Energy News Digest, Oil and Gas, 7th Feb. 2022. OPEC daily basket price stood at $92.84 a barrel on Fri, 4th February 2022

The European Union (EU) and UNICEF, in collaboration with Eni, launched a project today in partnership with the Basra Governorate, aiming to improve the water quality for 850,000 people in Basra City, including over 160,000 children as direct beneficiaries. The launch ceremony was attended by the Governor of Basra, H.E. Asaad Al Edani, Barbara Egger, Head of Cooperation of the EU Delegation in Iraq, Paula Bulancea, UNICEF Deputy Representative in Iraq, Alberto Piatti, Eni’s Head of Sustainable Development, Walid ElMahdy, Eni Iraq BV Managing Director, and other authorities. Read More

About 130 000 electric cars are being sold each week across the world, about the same number as were sold in all of 2012. In the world of clean energy, few areas are as dynamic as the electric car market, as our recent commentary highlights. Growth has been particularly impressive over the last three years, even as the pandemic shrank the global market for conventional cars and as manufacturers started grappling with supply chain bottlenecks.

In 2019, 2.2 million electric cars were sold, representing just 2.5% of global car sales. In 2021, electric car sales more than doubled from the previous year to 6.6 million, representing close to 9% of the market. China accounts for more than half of all electric cars sold, but there’s also strong growth in Europe and the United States. By contrast, the market for electric cars is barely growing in Brazil, India, Indonesia and Japan. Read More

IEA Executive Director discusses energy and climate issues with IMF Managing Director
Our Executive Director Fatih Birol held a virtual meeting with Kristalina Georgieva, the Managing Director of the International Monetary Fund, on 1 February to speak about key energy and climate topics, including recent market volatility, critical mineral supplies, inflationary pressures, and the future of carbon pricing. They also talked about ways to deepen cooperation between the two organisations across the intersection of energy, climate and economic policy issues. The two leaders both highlighted the importance of ensuring the clean energy transition is fair and inclusive. Read More

Electricity systems will have to radically evolve as the world transitions towards a low-carbon future. As laid out in our Global Roadmap to Net Zero by 2050, variable renewables like solar and wind will increasingly become the foundation of low-carbon electricity generation. At the same time, electricity’s share of total energy demand will grow, as sectors from transport to heating are electrified.

But renewable power sources require electricity systems to be flexible enough to adapt to shifts in supply such as when the sun has set or the wind is not blowing. New technologies – such as energy storage, biomass, carbon capture, clean fuels – will play an increased role in providing this flexibility. Planning for traditional energy systems has largely focused on ensuring there is enough marginal supply to meet peaks in demand, but now we have a huge opportunity to create a world where flexible demand is at least as important as flexible supply, as a recent article by our experts explains. That could involve smart systems that decide when to recharge your electric scooter, for example. Read More–>

Commodity PricesUnitsPrice $change
Crude Oil (WTI)USD/bbl$91.19Up
Crude Oil (Brent)USD/bbl$92.57Up
Bonny LightUSD/bbl$90.18Down
Natural GasUSD/MMBtu$4.42Down
OPEC basket 04/02/22USD/bbl$92.84Up
At press time 7th February 2022

RegionPeriodNo. of RigsChange from Prior Count
U.S.A4th February 2022613+3
Canada4th February 2022218+1
InternationalJanuary 2022841+7
Rig Count

Odfjell SE will release its fourth quarter 2021 results on Tuesday, February 8, 2022, at 20:00 CET. The results will be published on Oslo Stock Exchange at and at Read More

OilandGasPress Energy Newsbites and Analysis Roundup |Compiled by: OGP Staff, Segun Cole @oilandgaspress.

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