Red Friday' right now for the stock market," said Patrick O'Hare at Briefing.com.&nbsp;

Justin Tang at United First Partners said that, "The world has gone through this before" with the Delta variant. "Mutations are expected and not something unknown," he said.

(With inputs from agencies)

US bank JP Morgan, in a new report, has revealed that the oil prices could surge by 66 per cent in 2022, which is US $125 per barrel. Crude oil could cost as much as US $150 per barrel by 2023.

US bank JP Morgan, in a new report, has revealed that the oil prices could surge by 66 per cent in 2022, which is US $125 per barrel. Crude oil could cost as much as US $150 per barrel by 2023. As per Christyan Malek, JP Morgan's head of oil and gas research, the main issue is that the OPEC nations have plenty of oil, however, they don't have the logistics to deliver it quickly. JP Morgan estimates that OPEC's real spare capacity stands at 2 million barrels per day next year. The American bank said that OPEC's spare capacity equates to 4 per cent of total capacity. This is a decrease from an average of 14 per cent between 1995 and 2020. When this amount gets even lower, oil prices will surge. Also read | Stocks tumble, oil prices slump amid concerns over new virus variant Oil prices have hit a low in the past few days due to the new Covid variant - Omicron. Investors have been fearing that if a lockdown is imposed, it would reduce travel and therefore lower demand for oil. However, JP Morgan believes that there will be no reduction in travels. "We believe the market may overestimate the impacts of the recent emergence of the Omicron variant of COVID-19 on oil prices during the US holiday period," it said. On Friday, stock markets and oil prices hit a new low over fears of a new coronavirus variant. "It's Black Friday today for the retailers, but it's 'Red Friday' right now for the stock market," said Patrick O'Hare at Briefing.com. Justin Tang at United First Partners said that, "The world has gone through this before" with the Delta variant. "Mutations are expected and not something unknown," he said. (With inputs from agencies)

Oil price could rise to $125 per barrel in 2022, warns US bank JP Morgan

California's oil spill crisis has taken a bit of a toll on the commercial fishing industry and it is also affecting the tourism industry. It's been two months since the incident occurred.

United States: Officials to meet to evaluate oil crisis

The Biden administration has announced the release of strategic oil reserves but the US is not alone here. Joining Washington are India, Japan, South Korea, China, and the UK.

United States: Emergency oil release to lower fuel prices

United States: US plan could strain ties between Washington and Riyadh

The Biden administration has leased millions of acres in the Gulf of Mexico for oil and gas drilling, days after President Joe Biden asserted in the climate summit in Glasgow that US would “lead by example” in tackling climate change.

Environmental activists have called the move “reckless”, saying it will lock in years, and potentially decades, of planet-heating emissions.

The lease sale has the potential to emit more than 516 million metric tons of greenhouse gas emissions into the atmosphere — the equivalent to annual emissions of 130 coal-fired power plants or 112 million cars, according to the Center of Biological Diversity, an NGO based in Arizona, US.

Even Biden’s Democratic allies were surprised with the auction.

“This administration went to Scotland and told the world that America’s climate leadership is back, and now it’s about to hand over 80m acres of public waters in the Gulf of Mexico to fossil fuel companies,” Guardian quoted Raul Grijalva, chair of the House natural resources committee, as saying.

Also read |<a href="https://www.wionews.com/world/us-will-reduce-emissions-by-50-52-below-2005-levels-by-2030-says-biden-at-cop26-425923">&nbsp;US will reduce emissions by 50-52% below 2005 levels by 2030, says Biden at COP26</a>

“The&nbsp;lease sale is a step in the wrong direction, and the administration needs to do better,” he added.

The Department of the Interior, which oversees public lands and waters, has estimated that there is as much as 1.12 billion barrels of oil and 4.2 trillion cubic feet of gas available for extraction.

Also read |&nbsp;<a href="https://www.wionews.com/world/cop26-us-china-promoted-coal-phase-down-concept-then-why-is-india-getting-disproportionate-blame-for-it-429295">COP26: US, China promoted 'coal phase down' concept. Then why is India getting disproportionate blame for it?</a>

A separate lease sale offered by the government in Alaska’s Cook Inlet will offer up another 192m barrels of oil and 301bn cubic ft of gas to drillers, according to the Guardian.

Watch | It's official! America is a Climate Hypocrite | US to sell gas fields in 'Gulf Of Mexico'

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/gravitas-its-official-america-is-a-climate-hypocrite-us-to-sell-gas-fields-in-gulf-of-mexico-430093/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

The US government had announced to auction 80 million acres, which is twice as large as Florida, but only 1.7 million were actually leased, with companies placing bids on just 308 out of about 15,000 blocks.

Thirty-three companies participated in the sale.&nbsp;

The firms&nbsp;will pay a total of nearly $192 million to drill in the water, in addition to royalties for what they extract.&nbsp;

Earlier this month at the UN climate summit in Glasgow, President Joe Biden had said that US&nbsp;"will demonstrate to the world" that it is "not only back at the table" but will "hopefully lead by the power of our example."

He reiterated that the US&nbsp;will cut back carbon emissions by 50 per cent - 52 per cent below 2005 levels by 2030.&nbsp;

"I know it hasn't been the case...Our administration is working overtime to show that our climate commitment is action, not words," he said.

(With inputs from agencies)

The Biden administration has leased millions of acres in the Gulf of Mexico for oil and gas drilling, days after President Joe Biden asserted in the climate summit in Glasgow that US would “lead by example” in tackling climate change.

The Biden administration has leased millions of acres in the Gulf of Mexico for oil and gas drilling, days after President Joe Biden asserted in the climate summit in Glasgow that US would “lead by example” in tackling climate change. Environmental activists have called the move “reckless”, saying it will lock in years, and potentially decades, of planet-heating emissions. The lease sale has the potential to emit more than 516 million metric tons of greenhouse gas emissions into the atmosphere — the equivalent to annual emissions of 130 coal-fired power plants or 112 million cars, according to the Center of Biological Diversity, an NGO based in Arizona, US. Even Biden’s Democratic allies were surprised with the auction. “This administration went to Scotland and told the world that America’s climate leadership is back, and now it’s about to hand over 80m acres of public waters in the Gulf of Mexico to fossil fuel companies,” Guardian quoted Raul Grijalva, chair of the House natural resources committee, as saying. Also read | US will reduce emissions by 50-52% below 2005 levels by 2030, says Biden at COP26 “The lease sale is a step in the wrong direction, and the administration needs to do better,” he added. The Department of the Interior, which oversees public lands and waters, has estimated that there is as much as 1.12 billion barrels of oil and 4.2 trillion cubic feet of gas available for extraction. Also read | COP26: US, China promoted 'coal phase down' concept. Then why is India getting disproportionate blame for it? A separate lease sale offered by the government in Alaska’s Cook Inlet will offer up another 192m barrels of oil and 301bn cubic ft of gas to drillers, according to the Guardian. Watch | It's official! America is a Climate Hypocrite | US to sell gas fields in 'Gulf Of Mexico' The US government had announced to auction 80 million acres, which is twice as large as Florida, but only 1.7 million were actually leased, with companies placing bids on just 308 out of about 15,000 blocks. Thirty-three companies participated in the sale. The firms will pay a total of nearly $192 million to drill in the water, in addition to royalties for what they extract. Earlier this month at the UN climate summit in Glasgow, President Joe Biden had said that US "will demonstrate to the world" that it is "not only back at the table" but will "hopefully lead by the power of our example." He reiterated that the US will cut back carbon emissions by 50 per cent - 52 per cent below 2005 levels by 2030. "I know it hasn't been the case...Our administration is working overtime to show that our climate commitment is action, not words," he said. (With inputs from agencies)

Days after promising to fight climate change, US auctions off oil and gas drilling lease in Gulf of Mexico

The Biden administration has asked some of the world`s largest oil consuming nations - including China, India and Japan - to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, according to several people familiar with the matter.

