Oil consumption will jump by about 5 million barrels a day - or around 5% - in the second half of 2021 compared to the first, as countries around the world begin their exit from the pandemic slump. This is according to a new report by...
The International Energy Agency (IEA) has sharply raised its estimate for global oil demand in 2021, after seeing ‘robust’ indicators and growing expectations of a swifter global economic recovery from the COVID-19 crisis, particularly in the US and China. In its latest monthly oil market report,...
Saudi Aramco has reported a 44.4% drop in net profit for the 2020 financial year, as the COVID-19 pandemic took a chunk out of global fuel demand and prices fell accordingly. The state-run Saudi Arabian oil giant made US$49 billion in net income last year -...
Oil prices have risen to the highest levels in nearly 14 months after OPEC and Russia decided against further reducing production cuts planned for April. Brent crude increased by more than 5% to US$67.86 a barrel following the announcement after OPEC and its key oil producing...
Over the last year 34 countries saw a significant increase in mineral resource nationalism, according to latest research compiled in Verisk Maplecroft’s Resource Nationalism Index (RNI). The global risk and consultancy firm also warned that the economic impacts of the COVID-19 pandemic could contribute to a...
The level of mergers and acquisitions (M&A) in the mining sector will soon pick up as the global economy recovers from the COVID-19 crisis and miners benefit from a growing commodities boom, according to individuals from investment bank BMO Capital Markets. Mining companies will seek to...
A massive €26.3 billion was invested in new European offshore wind farms last year, according to latest data from the regional association WindEurope. The record sum was achieved despite of COVID-19-related constraints throughout the year, and will finance 7.1GW of new offshore wind capacity which will...
The oil price has breached the US$60 mark for the first time since before the COVID-19 crisis hit, with hedge funds becoming more bullish on the future price due to limited opportunities to ramp up production. The price of global benchmark Brent crude futures rose to...
Anglo American has announced it will contribute US$30 million towards the global roll-out of COVID-19 vaccines across its operational footprint. The diversified miner, which operates in jurisdictions including Canada, Brazil, South Africa, India, China and Australia, plans to support the procurement of vaccines by host governments...
Global energy expert Wood Mackenzie has predicted that solar will become the cheapest source of new power by 2030 in a range of markets, including the US, Canada and China. In its latest research paper titled Total eclipse: How falling costs will secure solar’s dominance in...