The International Maritime Organization (IMO) has pledged to achieve net zero emissions in the maritime sector by 2050, agreeing to establish an emissions pricing mechanism and enforce a fuel standard. The UN agency’s previous climate commitment is to reduce total annual greenhouse gas (GHG) emissions by 50 percent by 2050 relative to 2008 levels, which its “Study of greenhouse gases 2020” estimated at 794 million metric tons of carbon dioxide equivalent. The report for 2020, the latest edition, said shipping accounted for 2.89 percent of human-caused emissions in 2018, when the sector released 1.076 billion metric tons of GHGs. “IMO’s…
Author: Automotivedealernews.com
A fleet of tankers that came out of nowhere to keep Russia’s oil moving has disbanded even faster than it came, highlighting the challenges of keeping track of who is helping Moscow deliver its oil to buyers around the world. Mumbai-based Gatik Ship Management now has a fleet of just four tankers, according to Equasis, an international maritime database created to promote safe shipping. As of April, he had 42, having amassed the majority of those carriers in less than a year. A contact number for Gatik through the Equasis database did not work, and a message to an email…
Oil fell as light summer trading volumes compounded pressure from technical resistance levels. West Texas Intermediate settled below $73 a barrel, putting a cap on last week’s supply-driven rally. The commodity briefly rose above its 100-day moving average on Friday, but the key level has since provided resistance to further gains. Meanwhile, brokers noted that trade flows remain thin, as is usual in the summer, which has kept price movements choppy. With the exception of commodity trading advisors focusing on crude oil, oil trading has remained “extremely quiet”, resulting in a market “vulnerable to the flows seen daily and maintaining…
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author) A regular Rigzone market watcher takes a look at the effect of US crude and fuels on oil prices, Saudi Arabia’s million-barrel-per-day fresh oil production cut, what it takes look at the oil market this week and more. Read on for more details. Rig zone: What were some market expectations that actually played out over the past week, and which expectations didn’t? Barani Krishnan, Senior Commodity Analyst at uk.Investing.com: U.S. crude oil, gasoline and…
Copenhagen Infrastructure Partners is looking to raise 12 billion euros ($13 billion) to invest in renewable energy, making it one of the largest funds ever dedicated to transitioning away from fossil fuels. The Danish fund manager hit its first close of 5.6 billion euros and already has investors lined up for more than double that amount in the next 12 months, managing partner Jakob Baruël Poulsen said in an interview. It’s a significant boost for the renewable energy sector, which needs an exponential increase in capital to meet climate targets, just as rising interest rates threaten yields. “Every time we…
India has been strengthening its climate commitments, but faces a difficult path to net zero as it seeks to balance emissions reduction efforts with urgent development needs. That’s according to analysts at BMI, a Fitch Solutions company, who made the statement in a report sent to Rigzone recently. “The country’s greenhouse gas emissions have soared, rising more than 175 percent since the turn of the century, making it the world’s third largest emitter,” the analysts said in the report. “Its domestic economy has expanded at a healthy rate, although the emissions intensity of its GDP has been in decline for…
Saudi Arabia is sensitive to the “weak level” of global demand, according to Ed Morse, global head of commodities research at Citi. “It is clear that the Saudis are sensitive to the weak level of demand in the world, especially from China, where, contrary to expectations, growth in the services sector has stagnated, as it has in the goods sector, and the real estate sector is watching. even more significant problems in the loan books than expected, all of which keep demand growth lower than expected,” Morse told Rigzone. “Another factor in market weakness appears to be oversupply, not only…
Caribbean nations have called on the US to end its trade embargo on Venezuela to allow them access to the neighboring country’s oil. The 15-member Caribbean Community (Caricom) “urged the removal of sanctions on Venezuela to allow the countries of the Region to benefit from the PetroCaribe initiative and for further progress in the exploration of transboundary natural gas deposits between Trinidad and Tobago and Venezuela,” according to a statement for the group’s meeting last week. A US delegation led by Secretary of State Anthony Blinken attended the meeting in Trinidad and Tobago’s capital, Port of Spain. PetroCaribe is an…
The US Department of Energy (DOE) has opened a tender for the supply of six million barrels of locally produced oil to be deposited in the Strategic Petroleum Reserve (SPR). The offer, made in an invitation to suppliers on Friday, follows the award of contracts earlier in the week in another purchase to replenish the SPR after war-induced releases. The contracts for 3.2 million barrels of domestically produced crude, bought for more than $230 million, fulfilled the invitation that the DOE made last month, when it also awarded contracts for three million barrels. The last invitation closes on July 19…
Crude oil production in the Permian continues to grow, gas-to-oil ratios in the basin are on the rise, and a slew of new gas processing plants are coming online, extracting more and more NGLs that must be transported, fractionated and send to end users. Targa Resources, with its full roster of NGL-related assets—gathering systems, processing plants, NGL pipelines, fractionators and an LPG terminal—is a big winner in all of this. In today’s RBN blog, we continue our series on robust and growing US NGL networks with a look at Targa’s range of assets in the Permian and other producing areas.…