The unusual request comes as US&nbsp;President Joe Biden fends off political pressure over rising pump prices and other consumer costs driven by a rebound in economic activity from lows plumbed early in the coronavirus pandemic.

It also reflects US&nbsp;frustration with members of the Organization of the Petroleum Exporting Countries and its allies who have rebuffed repeated requests from Washington to speed up their production increases.

"We`re talking about the symbolism of the largest consumers of the world sending a message to OPEC that `you`ve got to change your behaviour," one of the sources said.

In Asia, where China said it is working on a crude release, oil prices extended declines prompted by the U.S. request, after settling on Wednesday further below seven-year highs struck in early October.

Biden and top aides have discussed the possibility of a coordinated release of stockpiled oil with close allies including Japan, South Korea and India, as well as with China, over the past several weeks, the sources said.

The US and allies have coordinated strategic petroleum reserve releases before, for example in 2011 during a war in OPEC member Libya.

But the current proposal represents an unprecedented challenge to OPEC, the cartel that has influenced oil prices for more than five decades, because it involves China, the world`s biggest importer of crude.

A Japanese industry ministry official said the United States has requested Tokyo`s cooperation in dealing with higher oil prices, but he could not confirm whether the request included coordinated releases of stockpiles. By law, Japan cannot use reserve releases to lower prices, the official said.

A senior cabinet official declined to comment.

China`s state reserve bureau said it was working on a release of crude oil reserves although it declined to comment on the U.S. request.

A South Korean official confirmed the United States had asked Seoul to release some oil reserves.

"We are thoroughly reviewing the U.S. request, however, we do not release oil reserve because of rising oil prices. We could release oil reserve in case of supply imbalance, but not to respond to rising oil prices," the official said.

The U.S. share of any potential release of reserves would need to be more than 20 million to 30 million barrels to affect markets, according to a U.S. source who participated in the discussions. Such a release could be in the form of a sale or a loan from the U.S. Strategic Petroleum Reserve - or both.

The SPR was set up in the 1970s after the Arab Oil Embargo to ensure the United States has adequate supply to weather an emergency.

Several people familiar with the matter cautioned that negotiations over a coordinated supply release have not been finalized nor has any final decision been made about whether to pursue any specific course of action on oil prices.

The White House declined to comment on the detailed content of conversations with other countries.

After Reuters reported on the White House discussions, U.S. crude and global benchmark Brent slumped, with the latter dropping below 80% a barrel.&nbsp;

OPEC and other producers including Russia, known collectively as OPEC+, have been adding around 400,000 barrels per day to the market on a monthly basis, but have resisted Biden`s calls for more rapid increases, arguing the rebound in demand could be fragile.

OPEC Secretary General Mohammad Barkindo said on Tuesday he expected a global supply surplus to emerge as soon as December.

"These are signals that we have to be very, very careful," he told reporters.

Rising oil prices have vexed Biden ahead of the 2022 midterm elections which will determine whether his Democratic party maintains slim majorities in the U.S. Congress.

U.S. gasoline prices average $3.41 per gallon recently, according to AAA, more than 60% higher than a year ago as the economy has rebounded from the COVID-19 pandemic.

Several Biden aides attribute his falling public approval ratings in recent months to worsening inflation from energy to food and other areas. The consumer price index is up 6.2% over the last 12 months, with its energy components up 30%.

The Paris-based International Energy Agency, which monitors national SPRs for members that include the U.S. Japan and most western countries, declined to comment.

The IEA in the past has coordinated releases involving several countries.

The Biden administration has asked some of the world`s largest oil consuming nations - including China, India and Japan - to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, according to several people familiar with the matter.

The Biden administration has asked some of the world`s largest oil consuming nations - including China, India and Japan - to consider releasing crude stockpiles in a coordinated effort to lower global energy prices, according to several people familiar with the matter. The unusual request comes as US President Joe Biden fends off political pressure over rising pump prices and other consumer costs driven by a rebound in economic activity from lows plumbed early in the coronavirus pandemic. It also reflects US frustration with members of the Organization of the Petroleum Exporting Countries and its allies who have rebuffed repeated requests from Washington to speed up their production increases. "We`re talking about the symbolism of the largest consumers of the world sending a message to OPEC that `you`ve got to change your behaviour," one of the sources said. In Asia, where China said it is working on a crude release, oil prices extended declines prompted by the U.S. request, after settling on Wednesday further below seven-year highs struck in early October. Biden and top aides have discussed the possibility of a coordinated release of stockpiled oil with close allies including Japan, South Korea and India, as well as with China, over the past several weeks, the sources said. The US and allies have coordinated strategic petroleum reserve releases before, for example in 2011 during a war in OPEC member Libya. But the current proposal represents an unprecedented challenge to OPEC, the cartel that has influenced oil prices for more than five decades, because it involves China, the world`s biggest importer of crude. A Japanese industry ministry official said the United States has requested Tokyo`s cooperation in dealing with higher oil prices, but he could not confirm whether the request included coordinated releases of stockpiles. By law, Japan cannot use reserve releases to lower prices, the official said. A senior cabinet official declined to comment. China`s state reserve bureau said it was working on a release of crude oil reserves although it declined to comment on the U.S. request. A South Korean official confirmed the United States had asked Seoul to release some oil reserves. "We are thoroughly reviewing the U.S. request, however, we do not release oil reserve because of rising oil prices. We could release oil reserve in case of supply imbalance, but not to respond to rising oil prices," the official said. The U.S. share of any potential release of reserves would need to be more than 20 million to 30 million barrels to affect markets, according to a U.S. source who participated in the discussions. Such a release could be in the form of a sale or a loan from the U.S. Strategic Petroleum Reserve - or both. The SPR was set up in the 1970s after the Arab Oil Embargo to ensure the United States has adequate supply to weather an emergency. Several people familiar with the matter cautioned that negotiations over a coordinated supply release have not been finalized nor has any final decision been made about whether to pursue any specific course of action on oil prices. The White House declined to comment on the detailed content of conversations with other countries. After Reuters reported on the White House discussions, U.S. crude and global benchmark Brent slumped, with the latter dropping below 80% a barrel. OPEC and other producers including Russia, known collectively as OPEC+, have been adding around 400,000 barrels per day to the market on a monthly basis, but have resisted Biden`s calls for more rapid increases, arguing the rebound in demand could be fragile. OPEC Secretary General Mohammad Barkindo said on Tuesday he expected a global supply surplus to emerge as soon as December. "These are signals that we have to be very, very careful," he told reporters. Rising oil prices have vexed Biden ahead of the 2022 midterm elections which will determine whether his Democratic party maintains slim majorities in the U.S. Congress. U.S. gasoline prices average $3.41 per gallon recently, according to AAA, more than 60% higher than a year ago as the economy has rebounded from the COVID-19 pandemic. Several Biden aides attribute his falling public approval ratings in recent months to worsening inflation from energy to food and other areas. The consumer price index is up 6.2% over the last 12 months, with its energy components up 30%. The Paris-based International Energy Agency, which monitors national SPRs for members that include the U.S. Japan and most western countries, declined to comment. The IEA in the past has coordinated releases involving several countries.

US asks India, China, others to consider tapping oil reserves

The staff at Big Cabal, a media startup, wanted to ditch its diesel generator, but needed something to keep the office air conditioners running. The generator was noisy, expensive and, maybe worst of all, bad for the environment.

Hoping for a greener solution to its problem, Big Cabal in 2019 bought solar panels for its two-story office building.

But the leap to solar didn’t go according to plan — and the reasons illuminate the big challenges Africa faces from climate change. The region is rich in fossil fuels and is eager to use them to fix its notoriously unreliable power grids. But to slow global warming, nations must burn less oil and gas, not more. Meantime, Africa is heating up much faster than the rest of the world.

