Brent crude futures were down 39 cents, or 0.5 percent, at $71.79 at barrel. WTI crude futures for July delivery were down 59 cents, or 0.9 percent, at $62.54.

Despite significant progress in recent years, the world is falling short of meeting the global energy targets set in the United Nations Sustainable Development Goals (SDG) for 2030.

Today the world production of heat, mechanical and electrical energy exceeds 50 trillion. kW / h per year or 5.7 billion kWh per hour. At the same time, more than 80% of the production of all types of energy comes from the burning of fossil fuels - hydrocarbon energy.

Sempra Energy (NYSE:SRE) and Saudi Aramco announced their respective subsidiaries, Sempra LNG and Aramco Services Company, have signed a heads of agreement (HOA). The HOA anticipates the negotiation and finalization of a definitive 20-year liquefied natural gas (LNG) sale-and-purchase agreement (SPA) for 5 million tonnes per annum (Mtpa) of LNG offtake from Phase 1 of the Port Arthur LNG export project under development.

NOVATEK announced that its joint venture Arctic LNG 2 and TechnipFMC signed a contract on engineering, procurement, supply, construction and commissioning of an integrated liquefied natural gas facility with annual liquefaction capacity of 19.8 million tons under the Arctic LNG 2 project. The contract terms provide for the launch of the first train of the project in 2023.

Real GDP growth is projected to decline to 1.5 percent in 2019, partly reflecting a disappointing first quarter and more subdued global growth.

Real GDP growth reached 5.2 percent in 2018, and is expected to remain at 5.2 percent in 2019, driven by robust domestic demand growth and supported by recovering bank credit.

On the May 16, 2019, in Moscow, the roadmap for establishing Russian-Rwanda cooperation in the peaceful uses of atomic energy was signed.

Brent crude futures, the international benchmark for oil prices, were at $72.31 per barrel at 1030 GMT, up 34 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were up 42 cents, or 0.7 percent, at $63.52 per barrel.

Following its 14th Meeting, which took place on 19 May 2019, in Jeddah, the Kingdom of Saudi Arabia, the Joint Ministerial Monitoring Committee (JMMC) has reaffirmed its commitment to achieving a balanced market and working towards oil market stability on a sustainable basis with solid fundamentals.

"We want to bring inventories down to a more normal levels," Falih said. "We need to stay the course and do that in the weeks and months to come."

Russia sees a range of options that would allow OPEC+ to continue output cooperation until year-end, from easing the limits to ending the extreme throttling-back that has seen some countries exceed original cutback targets.

"Work to increase production to full capacity will continue, and in early June Kashagan should reach production levels of 370,000-400,000 b/d due to the work carried out during the maintenance," it said.

We will not talk about hydrocarbon energy - it is expensive, uses limited fuel supplies (oil, gas, coal) and pollutes the environment very much. We consider only three types of electricity generation - nuclear, solar and oxygen.

In line with plans to localise the production of renewable energy in Saudi Arabia as part of its Vision 2030 economic diversification push, seven photovoltaic solar power projects with a capacity of 1.52 GW and worth $1.51bn (SAR5.6bn) were launched on the side-lines of the recently concluded Saudi Elenex exhibition.