The Brent crude oil price will increase from an average of $90 per barrel (b) in the fourth quarter of 2023 to an average of $93/b in 2024.

Russia is counting on a planned new pipeline to China as it seeks to make up for lost gas sales in Europe, but industry insiders see major political risks around a project that is overly dependent on one buyer and question whether it will justify the huge costs.

"Together with Norwegian gas, American LNG has proven to be a reliable and steady source of supply for Europe and will contribute to Europe's energy supply security," Aasland said.

Over the next five years North America’s liquefied natural gas (LNG) export capacity to expand by 12.9 billion cubic feet per day (Bcf/d) as Mexico and Canada place into service their first LNG export terminals and the United States adds to its 11.4 Bcf/d of existing LNG capacity.

In the United States last year, according to the Energy Information Administration, natural gas accounted for 39.9 percent of electricity production; coal, 19.7 percent; nuclear, 18.2 percent; and renewables, the rest, although these are coming on fast.

Prince Abdulaziz said that the energy transition will require hydrocarbons including petrochemicals.

Still, the trade has become a headache for Germany, which has explicitly said it won’t use gas from Russia in the fallout of the war in Ukraine. Berlin is facing sharp criticism over concerns that a government-run company still has ties to Moscow, despite its political rhetoric.

Oil has become the gift that keeps on giving. Aggressive long liquidation leaves the markets exposed to a strong geopolitical bid as it has a direct effect on oil production and transportation in the Middle East.

The Brent spot price increasing to average $95 per barrel (b) in 2024.

DOE expects these standards to cumulatively save consumers $24.8 billion on their energy bills over 30 years and cut harmful carbon and methane emissions that fuel the climate crisis.

900 MHz private LTE is becoming the broadband wireless standard for utilities due to its ability to offer visibility, control, quality of service, reliability, and resiliency all the way to the grid edge which is essential for next level grid transformational solutions.

Private LTE Networks are a game-changer for utilities. They offer dedicated, secure, and high-performance connectivity that can be tailored to specific needs.

4G LTE and 5G NR are well-established technologies around the world. Utilities can future-proof their investments by taking advantage of a large, globe-spanning ecosystem of vendors, integrators and consultants that can support the deployment and operation of radios, core network elements and devices.

Preliminary production figures for August 2023 show an average daily production of 2 006 000 barrels of oil, NGL and condensate.

“Any sudden changes to LNG supply or demand in Asia or the Americas could easily have a domino effect into Britain and Europe.”