Hi to all,
Here’s what I have for this
week’s price changes:
*Heating and stove oil to
increase by 7/10ths of a cent a litre.
*Diesel to increase by
8/10ths of a cent a litre, and...
*Gasoline to drop by 2/10ths
of a cent a litre.
Market highlights
The International Energy
Agency (IEA) has released a major report on the direction the world needs to
follow in order to address net zero by 2050.
The report calls for the end of use of
coal as an energy source and states that countries have a long way to go before
the world reaches the lofty goal of net zero by 2050, and that a cleaner energy
future will result in more jobs and opportunities than any presented by oil,
gas and coal.
The report also calls for the immediate halt
of development of any new oil and gas projects.
Countries will have to adapt their own
policies toward clean energy as different countries face different conditions,
but all should have the same goal of meeting net zero by 2050 to ensure no rise
in global temperatures that could prove devastating.
Faith Berol, head of the IEA says the IEA
stands ready to assist countries in preparing their own roadmaps to meet net
zero, and also providing advice to any jurisdiction in speeding up the energy
transition.
Link to the report: Net Zero by 2050 – Analysis
- IEA
US-Iran nuclear deal close?
In
a breaking story earlier today, the BBC reported that the US and Iran were
close to reaching agreement on a new nuclear deal that could have seen the
lifting of some sanctions against Iran.
The new deal could possibly see Iran
release more crude to the world market that would potentially drop oil prices
as the false news story did on Tuesday.
The call made earlier by the BBC was
withdrawn after sources said any agreement was premature.
Iran has been under sanctions since
leaving the 2015 deal, but any agreement could see Iran quickly increase output
of oil from 2.5 million to four million barrels a day within three months.
Oman takes a jump into hydrogen
Oman
has made a move to invest in hydrogen production.
The Middle East country announced earlier
today of a possible investment of $30 billion dollars to enter into the future
of hydrogen in the hope of turning the country into one of the largest green
producers of the fuel through solar and wind power use of electricity in the
electrolysis process of hydrogen manufacturing.
The final decision to go ahead with the
project is due in 2026.
The project involves construction of a 25
gigawatt green electricity plant for the conversion process.
US inventory data
The
latest report from the Energy Information Administration shows crude oil
supplies dropped 400 thousand barrels while gasoline stocks increased by 400
thousand barrels.
Distillate supplies also dropped by 1.7
million barrels.
US refinery capacity was reported at 86.1
percent and US domestic production reported at 11 million barrels a day, up 100
thousand barrels a day from the previous week.
That’s
it for this week!
Regards,
George
Murphy
Twitter
@GeorgeMurphyOil
No comments:
Post a Comment