Iranian sanctions relief under Biden could strain OPEC+ ties: panel
A return of Iranian oil to the market if new US President Joe Biden resurrects the nuclear deal could destabilize crude prices and undermine the OPEC+ alliance, experts said at the Atlantic Council Global Energy Forum.
OPEC, Russia and several other allies have instituted deep production cuts to support prices through the coronavirus crisis.
But those gains could be wiped out by an increase of up to 1 million b/d of Iranian crude exports this year if sanctions relief is granted, said Carlos Pascual, who was the US State Department’s top energy diplomat under former President Barack Obama and played a key role in negotiating the nuclear deal.
Kyari said: “Nigeria is currently witnessing increased domestic gas demand in the industrial and power sectors, leading to increased production and reduced gas flaring.
”Nigeria has also witnessed increased household access to gas networks and LPG in the main cities. There are deliberate plans to expand that access to rural areas.”
According to him, there are conscious efforts by the Federal Government aimed at deepening domestic gas consumption through the use of Compressed Natural Gas (CNG) and LPG.
He said the moves included the autogas scheme, the National Gas Expansion Programme, and construction of gas networks such as Escravos Gas Pipeline System (ELPS), Obiafu-Obrikon-Oben (OB3) and Ajaokuta -Kaduna-Kano (AKK) pipelines.
Atlantic Council
Secretary Ernest Moniz
Former US Secretary of Energy
Minister Ana Palacio
Lord George Robertson
Former Secretary General, NATO
Atlantic Council
FREDERICK KEMPE: It is terrific that we’ve got this lineup of experts and to do some fast thinking about what they just heard and then put it into context.
I’m going to start. The Atlantic Council is about working together with friends and allies to shape the future, and so you’re going to hear that with a British, a Swedish, and a Spanish colleague. And I’m going to start with our international partners and then go to our American friends.
Kyari spoke on Wednesday at the virtual Atlantic Council’s Global Energy Forum.
Naija247news reports that the Petroleum Products Pricing Regulatory Agency had on Tuesday announced that Nigeria’s domestic consumption of LPG exceeded one million Metric Tonnes (MT) in 2020.
According to the available statistics, total consumption of LPG in Nigeria was about 50,000 MT in 2007.
Kyari said: “Nigeria is currently witnessing increased domestic gas demand in the industrial and power sectors, leading to increased production and reduced gas flaring.
”Nigeria has also witnessed increased household access to gas networks and LPG in the main cities. There are deliberate plans to expand that access to rural areas.”
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Masdar, one of the world’s leading renewable energy companies, has announced that it is joining forces with Abu Dhabi Department of Energy, Etihad Airways, Lufthansa Group, Khalifa University of Science and Technology, Siemens Energy, and Marubeni Corporation, in an initiative designed to support the development of the green hydrogen economy in Abu Dhabi, UAE.
Senior Executives from each organisation signed a Memorandum of Understanding (MoU) at a virtual signing ceremony on 17 January 2021, held prior to the start of Abu Dhabi Sustainability Week (ADSW), taking place virtually in the UAE capital.
The initiative aims to establish a demonstrator plant at Masdar City, Abu Dhabi’s flagship sustainable urban development community, to explore the development of green hydrogen, sustainable fuels and e-kerosene production for transport, shipping, and aviation. Masdar, Siemens and Marubeni will jointly develop the infrastructure to implement the demonstration project and