About: Peak oil
Study: Peak oil moves closer as energy majors shift to renewables
The world’s largest oil and gas companies increased investment in clean energy by 23% compared to 2018, despite a 6% fall in global energy demand last year caused by the coronavirus pandemic, according to new research published on Tuesday (8 June).
BP’s oil exploration team swept aside in climate revolution
Nothing escapes the winds of change now sweeping through BP, not even the exploration team that for more than a century powered its profits by discovering billions of barrels of oil.
Oil hits highest since March, but still drastically down from last year
The oil price has reached its highest point since it plummeted in March due to COVID-19 lockdowns, as market confidence grows in coronavirus vaccines.
Oil exploration continues unabated in Europe, despite Paris goals
As world leaders prepare to meet for UN climate talks in Bonn, it may come as a surprise that firms are lining up to drill, at great expense, in Europe’s northern waters where output has peaked years ago.
Act now on peak oil or curtail mobility, says Commission
The European Commission's director-general for transport and mobility policy has warned at a conference on peak oil that it would be a "fatal mistake" for the EU to postpone measures to reduce oil dependency.
Future supply concerns grow as oil becomes cheaper
Large energy projects for oil, gas and renewables are facing a "double whammy" of falling oil prices and tightening financing conditions, raising concerns about future supplies once demand start to pick up again, experts have warned.International Energy Agency raises alarm on oil, climate
In this year's World Energy Outlook, the International Energy Agency (IEA) breaks with its tradition of allaying concerns about the availability of oil. Instead, it calls for an urgent transition to a more sustainable global energy system to avert a potential climate catastrophe.
Oil refiners: Seeking protection from ‘carbon leakage’
Europe's fuel refining sector may be succeeding in its attempt to receive free emissions credits under the next phase of the EU's CO2 trading scheme, EURACTIV learned in an interview with Isabelle Muller, secretary general of Europia, the oil refining industry association.
High oil prices: The EU’s response
As record-high fuel prices sparked protests across Europe in Spring 2008, the EU is preparing both long and short-term policy responses, including tax breaks for energy savings and increased transparency of oil inventories.
Energy prices ‘stronger for longer’, says BP
Surging demand in developing countries and global fossil fuel supply constraints are creating volatility in energy markets and will keep prices up over the long term, BP's Chief Economist Christof Rühl told EURACTIV in an interview.
BP: ‘We should see volatility increase’
Tight global fossil fuel markets, increased nationalisation of oil reserves and massive economic growth in developing countries like China and India are creating new realities in global energy markets, which will remain volatile for some time to come, according to BP's chief economist Christof Rühl, who spoke to EURACTIV in an interview.
Report warns of Canadian oil sands climate risks
The rush to exploit Canada's heavy tar-sand oil, which necessitates more energy to recover than conventional oils, could significantly increase global risks of dangerous climate change, warns a new report by the WWF and the Co-Operative Financial Services (CFS), a UK financial group.
EU calls for lower oil prices at Saudi meeting
EU Energy Commissioner Andris Piebalgs called for a partnership between producing and consuming countries to bring the price of oil per barrel to a "two-digit" figure, speaking at a summit in Jeddah, Saudi Arabia, on Sunday (22 June).
Oil and gas firms pinned on transparency
Leading oil and gas companies do not report sufficiently about their activities in host countries, particularly on payments made to governments for resource extraction rights, leaving the door open to corruption, said Transparency International (TI) in a new report.
EU eyes raise of emergency oil stocks as prices soar
The European Commission has launched a public consultation on whether changes should be made to the management of emergency oil stocks held by EU member states as oil prices edged closer to $120 a barrel on Tuesday (22 April).The new role of oil wealth in the world economy
With oil prices having more than tripled since 2002, petrodollar investments have become the world's largest source of net global capital flows and are leading to a broad shift in global economic markets, an analysis by the McKinsey Global Institute (MGI) says.
IEA refutes ‘peak oil’, points to lack of investment
Insufficient investment, political instability and blocked access to key oil and gas reserves have distorted the global fossil fuel market and driven up prices, according to the International Energy Agency, which has downplayed concerns about imminent oil shortages.
EU energy chief warns about ‘peak oil’
Energy Commissioner Andris Piebalgs has drawn attention to the 'overlooked' issue of dwindling oil reserves coupled with rapidly growing and unprecedented global demand. His comments were made in the run-up to the publication of a widely-anticipated package of Commission legislative proposals on energy and climate change.
Oil and dollar worries send euro to new high
Speculation over a rate cut by the US Federal Reserve today (30 October) has driven oil prices close to US $95 and gold prices to their highest since 1980. The euro has reached a new all-time high of US $1.44.
US report tells ‘hard truths’ about energy
The world is faced with a looming oil supply crunch that will require the United States to tap into all available energy sources and reduce its CO2 emissions, according to a draft report by the National Petroleum Council, an advisory body to the US government.
Oil experts predict ‘supply crunch’ in five years
World oil supplies are likely to fall faster than expected, amid booming consumption in China and the Middle East and shrivelling production capacity, resulting in further price hikes that could put a dent in the global economy, the International Energy Agency has warned.
‘No panic’ over oil reserves, says BP
Speaking at a 21 June conference in Brussels, BP's Chief Economist Peter Davies presented the petroleum giant's annual Statistical Review of world energy markets for 2006. In addition to discussing major energy trends, Davies gave assurances that fears over an imminent oil shortage are misguided.