Higher Energy Prices News

Canada’s Minister of Environment and Climate Change, Steven Guilbeault, and Minister of Energy and Natural Resources, Jonathan Wilkinson, introduced Canada’s draft framework to cap pollution from the oil and gas sector on December 7. The aim is to reduce emissions and remain competitive in a shifting global market. “No sector of the economy should be allowed to emit unlimited pollution, not when we are all driving toward the same goal of net zero by 2050 to ward off the worst impacts of the climate crisis,” said the ministers in a statement.

Russia has proposed that a U.N.-backed initiative that has enabled grains to be exported from Ukraine's Black Sea ports should be renewed for just 60 days.The deal to free up grain exports from Ukraine's southern Black Sea ports, which expires later this month, has previously been renewed for 120 days and there are concerns a shorter extension could cause logistical issues.Reached in July last year, it created a protected sea transit corridor and was designed to alleviate global food shortages by allowing exports to resume from three ports in Ukraine…

Russian gas exports to Europe via pipelines plummeted to a post-Soviet low in 2022 as its largest customer cut imports due to the conflict in Ukraine and a major pipeline was damaged by mysterious blasts, Gazprom data  and Reuters calculations showed.The European Union, traditionally Russia's largest consumer for oil and gas, has for years spoken about cutting its reliance on Russian energy, but Brussels got serious after the Kremlin sent troops into Ukraine in February.State-controlled Gazprom…

A deal to free-up vital grain exports from Ukraine expires on Nov. 19, and intense negotiations over the next few days will determine whether it is extended and possibly even expanded to help ease concerns about global food security.The agreement, reached in July, created a protected sea transit corridor and was designed to alleviate global food shortages by allowing exports to resume from three ports in Ukraine, a major producer of grains and oil seeds.Here are some of the issues:WHAT HAS BEEN EXPORTED?The pact created a safe shipping channel for exports from three ports in Ukraine.So far…

German container shipper Hapag-Lloyd is spending billions on expanding and renewing its fleet and looking at investing in more port infrastructure to extend its edge in the post-COVID 19 world economy, chief executive Rolf Habben Jansen told Reuters.The Hamburg-based company, the world's fifth-biggest container line, is armed with a huge war chest after reporting record earnings during the coronavirus crisis, which dislodged shipping capacity, clogged up ports and drove up freight rates."We have currently ordered 22 ships, twelve of them with 24,000 TEU (20-foot equivalent units) and ten with

The war in the Ukraine is stifling trade and logistics of the country and the Black Sea region, increasing global vessel demand and the cost of shipping around the world, the UN Conference on Trade and Development (UNCTAD) said. Container shipping and global value chains have been disrupted and many countries have had to look further afield for suppliers of oil, gas and grain.In a report entitled “Maritime trade disrupted: The war in Ukraine and its effects on maritime trade logistics” published on 28 June 28…

The Biden administration on Friday took a procedural step towards holding an auction for oil and gas drilling rights in the Cook Inlet off the coast of Alaska next year.The move is the latest effort by the U.S. Department of Interior to comply with a court order to resume oil and gas lease sales that President Joe Biden paused shortly after taking office in January.The Department of Interior's Bureau of Ocean Energy Management said it would kick off a 45-day public comment period for the proposed sale's draft environmental analysis.

Expanded U.S. liquefied natural gas exports would mean a modest price increase for domestic consumers, but the higher costs would be offset by a boost to the economy, the U.S. Energy Information Administration said on Wednesday. Residential natural gas prices would likely be 5 percent higher than otherwise would be the case between 2015 and 2040 if U.S. LNG exports rose to 20 billion cubic feet per day, said the EIA report. Growth of LNG exports would be supported mainly by more shale gas production, according to the report, which was commissioned by the U.S. Energy Department. "Increased energy production spurs investment, which more than offsets the adverse impact of somewhat higher energy prices," the EIA said.

The International Monetary Fund (IMF) has downgraded its global growth projection from 3.7% in April to 3.4% in July. The adjustment is primarily due to the large negative result in the U.S. in the first quarter of the year. The IMF stressed that this is now behind us – and it therefore sticks to its 2015 projection with an unchanged growth level of 4.0%. Moreover, the outlook for the various emerging markets including, amongst others, Russia, ASEAN-5, Brazil, Mexico and South Africa, is now less optimistic compared to the assessment made three months ago.

The forecasts and business strategies of carriers and manufacturers of transport-oriented capital goods indicate the industry is bracing for an era of higher energy prices and increased regulations, according to 'Transportation Outlook', a study conducted by Forbes Insights on behalf of CIT Transportation Finance. “This study highlights the fact that transportation executives are preparing for a future of uncertainty, both in terms of fuel prices and regulations,” said Jeff Knittel , President of CIT Transportation Finance . Fuel prices and rising energy costs are impacting the global economy: More than eight out of 10 (81%) executives say uncertainty surrounding energy policies is hampering global economic recovery.

Lloyd’s Register supervised the design appraisal, build and sea trials, verifying the performance of a new, modified 57,000 dwt ship based on a SDARI design. The M.V. Aquila, first in a new series of supramax bulk carrier designs, optimised to burn less fuel oil has been delivered in China on the eve of the Lunar New Year holidays. The efficiency improvements have been achieved by carrying out a number of straightforward – but effective – changes including: de-rating the main engine, a new propeller design which has been optimised for the de-rated engine, and fitting a mewis duct.

John Wishart takes the helm as higher energy prices spur asset investment and demand for technical assurance. Wishart, who has assumed the role of Energy Director after joining the organisation from GL Noble Denton, will be based in London and is expected to bring a wealth of experience to the job, having spent more than 30 years in the industry before joining Lloyd's Register earlier this month. “Rising energy prices, stricter emission standards and the complexities of exploring new energy sources are increasing the technical assurance needs of companies operating in the energy supply chain…

The incoming Bush administration warned on Friday that an oil production cut by OPEC next week would lead to higher energy prices for U.S. consumers. OPEC members will gather Jan. 17 in Vienna, where they are expected to agree to a roughly 1.5 million barrel-per-day reduction in the cartel's oil production levels. "Anything that lessens (oil) supply at a time of high demand means higher prices for American consumers," a Bush transition spokesman said. President-elect George Bush has made increasing domestic oil production a top priority. U.S. oil output is at its lowest level in half a century and foreign oil imports account for about 55 percent of domestic petroleum supplies. Low petroleum supplies have led to high prices for crude oil, gasoline and heating oil.