Day: September 4, 2020

The UK will review its current licensing policy for oil and gas exploration in the North Sea to have it aligned to the country’s ambition to achieve net-zero emissions by 2050. “The review will ensure the Government has the information needed to plan for future oil and gas production in the UK, in a way that is aligned with tackling climate change,” the UK Department for Business, Energy & Industrial Strategy said in a statement. The UK became last year the first industrialized nation to enshrine the net-zero ambition in a law. The…

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There will be no new exploration and production contracts on the table for private or foreign companies in Mexico under a government plan set to be made public soon. “We don’t expect that there will be anything new in exploration and extraction in this infrastructure plan,” the head of Mexico’s oil industry association AMEXHI told Reuters in an interview. The infrastructure plan is the Mexican government’s attempt to stimulate economic growth, but according to AMEXHI’s head, Merlin Cochran, it will not involve a focus on the energy industry in the form of…

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Global oil demand is expected to decline by 9 million bpd-10 million bpd this year, Russia’s Energy Minister Alexander Novak said on Friday.   The estimate is more pessimistic than that of the International Energy Agency (IEA), which said in its latest report in mid-August that crude oil demand this year would be 8.1 million bpd lower than it was in 2019. The IEA revised down its demand outlook compared to the July forecast because of sluggish demand recovery and continued weakness in jet fuel demand. Speaking at the virtual Global Manufacturing & Industrialisation…

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Oil prices fell below $40 for the first time since June as demand concerns grow and stock markets crash. For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you become a member to read these reports and many more. Friday, September 4th, 2020 Oil prices hit a rough patch this week, falling back in concert with broader financial markets. The dollar gained strength, which also…

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ISLAMABAD: The recent government decision for introduction of Euro-V petrol and High Speed Diesel (HSD) in the country is pre-mature owing to old vehicular fleet, non-compliant refineries, unprepared government machinery and will waste public money and burden majority of lower middle income consumers. This was the crux of opinions expressed by petroleum experts at a virtual moot organised by Islamabad Policy Institute (IPI) — a think tank — which also released its report “Rushed Transition to Euro-V Standard Fuels: Need for A Public Debate”. Speakers asked government to put on hold its…

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