UN chief warns at COP29 that if you don't pay up, the climate will lead to disaster for humanity.
At the COP29 Summit on Tuesday, United Nations Secretary General Antonio Guterres urged world leaders to "pay up", in order to prevent climate-driven humanitarian disasters. He also said that time was running short to limit a destructive increase in global temperatures. Nearly 200 countries have gathered in Baku for the annual U.N. Climate Summit. This year, the summit is focused on raising hundreds and billions of dollars so that the world can transition to cleaner sources of energy while limiting the damage to the climate caused by carbon emission.
East Timor spoke with Sinopec and other Chinese companies about stalled multibillion dollar gas project, President says
After a disagreement with Australia about the future of the joint field, East Timor's President Jose Ramos-Horta announced on Wednesday that it had spoken with Chinese companies, including the state-owned Sinopec, to develop the Greater Sunrise gasfield. The field's revenues, estimated at $65billion in 2018, are vital to the economy. However, the development of the project has been held up for years due to disagreements between Australia, who shares the field with the country, and Woodside Energy. In 2018, a bitter dispute over maritime boundaries was settled.
East Timor spoke with Sinopec and other Chinese companies about a stalled multibillion dollar gas project, President says
After a disagreement with Australia about the future of the joint field, East Timor's President Jose Ramos-Horta announced on Wednesday that it had spoken with Chinese companies, including the state-owned Sinopec, to develop the Greater Sunrise gasfield. The field's revenues, estimated at $65billion in 2018, are vital to the economy. However, the development of the project has been held up for years due to disagreements between Australia, who shares the field with the country, and Woodside Energy. In 2018, a bitter dispute over maritime boundaries was settled.
Spanish PM calls on EU to reconsider tariffs against Chinese EVs
The Spanish Prime Minister Pedro Sanchez stated on Wednesday that the European Union should reconsider its proposed import tariffs for Chinese-made electric cars, and urged Brussels to avoid a trade conflict. Sanchez's remarks during a trip to China indicate a shift in Spain's stance, which had previously supported the tariffs. He also expressed concern over the potential impact of the EU-China Trade Spat on Spanish industry. "I must be honest, we all have to rethink our position.
UN chief warns that Africa's inability to access debt relief could lead to social unrest
The lack of resources and insufficient debt relief for African countries is a recipe to create social unrest. This was the conclusion reached by UN Secretary-General Antonio Guterres on Thursday. He proposed new reforms to international financial institutions. In recent months, a growing debt crisis has sparked civil unrest across Africa's 1 billion people. Protests in Kenya where police clashed against demonstrators protesting proposed tax increases, inspired people in Nigeria and Uganda to take to their streets over the rising cost of living.
China and South Africa agree on balanced trade, increased investments
A joint statement released on Tuesday revealed that China and South Africa's top leaders, who met in Beijing, had agreed to promote a balanced trade, and also discussed the importance of boosting bilateral investments between their commercial and industrial communities. President Xi Jinping met with his South African counterpart Cyril Ramaphosa on Monday ahead of the ninth Forum on China-Africa Cooperation. Both sides described Ramaphosa’s visit as "of great significance" for the development of bilateral relationships.
Saudi Arabia Remains China's Top Crude Supplier
Russia remained China's second-largest source of crude oil in 2022, following repeat top supplier Saudi Arabia, as Chinese refiners snapped up low-cost Russian barrels while Western countries shunned them after the Ukraine crisis.China's crude oil imports from Russia jumped 8% in 2022 from a year earlier to 86.25 million tonnes, equivalent to 1.72 million barrels per day (bpd), data from the General Administration of Customs showed on Friday.Russian crude has been trading in widening discounts to global oil benchmarks following Western sanctions over its invasion of Ukraine…
Oil Hits Highest Since September
Oil rose towards $68 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower U.S. crude inventories, hopes of an end to the China-U.S. trade dispute and OPEC-led efforts to constrain supply.The American Petroleum Institute, an oil industry group, said late on Tuesday that U.S. crude stocks fell by 7.9 million barrels last week, much more than the decline forecast by analysts.Brent crude, the global benchmark, reached $67.83 a barrel, the highest since Sept. 17, and by 1438 GMT was up 39 cents at $67.59. U.S.
Oil Rises Above $62
Oil rose above $62 a barrel on Thursday after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and demand for fuel.China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce ministry said on Thursday without giving a timeline.The trade dispute has prompted analysts to lower forecasts for oil demand and raised concerns that a supply glut could develop in 2020.
Oil Prices Creep Higher on U.S.-China Hopes and OPEC Talks
Oil prices crept upwards on Monday, with Brent reaching its highest in more than a month after the previous day's boost from growing expectations of a U.S.-China trade deal and Iran flagging OPEC discussions over a deeper output cut next month.Brent crude futures for January rose 91 cents to $62.60 a barrel by 1429 GMT, erasing earlier losses. December U.S. crude futures also swung back into positive territory, up 94 cents at $57,14 a barrel. Both reached peaks last seen in late September.Chinese President Xi Jinping and U.S.
