September 13, 2024, Global energy industry news, commentary and analysis
London, (Oilandgaspress) –– Oil prices up due to Hurricane Francine’s disruption of U.S. Gulf Coast production, with some production facilities suspended.
Renewables have broken electricity-generating records in the EU this year, according to the European Commission.
Newly published data has revealed that in the first six months of 2024, half of the bloc’s electricity came from renewable sources, outperforming fossil fuels.
The European Commission’s ‘State of the Energy Union’ is an annual stocktake of the bloc’s progress towards energy and climate targets.
It says that wind power has now overtaken gas as the EU’s second-largest source of electricity behind nuclear power for the first time. The EU also set another record with 56 GW of new solar energy installed in 2023, beating the previous record of 40 GW from 2022. Read More
UK government has ruled out burying electricity cables underground as part of its energy strategy, which will involve the unrolling of hundreds of pylons across the British countryside, Ed Miliband’s clean energy adviser has said. Chris Stark, the former leader of the Climate Change Committee, now heads the government’s “mission control” department for decarbonising the grid by boosting renewable energy and building connections across the country. “The government is very clear that it will cost too much [to put cables underground]. It is not my intention that we will push for a plan [in which] we will [put] underground all our cables – our departmental analysis shows it will take too long, and the benefits, frankly, are, I think, overstated … So we don’t want to end up in a situation where we delay the whole project by looking at those things,” he told a Green Alliance event in London. Read full article
Negotiations between Brussels and Beijing on the dispute around electric vehicles have entered the final stretch ahead of a make-or-break vote.
The European Commission has formally rejected an offer submitted by Chinese manufacturers of electric vehicles (EVs) to close the price gap between them and EU competitors, a wide gap that Brussels argues is the direct result of vast subsidies pumped by Beijing into the lucrative sector.
Price undertakings are a trade tool that companies can use to increase the price and control the volumes of their exports to avoid anti-subsidy tariffs. These are precisely the kinds of duties that China-made EVs might soon face when entering the bloc. Read full article
Building on its commitment to support the education and professional development of diverse young talent, JLR today announced a £30,000 grant to the Amos Bursary charity. The grant will help to advance the future careers of students from underrepresented groups in areas close to the business’s UK manufacturing sites.
The grant marks JLR’s second consecutive year of support for The Amos Bursary charity which brings the company’s total investment to £60,000.
For over a decade, the Amos Bursary charity has been dedicated to transforming the lives of students from African and Caribbean backgrounds, by helping students develop their careers and overcome challenges that could hinder their potential by providing:
Comprehensive assistance for high‑performing Year 12 students, selected based on academic achievement and socio‑economic criteria
A bursary that provides annual financial assistance for educational resources and tuition, as well as emergency support
Personal and professional development opportunities through mentorships, internships, and other career enhancing tailored programmes
Beyond the financial support given, JLR colleagues have been supporting the charity to deliver mentorship, internships, and workshop training, to prepare students for success in the corporate setting. Read full article
Hyundai Motor Company won multiple prestigious accolades at the International Design Excellence Awards (IDEA) 2024, including ‘Gold’ for IONIQ 5 N, ‘Bronze’ for SANTA FE, and the ‘Curator’s Choice Award’ and ‘Gold’ for Hyundai Heritage: Retrace Collection Book ‘PONY’.
“We are honored to receive these awards for Hyundai Motor’s significant vehicles and innovations,” said SangYup Lee, Executive Vice President and Head of Hyundai & Genesis Global Design. “This recognition serves as a testament to the exceptional dedication exhibited by our team of visionary designers, who poured their unwavering passion and commitment into these projects, working in close collaboration with our engineering colleagues at the R&D Center. It highlights the remarkable competitiveness of Hyundai’s design identity within the global market.”
Hyundai Heritage: Retrace Collection Book ‘PONY’ won the Curator’s Choice Award, which is given to only one project per year regardless of its entry category. The book is part of Hyundai Motor’s Heritage Project, tracking the company’s past and present efforts to show how a focus on humanity is the basis of its success. The PONY Collection contains all historical information about Hyundai’s first mass-produced car, such as design sketches, development documents, and interview materials.
The Gold Award winner at IDEA 2024, IONIQ 5 N, is a pioneering high-performance electric vehicle (EV) that has spearheaded Hyundai N’s electrification strategy. IONIQ 5 N offers elevated racetrack capability and performance innovations, highlighted by its status as the 2024 World Performance Car of the Year.Based on Hyundai Motor Group’s award-winning Electric Global Modular Platform (E-GMP), IONIQ 5 N integrates the N brand’s motorsport-derived technologies, fully utilizing its expertise to maximize the EV’s high-performance potential. Taking the Bronze Award at IDEA 2024, the all-new SANTA FE encapsulates Hyundai’s ‘Open for More’ design concept. The fifth-generation SUV offers a class-leading, terrace-like living space with an extended wheelbase and a broad tailgate opening, perfect for outdoor activities Read More
The dollar slumped to its lowest this year on Friday versus the yen while gold hit a record high as investors ratcheted up bets for a super-sized Federal Reserve interest rate cut next week. Shares in Asia also advanced after traders raised bets back to 45% for a 50-basis point U.S. rate cut on Sept. 18, according to LSEG data at 0510 GMT, from about 28% before articles in the Financial Times and Wall Street Journal each called the decision “a close call”. The dollar dropped as much as 0.81% to 140.645 yen , the weakest level since Dec. 28. Read More
The profitability of Islamic banks in the Gulf Cooperation Council (GCC) is expected to remain strong over the next 12-18 months, driven by the regional economic growth, according to Moody’s. The non-oil economy, where banks conduct the bulk of their lending activity, will remain strong due to governments’ economic diversification agendas, the rating agency said. Non-oil economic growth in the GCC, particularly in Saudi Arabia, will remain strong in 2025. Growth will be driven by relatively stable oil prices, government diversification programmes and robust business confidence.
The demand for Shariah-compliant products will continue to grow, further boosting the sector. However, consolidation is likely as the sector seeks to improve revenue generation and reduce costs. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $69.53 | Up |
| Crude Oil (Brent) | USD/bbl | $72.47 | Up |
| Bonny Light 12/09/24 | USD/bbl | $74.73 | Up |
| Dubai | USD/bbl | $69.71 | Down |
| Natural Gas | USD/MMBtu | $2.39 | Up |
| Murban Crude | USD/bbl | $72.85 | Up |
| OPEC basket 12/09/24 | USD/bbl | $72.42 | Up |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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