Brent slid 48 cents, or 0.6%, to $75.43 a barrel, WTI dropped 52 cents, or 0.7%, to $69.44 a barrel.

For 2023, the world oil demand growth forecast remains unchanged at 2.3 mb/d, with the OECD Americas and OECD Europe revised slightly lower, while China is revised higher, with jet/kerosene and gasoline leading demand growth.

Germany suffered the most among EU member states from the Russian supply curtailments, with a number of buyers forced to buy expensive gas on the open market to make up for the Russian shortfall.

Renewable generation capacity increased by 295 GW (+9.6%) in 2022. Solar energy continued to lead capacity expansion, with a massive increase of 192 GW (+22%), followed by wind energy with 75 GW (+9%). Renewable hydropower capacity increased by 21 GW (+2%) and bioenergy by 8 GW (+5%). Geothermal energy increased by a very modest 181 MW.

"Every politician knows who blew up Nord Stream, but hypocritically keeps quiet," says Vucic.

Energy Infrastructure: Low-carbon heating requires technologies that ensure an efficient and secure integration into the (electrical) grid.

Discussions on the future of the LNG sector were held during two days at the 9th International LNG Congress (LNGCON) in Dusseldorf, Germany on March, 6-7, 2023. The Congress gathered key players of the industry to highlight topics of LNG's role in energy transition, latest developments and asset solutions technologies, small-scale LNG facilities, automation technologies in LNG processes, alternative fuels, and sustainable production, transportation and liquefaction of natural gas.

Canada is playing a critical role in developing the global hydrogen economy, with innovators in production processes and pioneers in fuel cell technology.

A total of 529.2 billion cubic meters of gas were added to natural gas reserves in the course of geological exploration in 2022. This means that gas reserve addition rates have been surpassing gas production rates for as many as 18 consecutive years (with the 2022 production rates standing at 412.6 billion cubic meters of gas).

Africa’s ability to leapfrog traditional power systems and adopt renewables on a massive scale is not a fantasy. In-depth studies from Wärtsilä have demonstrated that with the adequate support of flexible power technologies, ambitious renewable energy objectives in Africa are not only achievable, they also represent the soundest and cheapest strategy for the successful electrification of the continent.

Preliminary production figures for February 2023 show an average daily production of 1 994 000 barrels of oil, NGL and condensate.

U.S. commercial crude oil inventories increased by 1.1 million barrels to 481.2 million barrels.

U.S. Rig Count is up 8 from last week to 754, Canada Rig Count is down 16 from last week to 207.

U.S. commercial crude oil inventories increased by 1.6 million barrels to 480.1 million barrels.

Event Title: Oil and Gas Automation and Digitalization 2023 Conference Date: 03 - 04 May 2023 Event Type: In-Person Event Event Organizer: PTN Events