For starters, Big Cabal found that the solar panels cost about three times more than the generator in maintenance costs. And, even though the company’s finance manager, Sophia Abu, scouted for the most powerful units the company could afford, they still weren’t quite enough to run the air conditioners. So while Big Cabal’s staff, who write technology and culture news, sweltered in the summer heat, the AC units hummed cheerfully and pushed out warm air.

“We’ve had to buy more batteries, and more panels,” Abu said, as well as special air conditioners that work with solar inverters, devices that can accommodate battery storage.

Now, the diesel generator is back, screaming behind the office. The company switches between power from the local utility, the generator and the solar panels.

That juggling act gets to the heart of a big question facing African nations: Who gets to keep using fossil fuels, and for how long, during the transition to clean energy?

“When they say cut in Africa, what do they want to cut?” asked Titus Gwemende, Zimbabwe-based climate director at the Open Society Foundation, a grants organization. “There’s nothing to cut here. African countries are the ones on the receiving end of this problem. It’s the bigger emitters that should have the responsibility to cut,” he said. “We should be sensitive to history.”

A swift transition is crucial in the global fight against climate change. But not only would that be particularly costly in poorer nations, many African countries have an abundance of natural gas or other fossil fuels, and they argue forcefully that the rest of the world doesn’t have a right to tell them not to use it.

Proven crude oil reserves on the African continent total more than 100 billion barrels spanning 11 countries, with Libya and Nigeria among the 10 biggest producers globally. The region is rich in gas, too: Combined, Nigeria, Algeria and Mozambique hold about 6% of the world’s natural gas reserves.

As world leaders meet at COP26 in Glasgow, Scotland, some African leaders and activists are, for the first time, vocally opposing a speedier pivot to renewables for their countries. Instead, they are pressing for a slower transition, one that would embrace a continued reliance on fossil fuels — particularly natural gas, which burns more cleanly than coal or oil, but which still pumps planet-warming carbon dioxide into the atmosphere.

Their calls come at an awkward time.

This year alone, scientists and researchers have issued numerous reports showing the damage that the widespread burning of fossil fuels has caused to the climate over the decades. The scientific findings highlight the urgency of switching to cleaner energy if the world is to prevent global temperatures from rising 1.5 degrees Celsius from pre-industrial times, a target set by the Paris accord, the agreement among nations to slow climate change.

Beyond that temperature threshold, scientists say, the risk of calamities like deadly heat waves, water shortages and ecosystem collapse grows sharply.

But in order to hit that target and avert the worst climate catastrophes, analysts here say, African nations should be supported financially by wealthier ones as they seek alternative pathways to reducing emissions. When the time comes, Gwemende said, developed countries should also transfer technical knowledge on renewables to Africa.

Pulling Away the Ladder

Insisting that African countries transition more swiftly to renewables, some analysts say, is akin to developed nations using a ladder to climb a wall, then pulling it up before developing countries can do the same.

Under growing pressure to act, development banks and richer countries alike have been rolling back their support for fossil fuel projects like coal-burning power plants.

In 2017, the World Bank cut funding for projects like these and began to invest more in renewable energy projects. And in Glasgow, rich countries like Britain, the United States, Canada and Denmark have pledged to stop spending on fossil fuel projects abroad by 2022, barring some exemptions&lt;strong&gt;.&lt;/strong&gt;

So far, at least one gas project in Mozambique, a gas-rich country in southern Africa, will not be going ahead according to the Africa Energy Chamber, an advisory firm. Oil giant BP has said it will roll back its oil and gas production, including on the continent.

African leaders are voicing their displeasure. In several seminars at the Glasgow climate conference, as well as in opinion pieces in recent months, they’ve taken sharp jabs at these cutbacks.

“Efforts to restrict fossil fuel investments in Africa are even harder to stomach because many of the wealthy countries behind them — including Japan, the United Kingdom, and the United States — include natural gas in their own multidecade plans to transition to clean energy,” Yemi Osinbajo, Nigeria’s vice president, wrote in Foreign Affairs in the run-up to the talks, known as COP26.

Nigeria depends largely on gas for electricity, and on crude for revenue. “Climate action shouldn’t mean strangling all fossil fuel projects but rather facilitating the flow of capital to the countries that need it most,” Osinbajo wrote.

Sub-Saharan Africa contributes about 3% of global greenhouse gas emissions, among the lowest of the world’s regions. Yet African countries are particularly hard hit by the consequences of climate change. The region is warming faster than the global average and experiencing bigger increases in sea-level rise.

Parts of East Africa haven’t seen rain in years and are battling droughts. The Sahel region of West Africa has recorded a sharp rise in conflicts between farmers and herders caused by vegetation loss. And in southern Madagascar, families are boiling cactus leaves for food in what the United Nations is calling one of the world’s first famines induced by climate change.

Yet, at the same time, the development stakes are particularly high for the continent, which is home to some 1.2 billion people, half of whom don’t have access to electricity — a group equivalent to the entire population of the European Union.

The problems in electrification are wide-ranging and vary from country to country: Absence of power-generating capacity, absence of technical expertise, and widespread corruption.

There are plans, under the African Union, to rely largely on renewables by 2050 but only a handful of countries like South Africa, Egypt, Ethiopia and Morocco have high renewable capacities presently.

More Time, More Money

In the Lagos office, a ding announces a power cut. But the lights quickly blink on again, as the solar system takes over.

Big Cabal’s employees have settled into a routine with their complex mix of electricity sources. But it required much time and money.

It’s that time and money that African leaders say the continent needs more of, in order to make a transition to renewable power. Renewable technologies are expensive in almost all regions, but, on top of those costs, African countries also face the expenses of industrializing, providing better health care and building food and education systems.

However, getting world leaders to agree to keep funding oil and gas projects could prove difficult. In Glasgow, Britain and other rich countries have pledged to fund Africa with billions of dollars to increase warning systems, protect vulnerable communities in the Sahel, and, for coal-reliant South Africa, to help speed the transition to clean energy.

But some are not enthusiastic about the new announcements. The same countries promised $100 billion annually in 2009 to developing countries, but those funds have been slow to come. The announcements are only a first step, said Lily Odarno of the Clean Air Task Force, a Washington nonprofit. Until the money arrives, she said, “it’s better to wait and see.”

Meanwhile, the U.N.’s environmental agency says developing countries spend about $70 billion on adaptation costs — responding to floods and droughts, for example — annually.

Sidelining Africa’s concerns could have consequences, analysts say. Sub-Saharan Africa is expected to see doubled population growth rates by 2050 and Nigeria will overtake the United States to become the second-most-populous country in the world. Africa also has the fastest urban growth rate in the world. By 2050, these populations are likely to be using up a lot of energy, whether it is clean or not.

Some analysts argue that Africa’s leaders should, in fact, make faster progress on renewable energy, citing in particular the continent’s huge solar potential. Happy Khambule, a senior political adviser with Greenpeace Africa, said his organization rejected the calls to continue using fossil fuels on the continent and equated it with “burning up the house we all live in.”

But overall, the message from African leaders at this month’s Glasgow climate talks is that the continent should be able to stick with some fossil fuels as part of the transition, considering the region’s economic and historic realities.

“It will be a successful COP if the bulk of the action is done by countries outside the continent,” said Gwemende, of Open Society Foundation. “It will be successful if the moneys are dispensed by the big emitters. But our work should go beyond COP. There’s more work to do after.” 
&nbsp;

The staff at Big Cabal, a media startup, wanted to ditch its diesel generator, but needed something to keep the office air conditioners running. The generator was noisy, expensive and, maybe worst of all, bad for the environment.

