Looking at 2Q17, if we assume that April’s OPEC crude oil production level of 31.8 mb/d is maintained, and nothing changes elsewhere in the balance, there is an implied stock draw of 0.7 mb/d. Adopting the same scenario approach for the second half of 2017, the stock draws are likely to be even greater. Even if this turns out to be the case, stocks at the end of 2017 might not have fallen to the five-year average, suggesting that much work remains to be done in the second half of 2017 to drain them further. In addition to production cuts and steady demand growth, a major contribution to falling crude stocks in the next few months will be a ramp-up in global crude oil runs. Starting in March, refinery activity is building up and by July global crude throughputs will have increased by 2.7 mb/d.

Cooperation will focus on grid planning, fundamental research, policy coordination, project development and information sharing, according to the deals signed between GEIDCO and the UN Department of Economic and Social Affairs, the UN Economic and Social Commission for Asia and the Pacific, the African Union Commission, the League of Arab States and the grid management bureau with the Cooperation Council for the Arab States of the Gulf.

Specifically, a plan to boost wind and solar energy capacity in coming years was likely to bring in $13 billion in investment, Procaccini said. There also is potential for $30 billion in mining investments to help Argentina catch up to neighboring Chile, and efforts to cut labor costs will help attract investment in oil and gas.

Peak electricity demand has grown nearly 13% over the past two years as a growing middle class seeks new services, such as air conditioning, which continue to place higher demands on the system. Over the next 25 years, energy demand is expected to more than double as a result.

One of the most important events in the energy field was held in Moscow. The name of the Global Energy Prize laureate was announced during the international press conference. In 2017 the prestigious award goes to Michael Graetzel (Switzerland) “for transcendent merits in development of low cost and efficient solar cells, known as “Graetzel cells”, aimed to creation of cost-efficient, large-scale engineering solutions for power generation”. He will receive a golden medal and RUB 39 million (approximately $ 693 000).

“We are witnessing an energy transformation taking hold around the world, and this is reflected in another year of record breaking additions in new renewable energy capacity,” said IRENA Director-General Adnan Z. Amin. “This growth in deployment emphasizes the increasingly strong business case for renewables which also have multiple socio-economic benefits in terms of fueling economic growth, creating jobs and improving human welfare and the environment. But accelerating this momentum will require additional investment in order to move decisively towards decarbonising the energy sector and meet climate objectives. This new data is an encouraging sign that though there is much yet to do, we are on the right path,” Mr. Amin added.

Saudi Arabia leads countries of the Middle East and North Africa (MENA) in future energy investment.

Saudi Aramco is set to launch its first public bond sale, of around $2bn, as soon as this month, as it begins to tap local currency debt markets as part of a $10bn fundraising programme.

The deeply troubled power industry accounts for almost one-tenth of all bank loans in India, and thus poses a threat to already weakened lenders, according to data from Morgan Stanley. What is more, like so many other industries, the power business is facing significant technological challenges as the cost of solar energy continues falling.

Saudi Arabian Oil Co., as it is formally called, is considering investments of as much as $5 billion in renewable energy, part of the kingdom’s effort to reduce the amount of oil feeding domestic energy needs.