Tausi Insider

Oil tanks at the Volodarskaya LPDS production facility, in the village of Konstantinovo, Russia, on June 8. MAXIM SHEMETOV/Reuters Russian oil output is set to fall 1.4 million barrels per day (bpd) next year after a European Union ban on seaborne exports of Russian crude comes into effect, the International Energy Agency said on Tuesday. The move to deprive Moscow of revenue will create more uncertainty for oil markets and add to pressure on prices, including diesel, the Paris-based energy agency said in its monthly oil report. “The approaching EU embargoes on Russian crude and oil product imports and a ban on maritime services will add further pressure on global oil balances, and, in particular, on already exceptionally tight diesel markets,” the IEA said. “A proposed oil price cap may help alleviate tensions, yet a myriad of uncertainties and logistical challenges remain … the range of uncertainty has never been so large.” The EU will ban Russian crude imports from Dec. 5 and Russ...

IEA Executive Director Fatih Birol speaks in Singapore, on Oct. 25. ISABEL KUA/Reuters Global renewable power capacity growth is set to double over the next five years, driven by energy security concerns in the wake of Russia’s invasion of Ukraine, the International Energy Agency (IEA) said on Tuesday. In an annual report on the outlook for renewables, the IEA said capacity worldwide is expected to grow by 2,400 gigawatts (GW) – equal to the entire power capacity of China today – to 5,640 GW by 2027. The increase is 30 per cent higher than the amount of growth forecast a year ago. High gas and power prices from a global energy crisis this year have made renewable power technologies more attractive. Growth in renewables is also being driven by the United States, China and India implementing policies and market reforms to support renewables deployment more quickly than previously planned. “Renewables were already expanding quickly, but the global energy crisis has kicked them into an e...

Oil prices rose in early Asian trade on Friday after falling 2% in the previous session on central bank interest rates hikes, and is poised to end the week higher after a series of positive oil demand forecasts. Brent crude futures rose 36 cents or 0.4% to $81.57 per barrel by 0109 GMT. West Texas Intermediate futures rose 25 cents, or 0.3%, to $76.36 per barrel. Both benchmarks are poised to end the week more than 7% higher. The market found support this week from International Energy Agency projections of Chinese oil demand recovering next year after a 2022 contraction to 400,000 barrels per day (bpd). The agency raised its 2023 oil demand growth estimate to 1.7 million bpd. OPEC on Tuesday stuck to its forecasts for global oil demand growth of 2.55 million bpd this year and 2.25 million bpd in 2023 after several downgrades, saying that while economic slowdown was “quite evident” there was potential upside such as from a relaxation of China’s zero-COVID policy. In bearish demand ne...

While it’s encouraging to see Ottawa backing the natural resource sector, the question now is if the mining sector is still interested in pursuing projects in Canada. Francis Vachon/Tausi Insider Heather Exner-Pirot is a senior fellow at the Macdonald-Laurier Institute. Canada’s long-awaited critical minerals strategy, released last week by Natural Resources Minister Jonathan Wilkinson, puts a plan behind the $3.8-billion the government previously announced to support critical minerals development and generally accelerate mining projects. But while it’s encouraging to see Ottawa backing the natural resource sector in a big way, the question now is if the mining sector is interested in pursuing projects in Canada. Calling a mineral “critical” is a purely political distinction, describing those resources that the government believes are strategic, limited or concentrated, and thus deserving of state oversight. That term has no geological significance. Canadian investment on mining expl...

Global coal consumption is set to rise to an all-time high in 2022 and remain at similar levels in the next few years if stronger efforts are not made to move to a low-carbon economy, a report by the International Energy Agency (IEA) said on Friday. High gas prices following Russia’s invasion of Ukraine and consequent disruptions to supply have led some countries to turn to relatively cheaper coal this year. Heatwaves and droughts in some regions have also driven up electricity demand and reduced hydropower, while nuclear generation has also been very weak, especially in Europe, where France had to shut down nuclear reactors for maintenance. The IEA’s annual report on coal forecasts global coal use is set to rise by 1.2 per cent this year, exceeding 8 billion tonnes in a single year for the first time and a previous record set in 2013. It also predicts that coal consumption will remain flat at that level to 2025 as falls in mature markets are offset by continued strong demand in emer...

JPMorgan JPM-N said on Thursday it had set targets to cut emissions tied to its finance and deal making in the iron and steel, cement and aviation sectors, as those emissions linked to oil and gas usage rose. As the largest U.S. bank and major funder to the fossil fuel industry, investors and campaigners keenly watch JPMorgan’s climate efforts as the world shifts to a low-carbon economy. After releasing targets for oil and gas, electric power and autos in 2021, the new sector targets mean the bank now has plans to reduce emissions from all of the sectors most responsible for climate-damaging carbon emissions. For iron and steel, the bank said it aims to cut emissions per tonne of crude steel produced by 31 per cent by 2030. For cement it is targeting a 29 per cent cut and for aviation a cut of 36 per cent. The bank said all the targets were in line with the International Energy Agency’s Net Zero Emissions (NZE) scenario. Lucie Pinson, director of non-profit Reclaim Finance, welcomed ...

While it’s encouraging to see Ottawa backing the natural resource sector, the question now is if the mining sector is still interested in pursuing projects in Canada. Francis Vachon/Tausi Insider Heather Exner-Pirot is a senior fellow at the Macdonald-Laurier Institute. Canada’s long-awaited critical minerals strategy, released last week by Natural Resources Minister Jonathan Wilkinson, puts a plan behind the $3.8-billion the government previously announced to support critical minerals development and generally accelerate mining projects. But while it’s encouraging to see Ottawa backing the natural resource sector in a big way, the question now is if the mining sector is interested in pursuing projects in Canada. Calling a mineral “critical” is a purely political distinction, describing those resources that the government believes are strategic, limited or concentrated, and thus deserving of state oversight. That term has no geological significance. Canadian investment on mining expl...

Oil prices rose in early Asian trade on Friday after falling 2% in the previous session on central bank interest rates hikes, and is poised to end the week higher after a series of positive oil demand forecasts. Brent crude futures rose 36 cents or 0.4% to $81.57 per barrel by 0109 GMT. West Texas Intermediate futures rose 25 cents, or 0.3%, to $76.36 per barrel. Both benchmarks are poised to end the week more than 7% higher. The market found support this week from International Energy Agency projections of Chinese oil demand recovering next year after a 2022 contraction to 400,000 barrels per day (bpd). The agency raised its 2023 oil demand growth estimate to 1.7 million bpd. OPEC on Tuesday stuck to its forecasts for global oil demand growth of 2.55 million bpd this year and 2.25 million bpd in 2023 after several downgrades, saying that while economic slowdown was “quite evident” there was potential upside such as from a relaxation of China’s zero-COVID policy. In bearish demand ne...

Global coal consumption is set to rise to an all-time high in 2022 and remain at similar levels in the next few years if stronger efforts are not made to move to a low-carbon economy, a report by the International Energy Agency (IEA) said on Friday. High gas prices following Russia’s invasion of Ukraine and consequent disruptions to supply have led some countries to turn to relatively cheaper coal this year. Heatwaves and droughts in some regions have also driven up electricity demand and reduced hydropower, while nuclear generation has also been very weak, especially in Europe, where France had to shut down nuclear reactors for maintenance. The IEA’s annual report on coal forecasts global coal use is set to rise by 1.2 per cent this year, exceeding 8 billion tonnes in a single year for the first time and a previous record set in 2013. It also predicts that coal consumption will remain flat at that level to 2025 as falls in mature markets are offset by continued strong demand in emer...