The staff at Big Cabal, a media startup, wanted to ditch its diesel generator, but needed something to keep the office air conditioners running. The generator was noisy, expensive and, maybe worst of all, bad for the environment. Hoping for a greener solution to its problem, Big Cabal in 2019 bought solar panels for its two-story office building. But the leap to solar didn’t go according to plan — and the reasons illuminate the big challenges Africa faces from climate change. The region is rich in fossil fuels and is eager to use them to fix its notoriously unreliable power grids. But to slow global warming, nations must burn less oil and gas, not more. Meantime, Africa is heating up much faster than the rest of the world. For starters, Big Cabal found that the solar panels cost about three times more than the generator in maintenance costs. And, even though the company’s finance manager, Sophia Abu, scouted for the most powerful units the company could afford, they still weren’t quite enough to run the air conditioners. So while Big Cabal’s staff, who write technology and culture news, sweltered in the summer heat, the AC units hummed cheerfully and pushed out warm air. “We’ve had to buy more batteries, and more panels,” Abu said, as well as special air conditioners that work with solar inverters, devices that can accommodate battery storage. Now, the diesel generator is back, screaming behind the office. The company switches between power from the local utility, the generator and the solar panels. That juggling act gets to the heart of a big question facing African nations: Who gets to keep using fossil fuels, and for how long, during the transition to clean energy? “When they say cut in Africa, what do they want to cut?” asked Titus Gwemende, Zimbabwe-based climate director at the Open Society Foundation, a grants organization. “There’s nothing to cut here. African countries are the ones on the receiving end of this problem. It’s the bigger emitters that should have the responsibility to cut,” he said. “We should be sensitive to history.” A swift transition is crucial in the global fight against climate change. But not only would that be particularly costly in poorer nations, many African countries have an abundance of natural gas or other fossil fuels, and they argue forcefully that the rest of the world doesn’t have a right to tell them not to use it. Proven crude oil reserves on the African continent total more than 100 billion barrels spanning 11 countries, with Libya and Nigeria among the 10 biggest producers globally. The region is rich in gas, too: Combined, Nigeria, Algeria and Mozambique hold about 6% of the world’s natural gas reserves. As world leaders meet at COP26 in Glasgow, Scotland, some African leaders and activists are, for the first time, vocally opposing a speedier pivot to renewables for their countries. Instead, they are pressing for a slower transition, one that would embrace a continued reliance on fossil fuels — particularly natural gas, which burns more cleanly than coal or oil, but which still pumps planet-warming carbon dioxide into the atmosphere. Their calls come at an awkward time. This year alone, scientists and researchers have issued numerous reports showing the damage that the widespread burning of fossil fuels has caused to the climate over the decades. The scientific findings highlight the urgency of switching to cleaner energy if the world is to prevent global temperatures from rising 1.5 degrees Celsius from pre-industrial times, a target set by the Paris accord, the agreement among nations to slow climate change. Beyond that temperature threshold, scientists say, the risk of calamities like deadly heat waves, water shortages and ecosystem collapse grows sharply. But in order to hit that target and avert the worst climate catastrophes, analysts here say, African nations should be supported financially by wealthier ones as they seek alternative pathways to reducing emissions. When the time comes, Gwemende said, developed countries should also transfer technical knowledge on renewables to Africa. Pulling Away the Ladder Insisting that African countries transition more swiftly to renewables, some analysts say, is akin to developed nations using a ladder to climb a wall, then pulling it up before developing countries can do the same. Under growing pressure to act, development banks and richer countries alike have been rolling back their support for fossil fuel projects like coal-burning power plants. In 2017, the World Bank cut funding for projects like these and began to invest more in renewable energy projects. And in Glasgow, rich countries like Britain, the United States, Canada and Denmark have pledged to stop spending on fossil fuel projects abroad by 2022, barring some exemptions. So far, at least one gas project in Mozambique, a gas-rich country in southern Africa, will not be going ahead according to the Africa Energy Chamber, an advisory firm. Oil giant BP has said it will roll back its oil and gas production, including on the continent. African leaders are voicing their displeasure. In several seminars at the Glasgow climate conference, as well as in opinion pieces in recent months, they’ve taken sharp jabs at these cutbacks. “Efforts to restrict fossil fuel investments in Africa are even harder to stomach because many of the wealthy countries behind them — including Japan, the United Kingdom, and the United States — include natural gas in their own multidecade plans to transition to clean energy,” Yemi Osinbajo, Nigeria’s vice president, wrote in Foreign Affairs in the run-up to the talks, known as COP26. Nigeria depends largely on gas for electricity, and on crude for revenue. “Climate action shouldn’t mean strangling all fossil fuel projects but rather facilitating the flow of capital to the countries that need it most,” Osinbajo wrote. Sub-Saharan Africa contributes about 3% of global greenhouse gas emissions, among the lowest of the world’s regions. Yet African countries are particularly hard hit by the consequences of climate change. The region is warming faster than the global average and experiencing bigger increases in sea-level rise. Parts of East Africa haven’t seen rain in years and are battling droughts. The Sahel region of West Africa has recorded a sharp rise in conflicts between farmers and herders caused by vegetation loss. And in southern Madagascar, families are boiling cactus leaves for food in what the United Nations is calling one of the world’s first famines induced by climate change. Yet, at the same time, the development stakes are particularly high for the continent, which is home to some 1.2 billion people, half of whom don’t have access to electricity — a group equivalent to the entire population of the European Union. The problems in electrification are wide-ranging and vary from country to country: Absence of power-generating capacity, absence of technical expertise, and widespread corruption. There are plans, under the African Union, to rely largely on renewables by 2050 but only a handful of countries like South Africa, Egypt, Ethiopia and Morocco have high renewable capacities presently. More Time, More Money In the Lagos office, a ding announces a power cut. But the lights quickly blink on again, as the solar system takes over. Big Cabal’s employees have settled into a routine with their complex mix of electricity sources. But it required much time and money. It’s that time and money that African leaders say the continent needs more of, in order to make a transition to renewable power. Renewable technologies are expensive in almost all regions, but, on top of those costs, African countries also face the expenses of industrializing, providing better health care and building food and education systems. However, getting world leaders to agree to keep funding oil and gas projects could prove difficult. In Glasgow, Britain and other rich countries have pledged to fund Africa with billions of dollars to increase warning systems, protect vulnerable communities in the Sahel, and, for coal-reliant South Africa, to help speed the transition to clean energy. But some are not enthusiastic about the new announcements. The same countries promised $100 billion annually in 2009 to developing countries, but those funds have been slow to come. The announcements are only a first step, said Lily Odarno of the Clean Air Task Force, a Washington nonprofit. Until the money arrives, she said, “it’s better to wait and see.” Meanwhile, the U.N.’s environmental agency says developing countries spend about $70 billion on adaptation costs — responding to floods and droughts, for example — annually. Sidelining Africa’s concerns could have consequences, analysts say. Sub-Saharan Africa is expected to see doubled population growth rates by 2050 and Nigeria will overtake the United States to become the second-most-populous country in the world. Africa also has the fastest urban growth rate in the world. By 2050, these populations are likely to be using up a lot of energy, whether it is clean or not. Some analysts argue that Africa’s leaders should, in fact, make faster progress on renewable energy, citing in particular the continent’s huge solar potential. Happy Khambule, a senior political adviser with Greenpeace Africa, said his organization rejected the calls to continue using fossil fuels on the continent and equated it with “burning up the house we all live in.” But overall, the message from African leaders at this month’s Glasgow climate talks is that the continent should be able to stick with some fossil fuels as part of the transition, considering the region’s economic and historic realities. “It will be a successful COP if the bulk of the action is done by countries outside the continent,” said Gwemende, of Open Society Foundation. “It will be successful if the moneys are dispensed by the big emitters. But our work should go beyond COP. There’s more work to do after.”

The world needs to quit oil and gas. Africa has an idea: Rich countries first.

OPEC and its allies agreed to stick to plans to raise oil output by 400,000 barrels per day from December, despite calls from the United States for extra supply to cool rising prices.

World Business Watch: OPEC+ rebuffs US calls for speedier oil output increases

With rubbish piling up in the desert, the United Arab Emirates has found a new way to get rid of its trash -- incinerators that will turn it into electricity.

