Last year, the International Maritime Organization (IMO) approved its 2023 Net-Zero Framework that set a target to eliminate greenhouse gas (GHG) emissions from the global shipping industry by 2050. The framework consists of a Global Fuel Standard that requires ships to gradually reduce the GHG Fuel Intensity (GFI) of the energy they use as well as a Pricing Mechanism whereby ships exceeding GFI thresholds are required to pay for remedial units while ships that use zero or near-zero (ZNZ) fuels can earn surplus units to trade or bank in the future.…

Faced with the second energy crisis this decade, the European Union aims to reduce dependence on natural gas, coordinate gasoline, diesel, and jet fuel supplies, and accelerate renewable energy capacity installations. The European Commission on Wednesday unveiled proposals aimed at protecting Europeans from the fossil energy crisis and accelerating the shift to clean, homegrown energy. “For the second time in less than five years, Europeans are paying the price of Europe's dependency on imported fossil fuels,” the Commission says. The…

The global energy crisis could be fomenting a massive surge of clean energy tech adoption and innovation as countries around the world scramble to replace the fossil fuel imports they typically depend on. Thanks to the lengthy closure of the Strait of Hormuz – Tehran's response to the United States' and Israel's attack on Iran – the cost of oil and gas has skyrocketed in global markets as competition heats up over increasingly scarce supplies. This market shock is providing fresh incentive for a rapid clean energy transition, as home-grown…

Green energy equities are continuing their growth phase, supported by geopolitical disruption and structural demand shifts, although the recovery remains incomplete and uneven across segments and companies. After losing nearly 60% of its value between its 2021 peak and the November 2023 trough, the Rystad Energy Green Energy Index has rebounded, returning almost 40% over the prior year and 9% in the first quarter this year. The index stands at around 88 (versus a January 2021 baseline of 100), still roughly 38% below its 2021 peak, but over a year…

Back in the last century, smart alecks said that commercial fusion would always be 50 years in the future. Now, energy consultant Wood Mackenzie has taken to discussing developments in nuclear fusion as if they might not be far off. A big change in view, considering that even recently, experts figured that harnessing nuclear fusion for commercial purposes was at least fifteen years away. In fact, the best-known international fusion effort, the ITER project based in France, projects an in-service date for its fusion reactor in the early 2040s (fifteen…

The voluntary carbon market (VCM) covers less than one-half percent of global greenhouse gas (GHG) emissions. It remains very small after many years of development and reform. It is recovering from a downturn after press revelations of overproduction of credits in Indonesia and elsewhere. The quality of credits, their actual accounting for removal or avoidance of 1 metric ton per credit, is a constant concern. Yet this small market plays an important niche role in testing methods and technologies. And it might become increasingly important as it…

Canada’s pledge to contribute 23.6 million barrels of oil to the International Energy Agency’s coordinated release will add little new supply to an already tight market because the volumes are not incremental, BMO Capital Markets said in an interview with Bloomberg, adding that the barrels in question were coming from production growth that was already in motion before the Iran-driven disruption. “It’s not really a function of what’s happening in Iran or any request from the federal government to say, what can we contribute…

Phillips 66 has shipped crude oil from Texas to the U.S. East Coast on a foreign-flagged tanker, the first such cargo since Washington waived the Jones Act last month, Kpler ship-tracking data shows. The Bakken crude was loaded in early April at a Phillips 66 terminal in Beaumont, Texas, onto the Malta-flagged Htm Warrior. The vessel is destined to carry the cargo to the Trainer oil refinery in Pennsylvania, owned by Delta Air Lines subsidiary Monroe Energy. The long-standing Jones Act requires that cargo moving between U.S. ports travel on vessels…

Canada’s pledge to contribute 23.6 million barrels of oil to the International Energy Agency’s coordinated release will add little new supply to an already tight market because the volumes are not incremental, BMO Capital Markets said in an interview with Bloomberg, adding that the barrels in question were coming from production growth that was already in motion before the Iran-driven disruption. “It’s not really a function of what’s happening in Iran or any request from the federal government to say, what can we contribute…

Phillips 66 has shipped crude oil from Texas to the U.S. East Coast on a foreign-flagged tanker, the first such cargo since Washington waived the Jones Act last month, Kpler ship-tracking data shows. The Bakken crude was loaded in early April at a Phillips 66 terminal in Beaumont, Texas, onto the Malta-flagged Htm Warrior. The vessel is destined to carry the cargo to the Trainer oil refinery in Pennsylvania, owned by Delta Air Lines subsidiary Monroe Energy. The long-standing Jones Act requires that cargo moving between U.S. ports travel on vessels…

