The world will need a lot more oil from OPEC+ as global demand is on track to return to pre-pandemic levels at the end of next year, the International Energy Agency said on Friday, just a few weeks after saying long-term oil production must decline to reduce emissions.
President Joe Biden's administration, under pressure from labor unions and U.S. senators including from his home state of Delaware, is considering ways to provide relief to U.S. oil refiners from biofuel blending mandates, three sources familiar with the matter said.
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BRUSSELS (Reuters) -European Union energy ministers on Friday agreed to prolong EU support for some cross-border natural gas projects, despite a push from 11 countries and the European Commission who said such funding should end to comply with climate change goals.
FILE PHOTO: A large European Union flag lies at the centre of Schuman square, outside the European Commission headquarters, on the eve of Europe Day, commemorating the declaration made by Robert Schuman in 1950, in Brussels, Belgium, May 8, 2021. REUTERS/Yves Herman//File Photo
The EU’s “TEN-E” rules define which cross-border energy projects can be labelled Projects of Common Interest (PCI), giving them access to certain EU funds and fast-tracked permits.
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(Reuters) - China’s rising imports of liquefied natural gas (LNG) position it to surpass Japan this year as the world’s largest buyer of the superchilled fuel, pricing data and cargo tracking firm ICIS Edge said on Wednesday.
The shift - which some analysts had not expected until 2022 - could happen very soon on a 12-month rolling basis as China’s strong economic recovery, cold weather and a crackdown on pollution boosted demand for the less polluting fossil fuel.
Japan has been world’s biggest LNG importer for decades and the change would signal a major shift in one of the fastest growing energy markets. Purchases from Tokyo, which burns gas from LNG to produce electricity, have been in long-term decline.
Singapore residual fuel oil inventories climbed 5% in the week to June 9, extending sharp gains from the previous week as export volumes plunged, official data showed on Thursday.