A brief technology and best practice note on energy management for today’s connected process industry from Honeywell
Almost all process industry facilities have begun to engage in energy management initiatives. Yet sometimes the benefits from these initiatives can erode as fast as they are achieved. This is primarily because things change, whether that is in the process, systems, fidelity of rigorous simulation models used, and aged assets. As a result, a degree […]
“Continued shortfalls may tip the market into deficit and put upward pressure on oil prices,” independent advisory firm notes
OPEC+ member states underperformed their production target by 832,000 b/d in December, the group’s advisory committee’s analysis stated, S&P Global Platts reported. This casts uncertainty on whether the allies will increase supply in line with global demand, S&P noted. Today’s committee meeting to discuss March output levels will likely approve another 400,000 b/d hike in […]
Analysts say the pressure from importing nations and the pace of crude's price rally indicate a potential for OPEC+ to increase output
Investment banking firm Goldman Sachs said on Tuesday that OPEC+ may announce a bigger-than-expected rise in output due to Brent oil prices’ increase to around $90 per barrel, as cited by Bloomberg. The outcome of either an expected hike of 400,000 barrels a day for March versus a bigger increase following Wednesday’s OPEC meet remains […]
The rapid growth of hydrogen is likely to bring significant geoeconomic and geopolitical shifts, IRENA said in a new report
The development of hydrogen is accelerating. Governments, economic bodies and companies are betting big on the future of energy including hydrogen as a new, cleaner fuel. By 2050, the International Renewable Energy Agency (IRENA) estimated in a new report that the fuel is likely to cover up to 12 percent of global energy use. The […]
The price for Brent crude futures rose over $90 last week for the first time in years
Oil prices have continued to soar as signs of extended global demand growth have continued while tensions in Ukraine sprout fears of an energy flow upset. The price for Brent crude futures rose over $90 last week for the first time in years. The price has risen as fears increased over a Russian invasion of […]
Baghdad is looking to decrease reliance on Iranian Imports and is turning to Saudi Arabia to supply electricity
Saudi Arabia and Iraq have taken steps to connect the power grids of the two largest oil producers in OPEC, Saudi state news agency SPA reported. Baghdad currently relies on Iranian imports for energy, and while the US has granted sanctions waivers to Iraq to continue importing fuel from Iran, which is heavily sanctioned by […]
The iktva program aims to help drive domestic value creation in the Kingdom and build a supply chain that helps maximize the long-term economic growth and diversification of Saudi Arabia
Saudi Arabian energy firm Aramco announced that it had signed 50 new Memoranda of Understanding (MoUs) at the In-Kingdom Total Value Add Forum (iktva) and Exhibition. Among those signed include some major agreements with Schlumberger for a partnership on climate leadership and digitalisation through localisation initiatives; Cameron/TechnipFMC/Baker Hughes for wellhead equipment localization procurement agreements; Larsen […]
Dr. Al Jaber was speaking during a virtual panel session titled ‘Projecting COP Ambitions across COP27 and COP28 and Economic Diversification Priorities Post-pandemic’ at the Abu Dhabi Sustainability Week
The global energy transition is an opportunity for the UAE to transform and diversify its economy, Dr. Sultan Al Jaber, the country’s Minister of Industry and Advanced Technology and Special Envoy for Climate Change said Tuesday, state-news agency WAM reported. Dr. Al Jaber was speaking during a virtual panel session titled ‘Projecting COP Ambitions across […]
Oil demand for 2022 is expected to average around 100 million barrels per day, and in some months even surpass 2019 levels
Brent crude oil traded up to $87.83 on Monday, the highest price for the commodity since October 2014, as supply outages push the price for black gold higher. “Current oil prices reflect a tightening market, as supply outages are not being offset by any negative effect of the Omicron variant in oil demand,” Rystad Energy’s […]
The agreement will see BP capture and evaluate solar and wind data from 8,000 square kilometres of land
Energy giant BP and Oman’s Ministry of Energy and Minerals signed a Strategic Framework Agreement (SFA) and a Renewables Data Collection Agreement on Monday. The agreements aim to support the development of multiple gigawatt renewable energy and green hydrogen development in Oman by 2030. The agreement will see BP capture and evaluate solar and wind […]
