Even if demand can rise to meet existing and under construction supply, this doesn't necessarily support the development of a raft of proposed projects.
Critics said the deal gave too much profit to corporations at the public's expense. The court opposed a clause that would prevent Israel from making significant regulatory changes for the next ten years.
The Rockefeller Family Fund said on Wednesday it would divest from fossil fuels as quickly as possible and "eliminate holdings" of Exxon Mobil Corp, saying the oil company associated with the family fortune has misled the public about climate change risks.
Royal Dutch Shell has confirmed it is reviewing the case for selling some of its North Sea assets in the wake of its £35bn takeover of rival oil and gas producer, BG Group.
Rosneft set a new record, having increased hydrocarbon production up to 254.2 mmtoe (5.16 mmboed). Development drilling meterage increased by 36% and reached 6.9 mln meters. More than 1.8 thousand of new wells were commissioned.
Europe and Russia are each trying to diversify—the first by getting more gas suppliers, and the second by trying to sell more gas to China and East Asia.
Neil Atkinson, head of the IEA’s Oil Industry and Markets Division, said in Singapore on Wednesday. About $300 billion is needed to sustain the current level of production, and nations including the U.S., Canada, Brazil, and Mexico are facing difficulty in keeping up investments, he said.
“Low oil prices fuel a reduction in risk-taking, and when there is less risk-taking, asset prices will fall. It can lead to a downward asset price spiral,”
India is replacing China as the center of the world’s oil demand growth as its economy expands faster than any other major country and Prime Minister Narendra Modi has made energy security a priority for the nation, which imports 80 percent of its oil requirements.
More than $400 billion of proposed energy projects have been delayed since mid-2014 and pushed into 2017 and beyond as oil prices slid about 60 percent in the past two years, according to consulting firm Wood Mackenzie Ltd. The LNG market in particular is facing an oversupply as U.S. exports add to a wave of shipments from Australia.