Opinion Power struggle: The world’s energy crisis could get worse
Russia’s invasion of Ukraine, coming just as the world was emerging from the worst of the pandemic, is permanently reshaping the global energy markets.
With some OPEC members struggling to meet their commitments – it’s easier to turn the oil pumps off than on and investment had been reduced in response to the outbreaks of COVID – the increased supply was still only barely matching demand.for July and August but that barely dented oil prices that are now above $US120 a barrel.
Oil will on top of the agenda when Joe Biden meets Saudi Arabia’s Crown Prince Mohammed bin Salman later this month.The Biden administration has been trying to encourage its own oil and gas companies to lift production but the volatility in energy prices and in the economic environment appear to be limiting the response, as it has been doing elsewhere. The US producers are milking their existing investments for cash and shareholder returns rather than investing in expanding their output.
The impact of the invasion of the market for gas is proving even more profound and structural, even though it is logistically far more difficult for the EU toEurope doesn’t have the infrastructure to easily shift to importing gas, although it is scrambling to buy floating LNG storage and regasification terminals and build and re-open its own LNG receiving infrastructure and the pipelines needed to distribute the gas.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dutton flags Coalition will argue for nuclear powerThe opposition is gearing up for a fight over nuclear energy with the appointment of advocate Ted O’Brien to the Climate Change and Energy portfolio.
Read more »
Dutton flags Coalition will argue for nuclear powerThe opposition is gearing up for a fight over nuclear energy with the appointment of advocate Ted O’Brien to the Climate Change and Energy portfolio.
Read more »
The ‘two hours of power’ hack to reach your most productive selfThese two hours are to be treated as sacrosanct with no meetings, email replies or phone tapping.
Read more »
Renewables ‘aren’t ready yet to take over the baseload affordable power’
Read more »
Power struggle: The world’s energy crisis could get worseIf the West and EU hold their lines on Russian energy, the oil and gas crunch now being experienced around the world probably isn’t a temporary phenomenon. |OPINION by theage senior business columnist Stephen Bartholomeusz russia
Read more »
The power of music helped premature baby Rafferty when he was at his most vulnerableAs musician Alana Wilkinson cuddled and sang to her premature baby son in hospital, the machines he was hooked up to showed his tiny heart responding to her music – and touch.
Read more »