Many fossil fuel-dependent economies will struggle to diversify despite intense pressure to hit 2050 targets Among those least prepared include Iraq, Libya, Venezuela, Equatorial Guinea, Nigeria, Iran, Guyana, Algeria, Azerbaijan and Kazakhstan, according to the World Bank. These nations have not diversified exports or
Ali Allawi, Iraq’s finance minister, found himself in a quandary last year as the spread of coronavirus cut demand for oil and prices tumbled. Allawi’s
Biden Shift Brings Nord Stream 2 Closer, But Hurdles Remain
May 21 2021, 3:25 AM
May 20 2021, 8:41 PM
May 21 2021, 3:25 AM
(Bloomberg) A natural gas pipeline linking Russia and Germany edged closer to completion after the Biden administration loosened sanctions of the controversial project, but significant hurdles remain before the fuel can start flowing under the Baltic Sea.
(Bloomberg) A natural gas pipeline linking Russia and Germany edged closer to completion after the Biden administration loosened sanctions of the controversial project, but significant hurdles remain before the fuel can start flowing under the Baltic Sea.
Bidenâs change in stance from Donald Trumpâs fierce opposition to the pipeline means Nord Stream 2 will likely get finished as soon as this year. But the sanctions left in place could make it hard to gain all the necessary approvals to start operations. This yearâs German election, where the Green Party are contenders to lead the next g
Friday, May 21st, 2021
Oil is heading for the biggest weekly drop since March, following three consecutive days of huge losses. Still, oil recouped some losses on Friday, edging up after getting sucked down with a broader selloff in commodities.
IEA says no new fossil fuels. The IEA’s Net-Zero report dropped like a bombshell midweek. The IEA said that to reach net zero, there should be no new oil, gas, and coal projects. There was no shortage of proponents and critics, but either way, the report could influence how investors think about oil.
Asia snubs IEA report. “The report provides one suggestion as to how the world can reduce greenhouse gas emissions to net-zero by 2050, but it is not necessarily in line with the Japanese government s policy,” a Japanese official told Reuters. Officials in the Philippines also said no new fossil fuel investment would be a setback.