China increases renewable subsidies 7.5% to $13 Billion
China boosted its budget for renewable power subsidies to 92.36 billion yuan ($13 billion), 7.5% more than it spent last year.
china
Angola in debt talks with oil importers
Angola is in talks with some of its oil customers in a bid to restructure financing facilities, the Ministry of Finance has said, in order to “better reflect the current market environment and OPEC production quotas”.
Updated: Oil edges higher with Opec+ decision on output cuts in focus
Oil rose as investors eyed a potential extension of record production curbs by OPEC+ while physical markets continued to show signs of tightness.
Financial markets gain despite US protests
Financial markets on both sides of the Atlantic started the week in forward gear despite a weekend of violent protests in the world’s largest economy.
China’s Q2 2020 oil demand shows signs of recovery
According to the latest analysis by Wood Mackenzie, China’s oil demand will recover to 13 million barrels per day (b/d) in Q2 2020, a 16.3% jump compared to Q1 this year.
Oil retreats with doubts over China eating away at weekly gain
Oil retreated from the highest level in more than two months as doubts over the strength of China’s economic recovery and rising tensions between Washington and Beijing ate away at its weekly advance.
Beijing triumphs in South China Sea oil spat
China has arguably triumphed in its face-off with Malaysia over oil and gas exploration in the disputed waters of the South China Sea.
EXIM tweaks terms for Mozambique LNG loan
The US’ Export-Import Bank has tweaked the loan it is providing to the Mozambique LNG project to include work offshore.
Transition to renewable energy at risk in Asia Pacific
Over the past five years, the Asia Pacific region made up over three-quarters of global power demand growth, and led the world in wind and solar capacity installations.
Nigeria and Angola face oil price squeeze
Nigeria and Angola face particular pressures as a result of the oil price crash, a new report from Verisk Maplecroft has warned.
European gas demand under pressure
The impact of coronavirus has not been felt as strongly by the gas industry as oil, Rystad Energy’s CEO Jarand Rystad has said, although increasing LNG production seems set to keep prices under pressure this year.
Scottish marine energy firm builds turbine near Wuhan during pandemic
A Scottish marine energy firm behind the construction of the world’s largest tidal turbine currently being built in the Highlands has announced the completion of another turbine near the epicentre of the Chinese coronavirus outbreak.
Beijing harasses Petronas and Shell off Malaysia
A four-month long standoff over oil and gas operations in the South China Sea is intensifying between Malaysian, Chinese, and Vietnamese ships, though all three governments have managed to keep it out of the public eye, until very recently.
QP signs $3bn LNG carrier deal with Hudong
Qatar Petroleum (QP) has struck a deal on LNG ship construction with Hudong-Zhonghua Shipbuilding Group Co. worth more than 11 billion Qatari riyals ($3.02 billion).
IEA: short-term pain to balance out in second half
Actions taken by producer states under the OPEC+ banner, coupled with moving oil into storage, should see a stock draw of 4.7 million barrels per day in the second half of 2020, the International Energy Agency (IEA) has said in its recent Oil Market Report (OMR).
Silver lining for Asian LNG market after oil price crash
Lower long-term LNG prices could encourage coal-to-gas switching in Northeast Asia, while Chinese LNG demand is also expected to expand this year, albeit at a slower rate, as China gets back to work.
Upstream spend at risk in Asia Pacific
Demand destruction and sustained oil prices below $40 per barrel mean Asia Pacific is bracing itself for a brutal wave of cost cutting that will see its reliance on imports rise as upstream investment is hit hard.
Huge demand drop forces oil price down further
Oil’s spectacular collapse deepened as widening global efforts to fight the spread of coronavirus were set to trigger the most severe contraction in annual oil demand in history.
President Xi orders China’s oil industry to ‘drill’
Oil’s historic price crash is presenting an uncomfortable dilemma to China’s energy majors: follow market signals to cut drilling, or heed President Xi Jinping’s orders to boost output.
Aberdeenshire oil worker quarantined in China over coronavirus fears
An Aberdeenshire oil worker under quarantine in China has said he “doesn’t know” when he will be able to return to the UK.
Wind turbine orders hit £60bn over 2019, Woodmac finds
Global wind turbine orders reached almost £60 billion in 2019, according to new research by Wood Mackenzie (Woodmac).
‘Risk’ coronavirus could delay Scottish offshore wind projects
Offshore wind project manager, Jamie Dempster, conceded yesterday that there could be delays to offshore wind farm projects in Scotland in the wake of the coronavirus outbreak.
Oil extends losses amid continuing coronavirus fears
Oil extended losses after closing at a 13-month low as more new coronavirus cases were reported outside China than within, adding to fears the world is on the brink of a pandemic that will take a hefty toll on growth.
Saudi Aramco begins preparations for international listing
Saudi Aramco is starting early preparations for an international listing, just months after the oil giant turned its record initial public offering into a domestic affair and sidelined global banks, people with knowledge of the matter said.
Saipem keeping 2,000 workers at home due to deadly coronavirus
Italian oil and gas contractor Saipem has confirmed that more than 2,000 staff are working from home due to the coronavirus.