Oil and Industry Archives

The Strait of Hormuz, the site of recent military conflicts between Iran, Saudi Arabia and the United States, sees a quarter of the world's oil consumption pass through it each year. If Persian Gulf oil exports are disrupted because of a conflict, how much will Europe be affected?

The price of oil has seemed relatively immune to heightened tensions in the Gulf, but this weekend’s attack on Saudi oil facilities means markets will now be more skittish.

After a Saudi oil processing facility came under attack, attention turned on the immediate effect this could have on oil prices. But the worry should be more over the medium term than the short term, writes Robin Mills.

Not a single EU member state has so far spelled out a comprehensive plan to phase out fossil fuel subsidies, despite a commitment taken at the G20 ten years ago to eliminate them, according to a fresh analysis of the bloc’s 28 National Energy and Climate Plans.

Since 2018, oil and gas companies have spent $50bn (€45.3bn) on investment projects that undermine the Paris Agreement, with a new report from think tank Carbon Tracker warning that major companies risk wasting $2.2trn (€1.9trn) on stranded assets by 2030. EURACTIV's media partner edie.net report.

With gas prices at a ten-year low, storage tanks are far fuller than average for this time of year. This may have political implications as lawmakers think about security of supply.

With oil use in cars expected to peak in the mid-2020s, oil companies are seeking shelter in petrochemicals – and plastics – where demand is still going strong. However, even that notion is now being challenged because of a global plastics backlash led by Europe.

When shares in Saudi Aramco eventually go public, there will doubtless be a feeding frenzy on what promises to be the largest initial public offering ever seen. More significantly, the move would also signal Saudi Arabia’s recognition that sunset for fossil fuel is just over the horizon, writes Jonathan Gornall.

Though UK fuel export tariffs are set to rise to 4.7%, import tariffs will be set at 0%. Oil refineries are warning this would put them at a competitive disadvantage.

The European Commission on Tuesday (13 August) imposed countervailing duties of 8% to 18% on imports of subsidised biodiesel from Indonesia, saying the move aimed to restore a level playing field for European Union producers.

Polish oil refiner PKN Orlen's bid for rival Lotos may reduce competition in Poland and neighbouring countries and push up prices, EU antitrust regulators said on Wednesday (7 August) as they opened a full-scale investigation.

Strong action on climate change would shrink demand for vessels by a third, impacting investment decisions being made now, analysts say. EURACTIV’s partner Climate Home News reports.

The Russian government will submit legislation to ratify the Paris climate agreement by September, but president Vladimir Putin warned against the perils of “absolutist” renewable energy. EURACTIV's media partner Climate Home News reports.

Iran on Thursday (4 July) condemned the "illegal interception" of one of its oil tankers in Gibraltar where authorities said they suspected it was carrying crude to Syria in violation of EU sanctions.

Ministers from China, Canada and the EU met for a third annual climate summit in Brussels on Friday (28 June), in a format meant to demonstrate that the world continues the climate fight even if America is retreating.

The release of methane emissions from drilling has been a beguiling problem for the oil and gas industry. But EU satellite data points toward a solution.

Oil majors have steadily reduced exploration investment since the 2014 oil price collapse. Now exploration is ticking up again, even if the oil price isn’t. Meanwhile, investment in renewables remains small among oil and gas companies.

The EU in the night to Friday (20 June) stepped up its rhetoric over Turkey's "illegal" drilling for oil and gas off Cyprus, raising the threat of sanctions if Ankara refuses to back down.

Oil and gas infrastructure as well as electric power stations could suffer major failures in the coming years if they are not adapted to withstand extreme weather caused by climate change, EU officials have warned.

Slower oil demand growth in 2019 is expected to lead to a glut of oil next year, which could have significant impacts on energy prices in Europe.

Pope Francis said on Friday (14 June) that carbon pricing is “essential” to stem global warming – his clearest statement yet in support of penalising polluters – and appealed to climate change deniers to listen to science.

The price of crude oil, which has been languishing at five-month lows, jumped suddenly on Thursday (13 June) following unconfirmed reports of an attack on two oil tankers in the Gulf of Oman.

A UK-South Korea trade deal announced Monday (10 June) guarantees future exemption from oil tariffs following a spate of dry months without crude imports coming from Britain's North Sea fields.

Life in rebel-held northwest Syria has, without a doubt,  been made easier by Watad Petroleum’s presence. But with no information available publicly about who owns or runs it, there is a persistent suspicion about it, writes Haid Haid.