The&nbsp;UAE, one of the world's top oil exporters, is building the Gulf region's first&nbsp;waste-to-power&nbsp;plants to ease its chronic trash problem and, at the same time, its reliance on gas-fuelled electricity stations.

Green groups are unconvinced. They say advanced recycling, composting and changing habits amid grossly wasteful rates of consumption would be better for the environment, warning of pollution risks from the greenhouse gas-intensive incinerators too.

But engineer Nouf Wazir, from&nbsp;waste&nbsp;management&nbsp;company Bee'ah, argues they are a way to&nbsp;make&nbsp;use of refuse that cannot be recycled.

"Not everyone knows that&nbsp;waste&nbsp;has value," said Wazir, a senior engineer on the project. The Sharjah facility is expected to launch this year, burning more than 300,000 tonnes of&nbsp;waste&nbsp;per year to&nbsp;power&nbsp;up to 28,000 homes.

In the neighbouring emirate of Dubai, another plant is being developed at a cost of $1.2 billion, according to Hitachi Zosen Inova, one of the partner companies.

<a href="https://www.wionews.com/world/europe-once-again-at-epicentre-of-coronavirus-pandemic-who-426681">Also read |&nbsp;Europe once again at epicentre of coronavirus pandemic: WHO</a>

When it is completed in 2024, the Dubai plant will be one of the largest in the world, capable of gobbling up 1.9 million tonnes of&nbsp;waste&nbsp;per year&nbsp;about 45 percent of the household&nbsp;waste&nbsp;currently produced in the emirate.

'People consume a lot'

As the&nbsp;UAE&nbsp;has mushroomed from a desert outpost to a thriving business hub,&nbsp;waste&nbsp;has multiplied.

So has&nbsp;power&nbsp;use, which has soared 750 percent since 1990 according to the International Energy Agency.

Now with about 10 million people, five times the population of 30 years ago, the wealthy&nbsp;UAE&nbsp;uses more electricity and creates more&nbsp;waste&nbsp;per head than almost any other country.

Authorities put&nbsp;waste&nbsp;production at 1.8 kilos (four pounds) per person per day.

In the&nbsp;UAE, "people consume a lot, and they throw away a lot", said Riad Bestani, founder of ECOsquare, a Dubai-based consultancy specialising in eco-friendly&nbsp;waste&nbsp;management.

Landfills are strewn across the country. In Dubai alone, six cover an area of about 1.6 million square meters (395 acres), according to the municipality.

In the absence of other solutions, it estimates that landfills will occupy 5.8 million square meters of the emirate by 2041, an area the size of more than 800 football pitches.

Fees for landfills are "pretty much nonexistent, so it's quite cheap and easy to dump all materials into the desert", said Emma Barber, director of Dubai-based DGrade, which designs clothes and accessories from recycled plastic bottles.

The&nbsp;UAE&nbsp;has set about diversifying its electricity generation, more than 90 percent of which comes from gas-powered plants.

Last year, the&nbsp;UAE&nbsp;inaugurated the Arab world's first nuclear plant and, making use of its location in one of the world's hottest regions, it has significant solar&nbsp;power&nbsp;resources.&nbsp;

In the run-up to the COP26 climate summit in Glasgow, which started on Sunday, the&nbsp;UAE&nbsp;said it was targeting carbon neutrality by 2050.

'Separate, sort, recycle'

While supporters of the plants say the incinerators carry minimal pollution risks, activists say other approaches would be better for the environment.

According to Janek Vahk of Zero&nbsp;Waste&nbsp;Europe, incinerating rubbish may be "easier" than having space-consuming landfills, but it is far from green.

"The most beneficial for the climate (and) the environment would be recoverage" and composting, Vahk told AFP.

"But this is not really happening because... it's easier to simply&nbsp;burn&nbsp;it than to separate, sort and recycle."

<a href="https://www.wionews.com/world/uk-pm-boris-johnson-accused-of-hypocrisy-for-using-private-jet-after-cop26-summit-426684">Also read |&nbsp;UK PM Boris Johnson accused of 'hypocrisy' for using private jet after COP26 summit</a>

The Brussels-based NGO has called for a moratorium on new&nbsp;waste&nbsp;incinerators and the phasing-out of old ones by 2040, warning the electricity they produce is greenhouse-gas intensive -- even compared to fossil fuels.

Vahk argues that incineration is "more efficient" in colder Nordic countries when the heat produced is also harnessed, but not in hot deserts.

"If you only produce electricity, the greenhouse gases' intensity of this energy is very high," Vahk said, adding that incinerators are also "very expensive to build&nbsp;and they need to have continuous input to run."

Rami Shaar, co-founder of Washmen, a Dubai-based start-up that collects customers' laundry and recycling at the same time, said&nbsp;waste-to-electricity is not "necessarily&nbsp;green energy".

"It's a bit of a solution towards not extracting more oil but it doesn't solve the full problem," he said.&nbsp;

With rubbish piling up in the desert, the United Arab Emirates has found a new way to get rid of its trash -- incinerators that will turn it into electricity. The UAE, one of the world's top oil exporters, is building the Gulf region's first waste-to-power plants to ease its chronic trash problem and, at the same time, its reliance on gas-fuelled electricity stations.

With rubbish piling up in the desert, the United Arab Emirates has found a new way to get rid of its trash -- incinerators that will turn it into electricity. The UAE, one of the world's top oil exporters, is building the Gulf region's first waste-to-power plants to ease its chronic trash problem and, at the same time, its reliance on gas-fuelled electricity stations. Green groups are unconvinced. They say advanced recycling, composting and changing habits amid grossly wasteful rates of consumption would be better for the environment, warning of pollution risks from the greenhouse gas-intensive incinerators too. But engineer Nouf Wazir, from waste management company Bee'ah, argues they are a way to make use of refuse that cannot be recycled. "Not everyone knows that waste has value," said Wazir, a senior engineer on the project. The Sharjah facility is expected to launch this year, burning more than 300,000 tonnes of waste per year to power up to 28,000 homes. In the neighbouring emirate of Dubai, another plant is being developed at a cost of $1.2 billion, according to Hitachi Zosen Inova, one of the partner companies. Also read | Europe once again at epicentre of coronavirus pandemic: WHO When it is completed in 2024, the Dubai plant will be one of the largest in the world, capable of gobbling up 1.9 million tonnes of waste per year about 45 percent of the household waste currently produced in the emirate. 'People consume a lot' As the UAE has mushroomed from a desert outpost to a thriving business hub, waste has multiplied. So has power use, which has soared 750 percent since 1990 according to the International Energy Agency. Now with about 10 million people, five times the population of 30 years ago, the wealthy UAE uses more electricity and creates more waste per head than almost any other country. Authorities put waste production at 1.8 kilos (four pounds) per person per day. In the UAE, "people consume a lot, and they throw away a lot", said Riad Bestani, founder of ECOsquare, a Dubai-based consultancy specialising in eco-friendly waste management. Landfills are strewn across the country. In Dubai alone, six cover an area of about 1.6 million square meters (395 acres), according to the municipality. In the absence of other solutions, it estimates that landfills will occupy 5.8 million square meters of the emirate by 2041, an area the size of more than 800 football pitches. Fees for landfills are "pretty much nonexistent, so it's quite cheap and easy to dump all materials into the desert", said Emma Barber, director of Dubai-based DGrade, which designs clothes and accessories from recycled plastic bottles. The UAE has set about diversifying its electricity generation, more than 90 percent of which comes from gas-powered plants. Last year, the UAE inaugurated the Arab world's first nuclear plant and, making use of its location in one of the world's hottest regions, it has significant solar power resources. In the run-up to the COP26 climate summit in Glasgow, which started on Sunday, the UAE said it was targeting carbon neutrality by 2050. 'Separate, sort, recycle' While supporters of the plants say the incinerators carry minimal pollution risks, activists say other approaches would be better for the environment. According to Janek Vahk of Zero Waste Europe, incinerating rubbish may be "easier" than having space-consuming landfills, but it is far from green. "The most beneficial for the climate (and) the environment would be recoverage" and composting, Vahk told AFP. "But this is not really happening because... it's easier to simply burn it than to separate, sort and recycle." Also read | UK PM Boris Johnson accused of 'hypocrisy' for using private jet after COP26 summit The Brussels-based NGO has called for a moratorium on new waste incinerators and the phasing-out of old ones by 2040, warning the electricity they produce is greenhouse-gas intensive -- even compared to fossil fuels. Vahk argues that incineration is "more efficient" in colder Nordic countries when the heat produced is also harnessed, but not in hot deserts. "If you only produce electricity, the greenhouse gases' intensity of this energy is very high," Vahk said, adding that incinerators are also "very expensive to build and they need to have continuous input to run." Rami Shaar, co-founder of Washmen, a Dubai-based start-up that collects customers' laundry and recycling at the same time, said waste-to-electricity is not "necessarily green energy". "It's a bit of a solution towards not extracting more oil but it doesn't solve the full problem," he said.

