Coal 2023: analysis and forecast to 2026
Latest IEA market report sees lower demand to 2026, based on current policies, but stronger actions are needed to drive a steeper decline towards meeting international climate goals. After reaching an
Fuel Pricing
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Crude estimates (Oil prices)
The price of oil has soared to a new high, hasn't it? A CASUAL observer might be forgiven for thinking that the oil price reached a new record, of $115.07 a barrel, on April 16th. And so it did, in nominal terms. But by other measures, oil is not quite as expensive as it seems. That, in turn, may go some way towards explaining why demand for oil continues to rise in many countries, despite prices that would have been unimaginable just a few years ago.
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Malaysia Moves to Boost Food Security, Fight Prices
Malaysia announced a $1.3 billion-plan on Saturday to boost food security by building stockpiles, raising rice output and reining in inflation. Prime Minister Abdullah Ahmad Badawi said the government would ensure the country was self-sufficient in rice, a staple food for its 27 million people. A third of Malaysia's rice needs of over two million tonnes a year is now met by imports. Across the globe foods from bread to milk have become more expensive and in some countries helped fuel inflation and shortages.
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Brazil encouraging flex-fuel vehicles
As crude oil prices soar to new highs, Brazil's state-owned petroleum company Petrobras is looking beyond the windfall to place bets in the growing alternative energy market. The company does
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Russia gambles on gas prices
A landmark deal reached between Russia's state-controlled gas monopoly Gazprom and three energy-rich Central Asian nations is likely to affect European consumers. On March 11, Gazprom agreed
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Opec reduces oil output despite pleas from west
The Organisation of the Petroleum Exporting Countries has quietly begun to reduce its oil production despite calls from the US and Europe for the group to pump more so that prices fall. Output from the core countries of the 13-member cartel last month fell to 27.3m barrels a day, down from the 27.6m b/d they produced in February and 27.8m b/d in January, the International Energy Agency, the western countries' watchdog, said yesterday in its monthly report. Production from Saudi Arabia, Opec's largest member, dropped marginally from January and was the same as February at 9.2m b/d.
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European gas oil prices rise to high
European gas oil prices set a new high above $1,000 a tonne on Tuesday, boosted by a fire in a key European refinery last week and unexpectedly strong demand. Power blackouts in South Africa, Chile and China have forced many companies to run diesel generators to offset electricity supply interruptions, while a harsh winter in south-east Asia has boosted heating oil demand. ICE April gas oil futures hit a record $1,017 a tonne on Tuesday, up 1.3 per cent on the day and 21.2 per cent since the start of the year.
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Oil price poses threat to Jordan's stability
The sharp rise in oil prices over the past year has provided a massive economic boost for many Arab states. In Jordan, however, it has forced the government into a delicate balancing act in order to preserve political and fiscal stability.
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Nagarjuna Fertilisers exits from mega power project in Udupi
Nagarjuna Fertilisers and Chemicals Ltd (NFCL) has completely exited from the inter-State mega power project under construction in Udupi, Karnataka, selling its 26 per cent stake to the Lanco group.
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Taking a cue on energy from Europe and Japan
The surge in the price of energy couldn't come at a worse time. The average price of regular gasoline in the United States has shot up to a record $3.28 a gallon.
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PetroChina pays for oil's surge
PetroChina faces the prospect of losing about $18bn on its refining business if the price of crude oil remains at its present level, its chairman suggested on Wednesday.