International
Could wealthy nations fund the energy transition in emerging markets?
As emerging markets continue to add capacity to generate renewable energy, some of the world’s wealthiest countries could help fund their energy transitions. In recent months officials from a number of developed nations have visited Indonesia to discuss the country’s...
World Has ‘Gambled On Fossil Fuels and Lost’, Warns Guterres
António Guterres was addressing the Major Economies Forum on Energy and Climate in Washington DC, convened by the United States top climate envoy, John Kerry, and hosted by President Joe Biden. The meeting included countries representing 80 per cent of global GDP,...
Africa: New Plan to Accelerate Clean Energy Access for Millions Globally
Amid the global energy crisis and worsening climate emergency, the United Nations and partners on Wednesday launched two new initiatives to accelerate action towards achieving clean, affordable energy for all, and the ambitious goal of net-zero carbon emissions. The...
Kenya: Government Urged to Deal With Cartels Behind Fuel Shortage
The government has been challenged to deal firmly with cartels in the energy sector, causing artificial shortage of oil, so as to have petrol prices increased. Ugenya Member of Parliament, David Ochieng, said it was high time that Parliament, the Directorate of...
Nigeria: 22,000B/D Floating Oil Platform Explodes in Niger Delta
A Floating Production, Storage and Offloading (FPSO) vessel with a capacity to process up to 22,000 barrels of oil per day, inject up to 40,000 barrels of water per day and store 2 million barrels of oil, has exploded and sunk at the Ukpokiti Terminal, around...
Egypt: PM Follows Up Efforts to Maximize Use of Renewable Energy in Power Generation
Prime Minister Moustafa Madbouli has underlined growing importance of the use of clean energy worldwide to limit carbon dioxide gas emissions from fossil fuels. Egypt has taken strides in this respect, the premier noted during a video-conference meeting Monday night...
OPEC+ deadlock is bad news for oil producers, consumers and energy transitions – IEA warns
The International Energy Agency on Tuesday warned that world oil markets are likely to remain volatile following a breakdown in talks between OPEC members and their non-OPEC allies, creating a no-win situation. In its latest monthly oil market report, the IEA said...
Oil prices to average $56 per barrel in 2021 – World Bank
Oil prices are expected to average US$56 barrels per day in 2021, according to the World Bank Commodity Market Outlook Report. The commodity is expected to rise further to US$60 barrels per day in 2022, a substantial upward revision from the October 2020 report. The...
Coronavirus: Oil market future uncertain after rebound from pandemic shock – IEA
Based on today’s policy settings, global oil demand is set to rise every year through 2026 but stronger policies and behaviour changes could bring a peak in demand soon, an IEA report says. IEA said in Oil 2021, its latest annual medium-term market report, that the...
Oil prices hit US$60 per barrel in Q1 2021 on the international commodities market
Oil trader’s in Ghana are expected to pay more when purchasing Crude Oil at the local pumps as prices of oil hit US$60 per barrel in the first quarter of the 2021 fiscal year. Earlier this year, a senior Oil expert Dr Yussif Sulemana predicated that, the price of...
