In a setback for climate activists, oil and gas giant Shell won an appeal against a ruling requiring it to expedite carbon reduction efforts. The Hague’s appeals court ruled that Shell had an obligation to cut greenhouse gas emissions in order to safeguard humanity from global warming. However, it overturned the 2021 decision that mandated Shell reduce its total carbon emissions, including those resulting from the consumption of its goods, by 45% by 2030 as compared to 2019 levels. The court concurred with Shell that a global ban on its goods’ emissions could have a negative impact since consumers might decide to use more polluting coal instead of Shell’s petrol.
India’s thermal coal imports fall by 31% —fastest in 15 months
A new report by data analytics company Bigmint and Kpler found that becaue of slowed power generation and increased clean energy output, India’s thermal coal imports fell by roughly a third on an annual basis in October. According to Bigmint data, shipments into India—the second-largest coal importer in the world—fell 31.8% to 13.56 million metric tonnes. This was the first decline in a row since July 2023 and the fastest rate of contraction in fifteen months. Although traders anticipate an increase in Indian purchases in the upcoming weeks, shipments are predicted to decline in the final two months of 2024 as a result of high port stocks, thus this will not be sufficient to raise overall year imports above 2023 levels.
Top official at COP29 recorded promoting fossil fuel deals
According to a BBC investigation, a top official at the COP29 climate change conference in Azerbaijan seems to have exploited his position to set up a meeting to talk about possible fossil fuel deals. Elnur Soltanov, the head of Azerbaijan’s COP29 team, is heard on a covert recording talking with a man masquerading as a possible investor about “investment opportunities” in the state oil and gas business. “We have a lot of gas fields that are to be developed,” he said on the recording. Soltanov’s actions have been described as “completely unacceptable” and a “betrayal” of the COP process.
Hurricane Rafael obstructs oil production at the US Gulf of Mexico
In the U.S. Gulf of Mexico, Hurricane Rafael stopped more than 23% of crude oil and 10% of natural gas production, according to the U.S. Bureau of Safety and Environmental Enforcement (BSEE). Energy corporations evacuated employees from dozens of offshore platforms due to the cyclone. This has resulted in the shutdown of about 201 million cubic feet of natural gas per day and 4,08,830 barrels of oil per day.
US oil output hits record high, Exxon and Chevron rake in huge profits
U.S. oil companies Exxon Mobil and Chevron reported better-than-expected third-quarter profits, outperforming their European competitors. While rivals BP and Shell made significant investments in wind, solar, and renewable energy that haven’t yet paid off, the two American companies concentrated on increasing oil and gas production and have profited from the purchase of smaller oil producers. Exxon’s $60 billion wager on Pioneer Natural Resources and acquisition of Denbury paid off as it produced a record 4.6 million barrels of oil equivalent per day in the third quarter, up more than 24% from the same period last year.
Trump’s victory likely to result in decline in petroleum prices
Although it’s too soon to predict how Trump’s second term as President would affect the world’s oil markets, industry observers anticipate that the Trump administration’s energy and economic policies will put limited downward pressure on oil prices. Since China is the world’s largest importer of oil, his intentions to impose hefty taxes on imports, especially those from China, might have a detrimental effect on the demand for oil globally if they are strictly enforced. Additionally, Trump’s efforts to dramatically boost US oil production and even exports—for which he used the catchphrase “Drill, baby, drill”—may increase the world’s oil supply and possibly force major oil producers to fight for market share, which might further put pressure on prices.
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