IEA: World oil demand will continue to grow this decade despite China's peak in 2027
The International Energy Agency (IEA) said that global oil demand will continue to grow until the end of the decade, despite a peak in China, the top importer, in 2027. This is because cheaper gasoline in the United States and a slower adoption rate for electric vehicles in this country support consumption. The IEA (which advises industrialised nations) did not alter its prediction that China's demand would peak earlier than 2029 due to the growth of electric vehicles. The Organization of the Petroleum Exporting Countries' (OPEC) view, that the global demand will peak within a few short years, is in sharp contrast to the opinion of the group of producers.
South Carolina's Republican Governor asks that Trump's offshore drilling plan exclude South Carolina
The Republican Governor of South Carolina appealed Monday to the Trump Administration to exclude his state from an impending plan for offshore oil and natural gas production. The letter was sent as the Administration wrapped up a 45 day request for public input on a federal offshore leasing program. This could include new zones, such as in the Arctic or elsewhere, to maximize domestic energy production. The current plan for five years, which was developed by former president Joe Biden's administration, only includes three sales of rights to develop oil and gas in the Gulf of Mexico.
Sunnova Energy files for Chapter 11 bankruptcy protection
Sunnova Energy announced on Sunday that it filed for Chapter 11 bankruptcy in the United States. The residential solar panel installer is struggling with a huge debt pile and slow demand. Sunnova, a company that is restructuring its debts, warned in March it might not be able continue to operate as a business. According to a filing in court, the company's estimated assets and liabilities ranged from $10 billion to $50 million. Sunnova announced last week that it would cut about 55%, or 718, of its workforce in an effort to reduce spending.
The US solar energy market will slow down as Washington shifts its priorities
A report released on Monday by the top solar trade association predicts that the number of new solar energy installations in the United States will decline over the next five-year period as the industry struggles with a federal policy shift favoring fossil fuels and tariffs. According to the Solar Energy Industries Association's and Wood Mackenzie's forecast, new solar capacity in 2030 will be over 10% less than it was in 2025. This includes an assessment of the impact of federal tariffs that will be imposed on steel and aluminum, two materials important for solar projects.
Sunnova Energy will lay off 718 workers
Sunnova Energy announced on June 5, that it will lay off approximately 55% of its employees or 718 workers in an effort to reign in spending, as the residential solar panels installer struggles with a massive amount of debt and a sluggish market. In March, the company warned that it may not be able continue to operate as a going-concern. Sunnova has not provided details of the charges that it will incur as a result of the layoffs. Last month, the Biden Administration, under President Donald Trump, canceled a $2.92 billion partial loan guarantee that had been awarded to Sunnova.
Nuclear companies and others ask Senate to maintain energy tax credits
Energy companies that represent technologies that provide stable and consistent baseload power urged U.S. Senate leaders on Tuesday to preserve the clean energy tax credit that was effectively eliminated by a Republican Bill passed last month by Congress. Republicans, including U.S. president Donald Trump, have criticised clean energy tax credit programs for encouraging intermittent renewable energy like wind and sun that fluctuates depending on the weather. They claim that the country needs more baseload electricity, including coal and natural gases, to meet the soaring demand for electricity tied to artificial intelligence and data centers.
As his term ends, the Chilean president will increase pressure on Israel to decarbonize and accelerate its pace
Gabriel Boric, the Chilean President, said on Sunday he would accelerate efforts to promote renewable energy and increase pressure against Israel for its Gaza war among other initiatives in his last nine months as president. Boric, in a three-hour address to Congress, delivered at the coast city of Valparaiso, marked his final annual address. He also spoke about crime, infrastructure and the economy. Boric, in comments that brought out the loudest cheers and jeers on opposite sides of Congress he said he would introduce a bill to ban imports of what he termed "illegally-occupied territories" as well as support Spain's efforts for an arm embargo against Israel.
Meyer Burger shuts down US solar panel manufacturing in Arizona
Meyer Burger, a Swiss manufacturer of solar panels, has closed a U.S. plant in Arizona because of financial problems, laying off all 282 workers, the company announced on Thursday. This is a blow to the solar industry's efforts to create a domestic supply network and reduce its dependence on China, which is the top manufacturer of solar panels in the world. Meyer Burger announced that it would build a plant in Goodyear, Arizona by 2021 to take advantage of clean energy incentives offered during the tenure of former U.S. president Joe Biden who linked fighting climate change and creating jobs with boosting domestic manufacturing.
What is in the Republican tax plan and spending plan
Republicans in Congress are advancing a sweeping package of budget cuts and spending reductions that would meet President Donald Trump's demands. However, details need to be worked out. The Joint Committee on Taxation (JCT) and the Congressional Budget Office have estimated the impact of this plan on the budget for the next ten years. (Cost: $2.2 trillion) Makes permanent lower income tax rates that were set to expire in Trump's Tax Cuts and Jobs Act of 2017. Increases the alternative minimum tax exemption. (Cost: $1.3 trillion) Increases the standard deduction by $1,000 up to $1,500.
Top trade group says House bill will choke off US solar investment
A top solar trade association warned that legislation advanced by Republicans last week in the U.S. House of Representatives could threaten 300 solar and energy storage plants and destroy nearly 300,000 American jobs. The Solar Energy Industries Association's analysis comes during a lobbying campaign aimed at convincing U.S. legislators to protect clean energy tax credit, which under the Republican plan will be phased out faster and have new restrictions on using Chinese-made components. Abigail Ross Hopper, SEIA's President, said that if this proposal became law, "nearly 300 U.S. plants -- most of them in red states -- would have to close or never open.