Oil-rich UAE to burn waste to make power

A Mexican judge on Wednesday ordered a former oil executive and key figure in a&nbsp;corruption&nbsp;scandal linked to Brazilian conglomerate Odebrecht to be&nbsp;held&nbsp;in preventive detention in&nbsp;prison.

Emilio Lozoya, who ran state oil giant Pemex from 2012-2016 and was once an advisor to former president Enrique Pena Nieto, was extradited by Spain in July 2020.

He had avoided going to&nbsp;prison&nbsp;while on trial after agreeing with prosecutors to cooperate as a witness in the Odebrecht&nbsp;case.

According to prosecutors, Lozoya has alleged that multimillion-dollar bribes from the Brazilian firm were channeled into the presidential campaign that brought Pena Nieto to power in 2012.

Lozoya's explosive claims shook&nbsp;Mexico's political elite and led President Andres Manuel Lopez Obrador to call for his predecessor to testify about the allegations.

<a href="https://www.wionews.com/world/us-people-at-risk-of-developing-harmful-diseases-due-to-contaminated-tap-water-426704">Also read |&nbsp;US: People at risk of developing harmful diseases due to contaminated tap water</a>

In a statement to prosecutors leaked to the media in August 2020, Lozoya said he was ordered by Pena Nieto and his campaign coordinator Luis Videgaray, a former finance minister, to handle the bribes.

The attorney general's office argued during Wednesday's hearing that Lozoya had not met the criteria of a cooperating witness and represented a flight risk.

He will be detained in a&nbsp;prison&nbsp;in&nbsp;Mexico City, defense lawyer Manuel Ontiveros told the media.

<a href="https://www.wionews.com/world/former-nato-chief-says-putin-wanted-russia-to-be-a-part-of-the-transatlantic-alliance-426656">Also read |&nbsp;Former NATO chief says Putin wanted Russia to be a part of the transatlantic alliance</a>

Lozoya, 46, could face up to 30 years in&nbsp;prison&nbsp;if convicted of charges including&nbsp;bribery, criminal association and the use of resources of illicit origin.

So far he is the highest-ranking Mexican official charged in the Odebrecht scandal, which has extended to several Latin American countries.

A Mexican judge on Wednesday ordered a former oil executive and key figure in a corruption scandal linked to Brazilian conglomerate Odebrecht to be held in preventive detention in prison.

A Mexican judge on Wednesday ordered a former oil executive and key figure in a corruption scandal linked to Brazilian conglomerate Odebrecht to be held in preventive detention in prison. Emilio Lozoya, who ran state oil giant Pemex from 2012-2016 and was once an advisor to former president Enrique Pena Nieto, was extradited by Spain in July 2020. He had avoided going to prison while on trial after agreeing with prosecutors to cooperate as a witness in the Odebrecht case. According to prosecutors, Lozoya has alleged that multimillion-dollar bribes from the Brazilian firm were channeled into the presidential campaign that brought Pena Nieto to power in 2012. Lozoya's explosive claims shook Mexico's political elite and led President Andres Manuel Lopez Obrador to call for his predecessor to testify about the allegations. Also read | US: People at risk of developing harmful diseases due to contaminated tap water In a statement to prosecutors leaked to the media in August 2020, Lozoya said he was ordered by Pena Nieto and his campaign coordinator Luis Videgaray, a former finance minister, to handle the bribes. The attorney general's office argued during Wednesday's hearing that Lozoya had not met the criteria of a cooperating witness and represented a flight risk. He will be detained in a prison in Mexico City, defense lawyer Manuel Ontiveros told the media. Also read | Former NATO chief says Putin wanted Russia to be a part of the transatlantic alliance Lozoya, 46, could face up to 30 years in prison if convicted of charges including bribery, criminal association and the use of resources of illicit origin. So far he is the highest-ranking Mexican official charged in the Odebrecht scandal, which has extended to several Latin American countries.

Mexico ex-oil chief held in prison in bribery case

Crude oil price is trading hits 7-year highs, as surging demand continues to outpace supply, even as the global economy continues on the path to recovery from the pandemic lows.

Crude oil price hits 7-year highs as Goldman Sachs raises price target

The Egyptian Ministry of Petroleum and Mineral Resources stated on Tuesday that Eni, an Italian multinational oil and gas corporation, has found three oil and gas discoveries in Egypt's Western Desert.

"Eni made three fresh finds in Egypt's Western Desert, in the Meleiha Development Concession and southwest of Meleiha," the ministry stated in a statement.

According to the announcement, the finds in the Meleiha Development Concession were found via the Yasmin W-1X and MWD-21 wells, which were drilled in the Aman region near the West Meleiha deep field, respectively.&nbsp;

The Yasmin W-1X well lies 5 kilometres west of the Yasmin field, according to the ministry, and production tests revealed that it has a daily capacity of 2,000 barrels of light oil and 7 million cubic feet of associated gas.

In the meanwhile, the MWD-21 well has been consistently producing 2,500 barrels of light oil per day.

The SWM-4X well, located 35 kilometres south of the Meleiha field, was used to make the find in the South West Meleiha concession area, according to the ministry.

This well produced around 1,500 barrels of oil per day during tests.

The combined output of the three wells is around 6000 barrels of oil equivalent per day.&nbsp;

Eni has had a presence in Egypt since 1954, through its subsidiary IEOC Production.

IEOC now produces around 360,000 boepd of equity.&nbsp;

(With inputs from agencies)

The Egyptian Ministry of Petroleum and Mineral Resources stated on Tuesday that Eni, an Italian multinational oil and gas corporation, has found three oil and gas discoveries in Egypt's Western Desert.

The Egyptian Ministry of Petroleum and Mineral Resources stated on Tuesday that Eni, an Italian multinational oil and gas corporation, has found three oil and gas discoveries in Egypt's Western Desert. "Eni made three fresh finds in Egypt's Western Desert, in the Meleiha Development Concession and southwest of Meleiha," the ministry stated in a statement. According to the announcement, the finds in the Meleiha Development Concession were found via the Yasmin W-1X and MWD-21 wells, which were drilled in the Aman region near the West Meleiha deep field, respectively. The Yasmin W-1X well lies 5 kilometres west of the Yasmin field, according to the ministry, and production tests revealed that it has a daily capacity of 2,000 barrels of light oil and 7 million cubic feet of associated gas. In the meanwhile, the MWD-21 well has been consistently producing 2,500 barrels of light oil per day. The SWM-4X well, located 35 kilometres south of the Meleiha field, was used to make the find in the South West Meleiha concession area, according to the ministry. This well produced around 1,500 barrels of oil per day during tests. The combined output of the three wells is around 6000 barrels of oil equivalent per day. Eni has had a presence in Egypt since 1954, through its subsidiary IEOC Production. IEOC now produces around 360,000 boepd of equity. (With inputs from agencies)

Eni make three discoveries in Egypt's western desert amounting to 50 million barrels of oil equivalent

Extending pre-weekend gains, oil prices rose today morning, with U.S. crude hitting a seven-year high as global supply remained tight amid strong demand worldwide as economies recover from coronavirus pandemic-induced slumps. Brent crude futures climbed 26 cents, or 0.3%, to $85.79 a barrel at 0048 gmt, following on from last Friday's 1.1% gain.

