Global oil demand has risen to 95 mln bpd -Al Jaber
The global oil market is rebalancing, and oil demand has risen to 95 million barrels per day, Sultan Ahmed Al Jaber, chief executive of the Abu Dhabi National Oil Company, said.
The longer-term forecast has demand rising to 106 million bpd by 2030, Al Jaber said during the Columbia Global Energy Summit. The oil and gas industry has reduced investments over the past five years, as companies prioritized capital discipline and as investors grew more motivated by environmental concerns, he said.
Source: Reuters (Reporting by Stephanie Kelly and Laura Sanicola)
2021-05-24
Crude prices lose ground as IEA says fossil fuels will have to go in long term
The International Energy Agency suggested it was time to stop investing in hydrocarbons and positive outcomes on Iran sanctions were announced In Friday trading, Brent crude lost ground, having topped US$70 a barrel mid-week and finished the week close to US$66 with WTI below US$63 a barrel
There was good news and not so good news on the market this week and the oil price reacted accordingly.
The International Energy Agency suggested it was time to stop investing in hydrocarbons and positive outcomes on Iran sanctions were announced.
AUS and Petrofac join hands to improve solar energy efficiency
2 hours ago The Renewable Energy Research Centre in AUS’ College of Engineering is currently working on projects focused on renewable energy. With solar energy a high priority for public and private organizations throughout the UAE and wider region, American University of Sharjah (AUS) and Petrofac have combined forces to increase solar farm efficiency.
AUS and Petrofac have developed an IoT edge device that can remotely assess the cleanliness of solar panels.
For solar plant operators, knowing how clean individual panels are is essential in reducing costs, optimising power output and enabling preventative maintenance. Project researchers found that two months of soiling can reduce the power generation of a panel by 40 per cent, with dust the biggest obstacle to reliable solar energy production. However, large-scale cleaning of solar farms is costly, inconvenient and disruptive to grid
UAE On Track to Provide Low Cost, Low Carbon Energy As Demand Soars albawaba.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from albawaba.com Daily Mail and Mail on Sunday newspapers.
UAE well positioned to provide low cost, low carbon energy as demand grows
ABU DHABI, 5 hours, 19 minutes ago The UAE is well positioned to provide low cost, low carbon energy as global demand returns and is expected to increase in line with economic growth, Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Special Envoy for Climate Change said. Speaking during a virtual session of the Columbia Global Energy Summit, Dr Al Jaber said that increased demand for cost-efficient, lower-carbon energy positions the UAE at a competitive advantage and the UAE is focusing on low carbon production, a WAM report said.