Canada’s pledge to contribute 23.6 million barrels of oil to the International Energy Agency’s coordinated release will add little new supply to an already tight market because the volumes are not incremental, BMO Capital Markets said in an interview with Bloomberg, adding that the barrels in question were coming from production growth that was already in motion before the Iran-driven disruption. “It’s not really a function of what’s happening in Iran or any request from the federal government to say, what can we contribute…

Every time oil prices rise, Europe falls into the same familiar cycle. Politicians promise relief, analysts debate OPEC strategy, governments consider subsidies, and consumers prepare for higher transport and heating costs. It is a ritual of crisis management that assumes one thing above all else: oil will remain central, and Europe’s role is simply to cope with the consequences. China is taking a different approach. Rather than endlessly managing fossil-fuel volatility, it is steadily reducing how much oil matters to its economy. That is…

The war in the Middle East and the closure of the Strait of Hormuz have created the largest energy security threat the world has ever faced, Fatih Birol, the executive director of the International Energy Agency (IEA), told CNBC on Thursday. “We are facing the biggest energy security threat in history,” Birol told CNBC, building on the IEA’s assessment at the start of the war that the Middle East war is creating the biggest supply disruption in the history of the oil market. “As of today, we’ve lost 13 million barrels…

The war in the Middle East and the closure of the Strait of Hormuz have created the largest energy security threat the world has ever faced, Fatih Birol, the executive director of the International Energy Agency (IEA), told CNBC on Thursday. “We are facing the biggest energy security threat in history,” Birol told CNBC, building on the IEA’s assessment at the start of the war that the Middle East war is creating the biggest supply disruption in the history of the oil market. “As of today, we’ve lost 13 million barrels…

The war in the Middle East and the closure of the Strait of Hormuz have created the largest energy security threat the world has ever faced, Fatih Birol, the executive director of the International Energy Agency (IEA), told CNBC on Thursday. “We are facing the biggest energy security threat in history,” Birol told CNBC, building on the IEA’s assessment at the start of the war that the Middle East war is creating the biggest supply disruption in the history of the oil market. “As of today, we’ve lost 13 million barrels…

In a political climate where bipartisan unity is increasingly rare, a consensus is forming among US lawmakers and foreign policy heavyweights: The relationship between Moscow and Tehran has moved far beyond diplomatic convenience. Instead, they argue, it has hardened into a “transformational” military alliance -- a deepening axis that is drastically shaping battlefields in the Middle East and Ukraine. At a hearing of the Helsinki Commission on April 21, the rhetoric was as sharp as the intelligence reports. Congressman Joe Wilson, a…

Russia says it’s still pumping and shipping crude into a tightening global market, but it’s not bringing any new ideas to the table ahead of the next OPEC+ meeting, even as supply shrinks and demand climbs during the worst energy crisis in years. The Kremlin said on Thursday that Russia would continue to export oil to global markets. Russia has framed its steady flows as a stabilizing force amid the Iran war, which is disrupting supply chains and trapping barrels in the Middle East. Kremlin spokesman Dmitry Peskov said Russia is helping…

If U.S. President Donald Trump had already succeeded in his real core aim of changing the regime in Iran, the world would very different today — and Washington’s leverage over Beijing and Moscow would have expanded dramatically. A pro?West Iran, led by a government aligned with Washington, would control the vital Strait of Hormuz and the Bab el?Mandeb Strait, which together account for up to 45% of global oil flows. And with Washington directing the strategic framework, China would not continue receiving discounted Iranian oil if a…

Japan's Prime Minister Sanae Takaichi on Thursday requested cooperation from the world's top crude oil exporter, Saudi Arabia, in expanding energy deliveries to Japan amid the ongoing supply crunch. In a telephone call with Saudi Arabia's Crown Prince Mohammed bin Salman today, Takaichi “expressed her appreciation for Saudi Arabia's continued supply of crude oil to Japan via Yanbu Port even after the outbreak of the situation, and requested cooperation toward the expansion of energy supply to Japan,” the office of the Japanese PM said…

Russian oil has reportedly started to flow once again through the Druzhba pipeline to the European Union after months of a blockage in Ukraine. At the same time, Russia is reportedly halting the flow of Kazakh oil via Druzhba to Germany as of May 1, an action that some regional experts describe as an attempt at geoeconomic retaliation. According to Kazakh officials, Russia is claiming that “a lack of technical capability” is forcing Moscow to halt Kazakh shipments via Druzba, the KazTag news agency reported April 22. “This is…