China, Philippines: 'Bigger Step' Possible Offshore
Chinese President Xi Jinping said China and the Philippines could take a "bigger step" in the joint development of oil and gas resources in the South China Sea if they can "properly" handle their dispute over sovereignty.Xi made the remarks on Thursday in a meeting in Beijing with Philippine President Rodrigo Duterte, who has positioned himself as a friend of Beijing but has come under growing pressure at home to push back against China's maritime assertiveness.The visit comes amid a recent rise in tension on multiple fronts, with Chinese vessels challenging energy assets and sea boundaries of Mala
OPEC+ Extends Output Cuts
OPEC and its allies led by Russia agreed to extend oil output cuts until March 2020 on Tuesday, seeking to prop up the price of crude as the global economy weakens and U.S. production soars.The alliance, known as OPEC+, has been reducing oil supply since 2017 to prevent prices from sliding amid increasing competition from the United States, which has overtaken Russia and Saudi Arabia to become the world's top producer.Asked by reporters whether agreement had been reached, Saudi Energy…
CNPC to Develop New Shale Oilfield
China's state-owned CNPC has started developing a new offshore shale oilfield near the Bohai Rim Basin, the company said via its official newspaper on Thursday.CNPC aims to produce 50,000 tonnes of shale oil from the Bohai Rim Basin in 2019 and to achieve production capacity of 1 million tonnes by 2028.The new drilling venture is in response to president Xi Jinping's call to step up national energy security, CNPC said.Shale oil production from China's continental crust created huge technological difficulties because of the unique geological formations…
Oil Edges Up Despite Trump's OPEC Pressure
U.S. crude inventories seen up for sixth week; prices helped by OPEC cuts, U.S. sanctions.Brent oil edged up to $65 a barrel on Tuesday as Saudi Arabia and the rest of OPEC were expected to stick to their production cuts, despite renewed pressure from U.S. President Donald Trump.Prices slid on Monday, when many traders were out of the office attending IP Week, a series of industry events in London, after Trump called on OPEC to ease its efforts to boost the oil market. Prices were "getting too high"…
Brent Hits 2019 High on U.S.-China trade Hopes
U.S. crude stocks rise to 454.5 mln barrels as crude exports from U.S. hit record 3.6 mln bpd.Oil prices rose on Friday, supported by OPEC's ongoing supply cuts and hopes that Washington and Beijing may soon end their trade dispute.International Brent crude futures hit a new 2019 high of $67.60 a barrel, up 53 cents from Thursday's close.Further gains were tempered by U.S. crude oil production hitting a record 12 million barrels per day (bpd) and a surge in exports from the country.By 1125 GMT, U.S.
Brent Crude Rises but Set for First Yearly Drop Since 2015
Oil prices rose more than 2 percent on the final day of the year, mirroring gains in stock markets, but were on track for their first annual decline in three years as concerns of a persistent supply glut lingered.Hints of progress on a possible U.S.-China trade deal, with U.S. President Donald Trump saying he had a "very good call" with Chinese President Xi Jinping, helped bolster sentiment for oil.Brent crude futures were up 75 cents at $53.96 a barrel by 1357 GMT but rose over $1 to a high of $54.82 in earlier trade.U.S.
PetroChina Strikes Large Flows in Tarim Exploration Well
PetroChina Co Ltd struck sizeable oil and gas flows in an exploration well in the Tarim basin of the remote northwestern region of Xinjiang, marking a breakthrough in exploring an earlier untapped region, parent CNPC said on Thursday.Zhongqiu-1 well tested a daily natural gas flow of 330,000 cubic metres and 21.4 cubic metres of condensate, a super light crude oil, CNPC said on its news portal news.cnpc.com.cn.The well is located in the southern part of Kuche trough in the Tarim basin and part of an exploration zone with a size of 5,200 square kilometers.PetroChina aims to build by 2020 an annual o
Philippine Senators Ask Duterte to Disclose China Energy Plan
Philippine opposition senators have demanded President Rodrigo Duterte reveal details of joint energy exploration plans with China, warning such a deal risked affirming Chinese territorial claims that are not recognized under international law.Early this year, the two countries set up a joint panel to work out how to explore offshore oil and gas in areas that both claim, without addressing the explosive issue of who has the sovereign rights to them."Signing the Chinese deal will make the Philippines recognize an unlawful 'co-ownership' with China…
China's Top Gas Field to Produce Record Amount of Gas This Year
China's Changqing oil and gas field, operated by state energy giant PetroChina, is expected to produce record amount of natural gas this year exceeding 38 billion cubic meters (bcm), as more wells were brought online, its parent company CNPC said on Monday,Changqing, in northern China, the largest gas producer in the country, has nearly 11,000 wells in production by late September, after over 100 new wells started pumping, CNPC said on its news website.At 38 bcm, the output at Changqing makes up about a quarter of China's total gas production.State oil and gas firms have been stepping up domestic p
UAE's Adnoc Awards USD 1.6bln Contract to China’s CNPC
The Abu Dhabi National Oil Company (ADNOC) has awarded contracts worth AED 5.88bn (US $1.6bn) for the world’s largest continuous 3D onshore and offshore seismic survey, covering an area up to 53,000 square kilometres, as the company continues to identify and unlock new opportunities and maximize value from its hydrocarbon resources and deliver on its 2030 smart growth strategy.Adding to the 2D and 3D seismic data already acquired across Abu Dhabi, the new seismic survey will cover an area of up to 30…
