Middle East
The blocking of the Strait of Hormuz underscores the risks of fossil fuel imports. A new report from Ember makes the case that Asian economies should rapidly shift to renewables.
A source close to Qatar’s North Field Expansion said that the project could be delayed much longer than the one year indicated by the country’s energy minister last week.
The sudden LNG supply crisis following the Ras Laffan attack is driving up prices and will force painful demand reduction across the globe. Analysts say the reputation of LNG as a reliable fuel is also irreparably damaged.
The Ras Laffan attack came after Iran’s biggest gas field, South Pars, was attacked by Israel, sending oil prices surging during trading hours on Wednesday.
Analysis
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The Trump administration has scrambled to stand up a $20 bn shipping reinsurance plan to smooth the reopening of the Strait of Hormuz. But until the violence ends, energy flows won’t return to normal, experts say.
Oil and gas shipments through the Strait of Hormuz have stopped. Risk from war is compounded by terminated insurance coverage for shipping through the Persian Gulf.
About a fifth of the global LNG trade is at a standstill with the Strait of Hormuz blocked due to the U.S.-Israeli war on Iran.
Further escalation risks wider regional destabilisation and could deepen the strain on Iran’s already struggling economy, analysts warned.
The Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) closed on Thursday with a mixed outlook on the future of the energy industry.
Methane regulation around the world is still significantly lacking, but signs of progress with mitigation are hopeful, industry experts said on the second day of ADIPEC.
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The CEO of UAE-based Masdar told conference delegates in London that the firm is targeting a 100 GW renewable energy portfolio by 2030.
An Iraqi man’s son died of leukemia a year ago. He says that BP’s excessive gas flaring in southern Iraq is the cause, and he is seeking damages from the British oil giant.
Oman's energy transition cannot happen without oil and gas still playing a role, delegates said at an Oman energy show this week.
Opinion
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When delegates gathered in Dubai just a fortnight ago for the opening of COP28, the chances of progress seemed slim, but these oil state climate talks delivered a transition away from fossil fuels that no previous COP managed to achieve.
Saudi Arabia remains a thorn in the side of COP28. Only one solution remains – that the Gulf petrostate host its own COP, and face up to global scrutiny as the United Arab Emirates has done.
It is less than a week since COP28, the largest ever U.N climate summit, began in the oil kingdom city of Dubai, but drama is already at a peak after Sultan Al Jaber questioned the science behind phasing out fossil fuels.