US crude hits seven-year high as global supply remains tight

The Indian rupee weakened to its lowest in two-and-a-half months while bond yields rose on Wednesday, as a spike in global crude oil prices re-ignited concerns over imported inflation and a drop in other Asian currencies weighed on investor sentiment.

The partially convertible rupee was trading at 74.59/60 per dollar, as of 0600 GMT, after touching 74.6450, its lowest since July 20. It had closed at 74.4450 on Tuesday.

"Overall risk tone is that of caution given several lingering risks i.e. higher energy prices, China real estate concerns, withdrawal of accommodation by central banks," Abhishek Goenka, chief executive officer at forex advisory firm IFA Global, wrote in a note.

"We are likely to see a 74.45-74.85 range in USD/INR for the day with an upside bias. Forwards continue to grind higher with 1-year forward yield now at 4.48&nbsp;per cent ."

Most Asian currencies were also trading weaker against the dollar, which rose amid heightened nerves about the global economic growth outlook and as traders awaited U.S. jobs data for clues on the timing of Federal Reserve policy tightening.

Economists said Moody's upward revision of India`s sovereign rating outlook should bode well, particularly for bonds, as it reduces the chances of the country getting downgraded to junk and will aid the government`s efforts to get India included in global bond indexes.

India's benchmark 10-year bond yield, however, was up 2 basis points at 6.28 per cent , tracking higher U.S. Treasury yields and firm oil prices.

U.S. oil prices rose for a fifth day to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets.&nbsp;

India imports 80 per cent of its oil requirements and higher crude prices tend to push up domestic inflation.

Traders were also cautious ahead of the monetary policy committee meeting outcome on Friday, which is being closed watched for clues on when the Reserve Bank of India will start its exit from the pandemic-era stimulus.

The Indian rupee weakened to its lowest in two-and-a-half months while bond yields rose on Wednesday, as a spike in global crude oil prices re-ignited concerns over imported inflation and a drop in other Asian currencies weighed on investor sentiment.

The Indian rupee weakened to its lowest in two-and-a-half months while bond yields rose on Wednesday, as a spike in global crude oil prices re-ignited concerns over imported inflation and a drop in other Asian currencies weighed on investor sentiment. The partially convertible rupee was trading at 74.59/60 per dollar, as of 0600 GMT, after touching 74.6450, its lowest since July 20. It had closed at 74.4450 on Tuesday. "Overall risk tone is that of caution given several lingering risks i.e. higher energy prices, China real estate concerns, withdrawal of accommodation by central banks," Abhishek Goenka, chief executive officer at forex advisory firm IFA Global, wrote in a note. "We are likely to see a 74.45-74.85 range in USD/INR for the day with an upside bias. Forwards continue to grind higher with 1-year forward yield now at 4.48 per cent ." Most Asian currencies were also trading weaker against the dollar, which rose amid heightened nerves about the global economic growth outlook and as traders awaited U.S. jobs data for clues on the timing of Federal Reserve policy tightening. Economists said Moody's upward revision of India`s sovereign rating outlook should bode well, particularly for bonds, as it reduces the chances of the country getting downgraded to junk and will aid the government`s efforts to get India included in global bond indexes. India's benchmark 10-year bond yield, however, was up 2 basis points at 6.28 per cent , tracking higher U.S. Treasury yields and firm oil prices. U.S. oil prices rose for a fifth day to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets. India imports 80 per cent of its oil requirements and higher crude prices tend to push up domestic inflation. Traders were also cautious ahead of the monetary policy committee meeting outcome on Friday, which is being closed watched for clues on when the Reserve Bank of India will start its exit from the pandemic-era stimulus.

Indian rupee hits two-and-half month low, bond yields up as oil spikes

A massive oil spill off the Orange County coast in Southern California has prompted the closure of a long beachfront area; investigators probe into leak reason.

California oil spill: Corpses of fish and birds reach shore

Even as the global oil prices continue to soar, the Organization of the Petroleum Exporting Countries and its allies have decided to stick to their plans for their output increase for the month of November.

OPEC's output plan remains unchanged amid rising change

The north sea oil was discovered off the coast of Norway in the 1960s. The findings changed the country's prospects- making it one of the world's largest oil exporters. More than 60 years later calls to shut down the industry have been growing. Can Norway's prominent petroleum industry survive this criticism?

Oil sector faces uncertain future as Norway heads to the polls

Sudan's&nbsp;oil&nbsp;minister&nbsp;said Saturday&nbsp;protesters&nbsp;blocked two key&nbsp;oil&nbsp;pipelines&nbsp;in Port&nbsp;Sudan, the main seaport on the Red Sea, over a peace deal with rebel groups.

Warning of "an extremely grave situation",&nbsp;Oil&nbsp;Minister&nbsp;Gadein Ali Obeid told AFP one pipeline transports&nbsp;oil&nbsp;exports from South&nbsp;Sudan&nbsp;while the other provide&nbsp;Sudan&nbsp;with crude imports.

"Entrances and exits at the port's exports terminal have been completely shuttered" since early Saturday, he said.

Last year, several rebel groups signed a landmark accord with&nbsp;Sudan's transitional government which came to power shortly after the April 2019 ouster of long-time autocrat Omar al-Bashir.

Beja tribes people in&nbsp;Sudan's impoverished east where Port&nbsp;Sudan&nbsp;is located have criticised the fragile peace deal saying it does not represent them.&nbsp;

Port&nbsp;Sudan&nbsp;is the country's main seaport and a vital trade hub for its crippled economy dependent on exports.&nbsp;

The Khartoum government receives around $25 for every barrel of&nbsp;oil&nbsp;sold from South&nbsp;Sudan, according to official figures.&nbsp;

<a href="https://www.wionews.com/world/us-gunman-in-deadly-mass-shooting-at-kroger-in-tennessee-identified-as-29-year-old-store-vendor-415830">Also read |&nbsp;US: Gunman in deadly mass shooting at Kroger in Tennessee, identified as 29-year-old store vendor</a>

South&nbsp;Sudan&nbsp;produces around 162,000 barrels a day. It is transported via&nbsp;pipelines&nbsp;to Port&nbsp;Sudan&nbsp;and then shipped to global markets.

Protests against the October 2020 deal have rocked east&nbsp;Sudan&nbsp;since last week.

On September 17, demonstrators impeded access to the docks at Port&nbsp;Sudan.

At the time, protest leader Sayed Abuamnah told AFP demonstrators had also blocked "the main container and&nbsp;oil&nbsp;export terminals".

On Friday, demonstrators blocked the entrance to the airport and a bridge linking Kassala State in the east with the rest of the country.

The unrest comes as&nbsp;Sudan&nbsp;grapples with deep economic woes left in the wake of Bashir's ouster, whose three-decade iron-fisted rule was marked by prolonged US sanctions.&nbsp;

The demonstrations also come a week after the administration of embattled Prime&nbsp;Minister&nbsp;Abdalla Hamdok said it had thwarted a failed coup attempt.

Sudan's oil minister said Saturday protesters blocked two key oil pipelines in Port Sudan, the main seaport on the Red Sea, over a peace deal with rebel groups. Warning of "an extremely grave situation", Oil Minister Gadein Ali Obeid told AFP one pipeline transports oil exports from South Sudan while the other provide Sudan with crude imports.