Brazil corn production forecast at 125 million metric tons by association president
Paulo Bertolini said that Brazil's corn production is expected to reach around 125 millions metric tons for the 2024/25 harvest. He added that corn consumption by the ethanol industry could soon double. Bertolini said on the sidelines Abramilho’s third Congress in Brasilia that corn ethanol has already consumed around 20 million tonnes of corn in this year. He added that there is a tendency to consume more than twice as much in a short time. Citibank analysts expect corn ethanol production to reach 16 billion liters in 2032. This is up from the 9.5 billion expected for 2024/25. Bertolini stated that the demand for renewable fuels is encouraging further research.
Last-ditch lobbying campaign aims to save Biden’s clean-energy tax credit
Trade groups in the U.S. Energy Industry have launched a last minute lobbying campaign to urge Congress to spare former President Joe Biden’s clean energy tax credit from being cut out of the Republican budget plan. The House Ways and Means Committee proposed on Monday that several lucrative subsidies in Biden's signature climate legislation, the Inflation Reduction Act, be phased out or cancelled. Several subsidies related to solar and wind power, hydrogen and other technologies that reduce greenhouse gas emissions are on the table. Over the next few days, lawmakers will amend and pass the tax package.
What is in the Republican tax plan and spending plan?
Republicans in Congress have proposed a sweeping package of budget cuts and spending reductions that would meet President Donald Trump's demands. However, details are still to be worked out. The Joint Committee on Taxation (JCT) and Congressional Budget Office have estimated the major components of the package as well as the impact on budgets over the next ten years. The list excludes smaller elements from each section. (Cost: $2.2 trillion) Makes permanent lower income tax rates that were set to expire in Trump's Tax Cuts and Jobs Act of 2017. Increase the standard deduction by $1,000, to $1.500, until 2029. Increases the alternative minimum tax exemption.
What is in the Republican health and tax plan and what's not?
Republicans in Congress released the first drafts of a sweeping package to reduce taxes and spend less, which would satisfy President Donald Trump’s call to do so. However, many details need to be worked out. Here's a summary on what they've proposed so far and what has been left out. Budget estimates for the next 10 year period are provided by both the Joint Committee on Taxation (JCT) and the Congressional Budget Office. What's in the Taxes? Permanently extends the lower tax rates that Trump's Tax Cuts and Jobs Act of 2017 will expire in 2025. Increases the standard deduction from $1,000 to $1500 by 2029.
Republican US lawmakers support IRA energy tax credit
Republican U.S. legislators sent a letter on Thursday to the chair of the House Ways and Means Committee expressing their support for the tax credits that were boosted by former president Joe Biden's Inflation Reduction Act. This legislation was not voted for by Republicans. The letter was signed by a dozen Republican U.S. The letter from a dozen Republican U.S. Representatives highlights the importance of incentives known as Investment Tax Credits, or ITC, as well as Production Tax Credits, or PTC for Republican states that have large clean electricity projects such as wind, nuclear, and solar power and battery storage.
House committee makes changes to increase US oil and coal production on federal land
This week, a House of Representatives committee will examine sweeping changes in the nation's drilling programs for oil and gas, including the requirement of dozens of leases sales in the Gulf of Mexico, Alaska and other areas. These changes could be included in upcoming budget bills. The proposal is intended to support President Donald Trump's desire to increase U.S. production of fossil fuels by making it cheaper and easier to drill for oil, gas and coal on federally owned lands and water. What's Next? The House Natural Resources Committee is holding a markup on the energy provisions of the budget reconciliation bill. This will take place on Tuesday.
Oil industry sources claim that Central Africa's new FX Initiative falls short of its target.
Two oil industry sources said that six Central African nations who were expecting to receive billions in foreign exchange from funds set aside for environmental restoration by oil companies may actually see less than 500 million dollars by the April 30 deadline. Bank of Central African States, the central bank of Cameroon and Gabon, Equatorial Guinea Central African Republic, Republic of Congo, Chad, Gabon and Chad, introduced rules in 2018 governing these funds that are mostly held by foreign banks. The funds in the BEAC-controlled accounts will be used to replenish the hard currency reserves of the six countries and to address their economic vulnerability.
Brazil prepares a new oil auction amid trade war threats to budget, sources claim
Four people with knowledge of the situation said that Brazil is planning to auction off stakes in offshore oil fields this year as a way to increase revenue. The plan has gained momentum amid declining oil prices and increasing global trade uncertainty. Two sources who spoke under condition of anonymity said that the auction would involve smaller and uncontracted portions of the Tupi, Mero, and Atapu pre-salt fields. They hoped to raise approximately 20 billion reais (US$3.4 billion) as a worst case scenario. The Brazilian Finance Ministry and Ministry of Mines and Energy have not responded to comments immediately.
US Senators ask Energy Secretary to comply with law regarding clean energy grants and loans
U.S. Democratic Senators on Wednesday called for Energy Secretary Chris Wright's department to comply with laws that mandate his funding of clean energy projects, which were included in laws passed prior to Donald Trump becoming president. This includes four hydrogen hubs. Wright's Department is considering funding cuts for four of seven hubs that are part of a $7 billion project to decarbonize America's economy. The program is a part of Joe Biden's efforts to do so. The hubs aim to boost the production of clean hydrogen and infrastructure required to deliver it to steelmakers and cement plants, among other industrial users.
Anglo American calls for faster approvals in Chile to reduce copper shortage
Anglo American Chile CEO Patricio Hdalgo stated on Tuesday that Chile must speed up its permit processes in order to expand copper mining ahead of the large supply gap anticipated in the next few years. The Chilean president Gabriel Boric pledged to reduce the time it takes for permits by a third. However, a reform which would streamline the procedure is still being debated in Congress. Many mining companies in Chile - which provides about a quarter the world's supply of copper - have called for a rapid passage of this initiative. Anglo American is one of the largest miners in the world and was targeted by BHP, a bigger competitor, last year.
