energy
Egypt needs to import around $1.18 billion worth of mazut fuel oil and natural gas to end persistent power cuts exacerbated by consecutive heat waves, its Prime Minister Mostafa Madbouly said in a televised address on Tuesday. It hopes the shipments will arrive in full around the third week of July, by which point the government aims to stop cutting power during the remaining summer months, he added. It has already started contracting for 300,000 tonnes of mazut worth $180 million to boost its strategic reserves which are expected to arrive early next week. Egypt's government on Monday extende...
The New Arab
India and China emerged as the top destinations for Russian seaborne fuel oil and vacuum gasoil (VGO) exports in May. Traders and data from LSEG indicated a significant increase in these exports, reflecting shifts in global trade patterns following the European Union’s embargo on Russian oil products. Surge in Russian fuel oil and VGO exports Russian fuel oil and VGO seaborne exports saw a notable rise of 12% from April, reaching approximately 4 million metric tons in May. This increase was partly due to the completion of seasonal maintenance, which allowed for higher production and export vol...
Invezz
Spain's economy grew slightly more than expected during the first quarter, at 0.8% and up from 0.7% on the previous quarter. It was the highest figure since the second quarter of 2022. The rise was mainly due to an increase in household spending which grow at 0.4%, the National Statistics Institute revealed. Imports of goods and services rose 2.2% during the first quarter of the year, whereas exports of the same jumped 3.3%. However, public administration spending fell 0.6%. On the supply side, most key sectors experienced robust growth, with the manufacturing industry rising 2.2%, and industr...
Euronews (English)
Saudi Arabia's trillion-dollar construction projects could be significantly scaled back, according to reports, as oil prices hit Riyadh's ambitious diversification plans. An anonymous government-linked source told the BBC that some projects in Crown Prince Mohammed bin Salman's Vision 2030 plan, designed to wean the kingdom off its reliance on oil and gas revenues, could be delayed or scaled down due to a less optimistic forecast of Riyadh's future budget. Since being appointed crown prince in 2017, Prince Mohammed announced a range of huge "giga projects" to transform Saudi Arabia into one of...
The New Arab
Crude oil prices posed a two-week gaining streak and rose to the highest level in nearly two months last week due to optimism towards summer fuel consumption in the Northern Hemisphere, alongside a draw in the US stockpiles. The two-week gains in crude oil prices represent a 7% increase for both Brent and WTI futures. The Brent futures expiring on 25 September jumped to as high as $86.24 per barrel, the highest seen on 1 May on Friday before paring gains and opening at just above $84 per barrel on Monday. The WTI futures expiring on 4 August topped $82 per barrel for the first time since 30 Ap...
Euronews (English)
A power pylon in New Zealand collapsed and knocked out electricity to thousands after workers removed too many bolts, the country's transmission provider said on Monday. The pylon, north of Auckland, fell on June 20, cutting power to about 100,000 properties in the Northland region of northern New Zealand. Full power was only restored on Sunday. Transpower chief executive Alison Andrew said a crew from Omexom was undertaking routine maintenance on the base plates, which secure the tower to the ground, when the pylon fell. "All the nuts securing the tower to the base plate on three legs have be...
DPA Breaking News
A major hours long power outage hit much of the Balkans on Friday as the southern European region sweltered in an early heat wave that sent temperatures soaring to more than 40 degrees Celsius. Montenegrin authorities said that an outage that lasted for several hours in the country's power distribution system left almost the entire nation without electricity. Similar problems were reported in the coastal part of Croatia, and in Bosnia and Albania. Nada Pavicevic, a spokeswoman for Montenegro's state power distribution company, described the outage as a “disturbance of regional proportion,” and...
Euronews (English)
The highest court in the Netherlands has lifted a temporary ban on the construction of a controversial natural gas drilling platform in the North Sea. On Friday, judges in The Hague ruled that the Dutch energy company One-Dyas was allowed to construct a drilling platform. However, this does not yet mean that the legal challenge against the gas drilling has been finalized. It is not yet known when a final decision will be made. Earlier this month, a Dutch court ordered the suspension of work at the drilling platform, located off the Dutch Wadden Sea island of Schiermonnikoog and the German isla...
DPA Breaking News
The promotion of geothermal and nuclear energy and electricity grid development are some of the policies the upcoming Hungarian EU Council presidency has vowed to back in view of maintaining the energy transition in line with climate action, according to its recently unveiled work programme. Geothermal energy is a priority under the Hungarian Presidency which considers "making it more widespread" given its "key role in ensuring energy autonomy and security" and meeting climate goals. The country boasts the EU's largest geothermal city heating system, as described by the Belgian ambassador to H...
Euronews (English)
In 2023, total fossil fuel consumption reached a record high worldwide, the Energy Institute (EI) reported yesterday. Published in the 73rd annual Statistical Review of World Energy report by the EI (along with co-authors KPMG and Kearney), the release presented the first full global energy data for 2023. It stated that 2023 was a year of several historic energy consumption records – not all of them positive. Historic emissions and energy usagePerhaps most startlingly, the report revealed that global emissions from energy increased by 2% in 2023, exceeding 40 gigatonnes of CO for the first tim...
Invezz
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