Follow This activist shareholder to broaden climate campaign against BP
Follow This, a group of European investors led primarily by Follow This, urged BP to abandon plans to scrap?climate reporting commitments on Thursday and called for shareholders to vote against this move at the?oil firm's annual meeting later?this?month. Investors published an 'open letter' opposing a BP backed resolution which would rescind the two decisions taken in 2015 and 2019. These required detailed climate strategy, emissions reporting and linked climate performance with executive pay.
Tesla's China made EV sales increase for the second consecutive quarter
Tesla's China made electric vehicle sales rose for the second consecutive quarter, despite increased competition from the U.S. The automaker has broadened its focus beyond EVs. The China Passenger 'Car Association reported on Thursday that sales of Model Y and Model Y vehicles made at Tesla's Shanghai plant, including exports into Europe and other countries, increased 8.7% compared to a year ago to 85,670 cars in March. This was the fifth consecutive month of rising sales due to a recovering European market.
Staff note: New BP CEO pledges consistency
BP's 'CEO' Meg O'Neill said on Wednesday that she would provide consistency and accelerate the performance of the group, a full year after BP refocused its strategy firmly to oil and natural gas. This was according to a note to staff seen by. O'Neill began her new job as BP's 4th CEO?since 2020, and the first external hire in the role for more than a hundred years. She is the first female to head a major oil company. O'Neill, formerly of Australia's Exxon Mobil and Woodside Energy?…
Ethiopia signs 13 billion dollar deals at Investment Conference
Ethiopian state investment commission announced that it had secured $13 billion in 'investment deals' after a conference to?attract capital into a range of economic sectors. The East African nation, like?other frontier economies of Africa, has sought to increase foreign direct investments, especially in manufacturing, in order to create jobs for the growing population. Kenya, the neighboring country, announced deals worth $2.9 billion last week.
Sources say that the EU is urging countries to fill up gas storage tanks early in anticipation of the Iran War.
As the Iran War disrupts fuel markets around the world, EU diplomats have urged EU countries to begin filling up gas storage caverns as soon as possible in order to be prepared for winter next year. The diplomats reported that the Commission reiterated in a meeting behind closed doors that the EU gas supply is not at immediate risk, but encouraged the governments to take action to combat the soaring price. They added that it was important to begin building up stocks in April so as to be prepared for the winter. Since the U.S.
India plans to reduce emissions intensity by 47 percent by 2035 compared to 2005 levels
Ashwini Vashnaw, India's Information Minister, said that the cabinet had?approved an objective to reduce emissions intensity by 47% from 2005 levels by 2035 as part of India's formal climate pledges under?the Paris Agreement. The intensity of emissions is the ratio between greenhouse gas emission and an economy's size. Vaishnaw, India's Minister of Energy, said that the country aims to increase the percentage of clean-energy capacity installed to 60% in the next decade, up from the current 52%.
Danish funds challenge Nordea at AGM over Arctic Oil
A shareholder resolution urging Nordea to stop funding companies that are expanding Arctic oil and natural gas production is supported by at least?three Danish institutions investors. The pension funds Akademiker Sampension and Velliv announced their voting intentions on Tuesday, ahead of the annual general meeting of the bank. The activists' motion comes in the wake of the oil crisis caused by the Iran War and after Norway announced plans to increase drilling in its Arctic offshore region.
Gulf Stocks Mixed amid Confusion over US-Iran Talks
Gulf markets closed mixed on Tuesday. Qatar?extended losses, while other bourses stabilized as investors parsed contradictory signals about potential U.S.Iran 'talks. The mood was volatile when U.S. President Donald Trump delayed attacks on Iran's energy infrastructure and spoke of "productive" talks to end the U.S.-Israeli conflict with Iran. But Tehran dismissed this comment as "fakenews". Semafor, citing an official from the United States, reported that the U.S. would continue to strike Iran. The pause, however, only applied to energy sites.
Document threatening legal action by foreign investors against Vietnam for renewables
According to a document seen by the. Last year, the 'dispute' began when Vietnam cut subsidised electricity prices from solar and wind farms. It cited irregularities. Vietnam's energy industry is struggling with high prices and the risk of shortages due to the conflict in Iran. The chambers of commerce of the European Union, Britain and Japan in Vietnam, as well as South Korea, Thailand, and South Korea, sent a letter of joint concern to the government on Thursday.
OPEC data show that Russian oil production fell by 56,000 bpd during February.
According to a copy of OPEC's monthly data, reviewed on Wednesday, Russian oil production fell by around 56,000 barrels a day or 0.6% in February compared to?January, bringing it down from 9.184 million bpd. The U.S. has imposed pressure on India, Russia's second largest buyer, to reduce crude oil exports. Since February, Russian crude oil sales to India'started to recover' after Washington granted Indian refiners a 30-day waiver of sanctions to purchase Russian oil loaded onto vessels starting March 5…
From July, Ukraine's motor gasoline will contain at least 7 percent bioethanol
A law passed on Wednesday requires that Ukrainian motor fuel?contain at least 7% bioethanol by July. This is an increase from the 5% that manufacturers have been required to add since May 2025. The Ukrainian parliament adopted a new law in the winter of this year to align?the country’s legislation with EU regulations. The new'requirements' do not apply for fuel provided to the Ukrainian army or some high-octane gasoline. Up until July 1, the law allows for the sale of petrol without bioethanol.