Sudan's oil minister said Saturday protesters blocked two key oil pipelines in Port Sudan, the main seaport on the Red Sea, over a peace deal with rebel groups. Warning of "an extremely grave situation", Oil Minister Gadein Ali Obeid told AFP one pipeline transports oil exports from South Sudan while the other provide Sudan with crude imports. "Entrances and exits at the port's exports terminal have been completely shuttered" since early Saturday, he said. Last year, several rebel groups signed a landmark accord with Sudan's transitional government which came to power shortly after the April 2019 ouster of long-time autocrat Omar al-Bashir. Beja tribes people in Sudan's impoverished east where Port Sudan is located have criticised the fragile peace deal saying it does not represent them. Port Sudan is the country's main seaport and a vital trade hub for its crippled economy dependent on exports. The Khartoum government receives around $25 for every barrel of oil sold from South Sudan, according to official figures. Also read | US: Gunman in deadly mass shooting at Kroger in Tennessee, identified as 29-year-old store vendor South Sudan produces around 162,000 barrels a day. It is transported via pipelines to Port Sudan and then shipped to global markets. Protests against the October 2020 deal have rocked east Sudan since last week. On September 17, demonstrators impeded access to the docks at Port Sudan. At the time, protest leader Sayed Abuamnah told AFP demonstrators had also blocked "the main container and oil export terminals". On Friday, demonstrators blocked the entrance to the airport and a bridge linking Kassala State in the east with the rest of the country. The unrest comes as Sudan grapples with deep economic woes left in the wake of Bashir's ouster, whose three-decade iron-fisted rule was marked by prolonged US sanctions. The demonstrations also come a week after the administration of embattled Prime Minister Abdalla Hamdok said it had thwarted a failed coup attempt.

Sudan protesters block crucial oil pipelines: Oil minister

Oil prices climbed on Monday to a one-week high in a second straight session of gains as concerns over US supplies following damage from Hurricane Ida supported the market, along with expectations for higher demand.

World Business Watch: Global oil price climbs to one-week high on US supply concerns

Climate change is real and the world needs to act now before it’s too late. A new study has found out that if the world needs to meet the ambitious climate targets, the majority of the planet’s fossil fuel reserves must stay in the ground.&nbsp;&nbsp;

The study in the journal ‘Nature’ said that 60 per cent of oil and natural gas and 90 per cent of coal must never see light of the day till 2050 to make attempts to limit global warming to 1.5 degrees Celsius. &nbsp;

Watch:&nbsp;Typhoon Chanthu brings heavy rainfall to Taiwan, over 100 flights cancelled

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="http://13.235.153.162/videos/typhoon-chanthu-brings-heavy-rainfall-to-taiwan-over-100-flights-cancelled-412736/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>
</div>
<a class="close-mark close-div" href="#" id="jqclosemark">×</a></div>

At a press conference while announcing the results, Dan Welsby, a researcher at University College London and lead author of the study, said, “These results are broadly consistent with the findings of numerous recent reports, from the United Nations, the International Energy Agency and others, which have all provided evidence that dramatic cuts in fossil fuel production are required immediately in order to move towards limiting global heating to 1.5 degrees.” &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/science/experts-warn-first-ever-rain-in-greenland-ice-sheet-shows-risks-of-climate-change-412789" hreflang="en">Experts warn first-ever rain in Greenland ice sheet shows risks of climate change</a>

Under the Paris climate agreement, the nations are trying to keep global temperatures under two degrees Celsius of their preindustrial levels and within 1.5 degrees Celsius if at all possible.&nbsp;

Climate change is real and the world needs to act now before it’s too late. A new study has found out that if the world needs to meet the ambitious climate targets, the majority of the planet’s fossil fuel reserves must stay in the ground.

Climate change is real and the world needs to act now before it’s too late. A new study has found out that if the world needs to meet the ambitious climate targets, the majority of the planet’s fossil fuel reserves must stay in the ground. The study in the journal ‘Nature’ said that 60 per cent of oil and natural gas and 90 per cent of coal must never see light of the day till 2050 to make attempts to limit global warming to 1.5 degrees Celsius. Watch: Typhoon Chanthu brings heavy rainfall to Taiwan, over 100 flights cancelled × At a press conference while announcing the results, Dan Welsby, a researcher at University College London and lead author of the study, said, “These results are broadly consistent with the findings of numerous recent reports, from the United Nations, the International Energy Agency and others, which have all provided evidence that dramatic cuts in fossil fuel production are required immediately in order to move towards limiting global heating to 1.5 degrees.” Also Read: Experts warn first-ever rain in Greenland ice sheet shows risks of climate change Under the Paris climate agreement, the nations are trying to keep global temperatures under two degrees Celsius of their preindustrial levels and within 1.5 degrees Celsius if at all possible.

Leave 60% global oil, gas reserves unused to curb warming to 1.5 degrees: Study

Strategic oil reserves are used to smoothen supply disruptions during emergencies. But China is using it to bring down oil prices. What explains Beijing's new policy? How did the markets react? Palki Sharma tells you.

Gravitas: China announces sale of strategic oil reserves

Ivory Coast on Wednesday announced discovery of "major" oil and natural gas deposits. The announcement was made after deepwater exploration by Italian firm Eni.

Ivory Coast's energy minister Thomas Camara said it was estimated that the find was between 1.5 and 2 billion barrels of oil and around 1.8-2.4 trillion cubic feet (51 million cubic metres) of gas.

He said the development would "greatly increase Ivory Coast's proven reserves in the coming years".

The 3,445-metre-deep well was drilled about 60 kilometres (40 miles) off the coast in 30 days, Eni said.

The firm added that it would now carry out a further evaluation of the wider potential of the find.

In a 2019 investment worth $185 million, Ivory Coast signed contracts with Eni and French firm Total to explore the possibility of ramping up Ivorian production.&nbsp;

Till now, the country has 51 identified oilfields with four in production. 26 of them are in exploration and the remaining 21 still up for grabs.

In 2014, Total said exploration had shown "very promising" prospects.

Aside from Total and Eni, Britain's Tullow Oil has also announced significant discoveries of Ivorian offshore.

(With inputs from agencies)

Ivory Coast on Wednesday announced discovery of "major" oil and natural gas deposits. The announcement was made after deepwater exploration by Italian firm Eni. Ivory Coast's energy minister Thomas Camara said it was estimated that the find was between 1.

Ivory Coast on Wednesday announced discovery of "major" oil and natural gas deposits. The announcement was made after deepwater exploration by Italian firm Eni. Ivory Coast's energy minister Thomas Camara said it was estimated that the find was between 1.5 and 2 billion barrels of oil and around 1.8-2.4 trillion cubic feet (51 million cubic metres) of gas. He said the development would "greatly increase Ivory Coast's proven reserves in the coming years". The 3,445-metre-deep well was drilled about 60 kilometres (40 miles) off the coast in 30 days, Eni said. The firm added that it would now carry out a further evaluation of the wider potential of the find. In a 2019 investment worth $185 million, Ivory Coast signed contracts with Eni and French firm Total to explore the possibility of ramping up Ivorian production. Till now, the country has 51 identified oilfields with four in production. 26 of them are in exploration and the remaining 21 still up for grabs. In 2014, Total said exploration had shown "very promising" prospects. Aside from Total and Eni, Britain's Tullow Oil has also announced significant discoveries of Ivorian offshore. (With inputs from agencies)

Ivory coast announces 'major' oil discovery

Snapping a three-day rally on renewed concerns over demand due to rising COVID-19 infections and as Mexico restored some output after a fire disrupted supplies, oil prices settled lower on Thursday.

World Business Watch: Oil rally falters on pandemic surge, renewed Mexico supply

Oil prices rose more than 5% on Monday, as a weaker dollar and strong global equities markets boosted crude futures after seven sessions of declines.

World Business Watch: Oil jumps 5% after 7 days of losses, boosted by weaker dollar

Oil, News on Oil, stories on Oil, articles on Oil, Oil stories at Wion, Oil news, Oil latest news