Sakhalin-1, a Russian oil refinery, will reduce output by 10% by 2025
The U.S. abandoned the 'Sakhalin-1' project in Russia, which was a major oil production facility. ExxonMobil's major ExxonMobil continued to decline last year. It fell by 10.3% due to planned maintenance. The production volume, which is expected to fall 9.8% by 2024, was not provided. Exxon had to take a $4.6bn impairment charge in April 2022 on its 30% operator?share in the project offshore Russia's Pacific?coast. This was due to the fact that Exxon left the Russian market after the start of the conflict with Ukraine in February 2022.
AFR reports that Glencore is open to listing Australia if it's beneficial.
The Australian Financial Review reported that Glencore was "open" to considering a listing in Australia if it proved beneficial for the company. This follows the failure of merger negotiations with Rio Tinto. According to the report, a secondary ASX listing could attract more investors. "It would give investors an alternative option other than Rio and BHP," CEO Gary Nagle said. Nagle, a newspaper reporter, said that the company would have to consult with its shareholders before proceeding?with any listing.
Oil and Gas Industry urge EU to stop methane emission law
Oil and gas companies warned that the European Union's methane emission law could disrupt Europe’s fuel imports if it is implemented next year. The?industry's call comes after the U.S. The?government asked the EU to exempt U.S. gas and oil from the rules. Brussels has offered more flexible options for companies to comply with the rules, but refused to rollback this policy. It is a key pillar in its climate strategy. A study commissioned by the industry…
Document shows EU is looking to reduce energy bills for industry
A document obtained by revealed that the 'European Union' is looking at energy?taxes and network charges, as well as?carbon _costs, to see if they can be used in short-term solutions for industries affected by high energy costs. Brussels is seeking quick fixes, after companies said they could not compete with their rivals from China and the U.S. – even before the recent surge in gas and oil prices triggered by the U.S. and Israeli war against Iran.
Bangladesh restricts fuel purchases due to Middle East conflict
Bangladesh imposed daily fuel sales limits in response to a 'panic buying' and a'stockpiling of fuels, which raised concerns over supply as the Middle East war roiled the global energy markets. These'measures' follow U.S., israeli, and other airstrikes against Iran, as well as retaliatory strikes by Tehran in the Middle East, which has caused oil shipments to be disrupted through the Strait of Hormuz - a vital energy route - and driven energy prices sky-high.
Qatar closes down gas liquefaction; restarting will take several weeks, say sources
Qatar declared a 'force majeure' on its gas exports Wednesday, amid the U.S. and Israeli war against Iran. Sources said that it could take at least a month to return to normal production levels. Qatar is supplying 20% of the world's liquefied gas. Two sources familiar with this matter have confirmed that Qatar Energy, the state energy giant, which has stopped producing gas in recent weeks, will completely shut down gas liquefaction by Wednesday.
OECD: Nuclear and onshore wind are the cheapest ways to meet Sweden's energy needs
The OECD Nuclear Energy Agency stated on Wednesday that expanding nuclear and onshore winds power was the cheapest option for 'Sweden' to meet its surging electricity demands, with no?place left for offshore wind. Sweden aims to achieve a 'net zero emission level by 2045. Electricity demand will double as industries like steel and transport switch to cleaner energy. According to the NEA base case, Sweden will have 13 GW of nuclear power installed and 30 GW of onshore wind by 2050.
Hang Tung, a Chinese analyst, said that Brazil's sorghum imports are limited now but will increase in 2026.
The head of Chinese sorghum trader Hang Tung’s Brazilian unit said that tight supplies were limiting Brazil's sorghum shipments in the first half of the year. He added that the business would 'pick up' in the second half of the year. Brazil has not traditionally been a sorghum producer, but China, the world's biggest buyer, authorized 10 Brazilian companies to import sorghum in November last year amid a dispute with the U.S. Gabriel Cordeiro is the country manager for Hang Tung in Brazil.
Equinor discovers oil in the North Sea and looks to rapid development
Equinor, a state-controlled Norwegian operator, and its partners have discovered oil near the Snorre field in the North Sea and plan to develop the reserves "rapidly and efficiently". Norway's Offshore Directorate, or NOD, has separately stated that preliminary estimates place the size of this discovery, called "Omega-South Alfa," between 25 and 89 million barrels of recoverable equivalent oil. This would be Equinor's medium-sized discovery. Norwegian companies are looking for ways to extend the lifespan of their oil and gas fields.