Energy Policy

Saudi oil giant Aramco reported half-year profits Tuesday of USD 56.3 billion, down from the year before due to weakening volumes sold amid worries about the global economy. Aramco, formally known as the Saudi Arabian Oil Co., said its overall revenue for the half-year was USD 220.7 billion, up from USD 218.6 billion the year before. Profits in 2023 were USD 61.9 billion, nearly USD 5 billion higher. The decrease was primarily a result of lower crude oil volumes sold, weakening refining margins and lower finance and other income, Aramco said in a filing on Riyadh's Tadawul stock exchange. This was partially offset by higher crude oil prices and lower production royalties compared to the same period last year and lower income taxes and zakat, or Islamic charitable contributions. Saudi Arabia, a leader in the OPEC cartel, has allied with Russia and others outside of the group to try to keep production down to boost global oil prices. Benchmark Brent crude traded around USD 77 a barrel

India has been ranked 63rd on a global Energy Transition Index released on Wednesday by the World Economic Forum, which said the country has shown significant improvement across energy equity, security and sustainability. European nations dominated the top ranks with Sweden topping the index, followed by Denmark, Finland, Switzerland and France in the top five. China was ranked 20th. The improvement shown by India and some other developing countries such as China and Brazil assumes significance as 83 per cent of countries have moved backwards from last year in at least one of the three energy system performance dimensions - security, equity and sustainability. Taking note of various initiatives taken in India, the World Economic Forum (WEF) said the country is leading the way in creating outcomes that can be replicated elsewhere. It said the governments can also consider creating awareness and policy interventions, such as guidelines for energy-efficient built infrastructure and .

Britain's government said Thursday it is withdrawing from a controversial international energy treaty after efforts to modernize it ended in stalemate. The UK's move followed similar announcements by France, Germany and other European Union countries to quit the Energy Charter Treaty, which critics say is being used by the fossil fuel industry to legally challenge governments over their climate policies. The treaty entered into force in 1998 to protect and encourage international flows of investment in the energy sector. But a number of countries have faced costly legal challenges over reducing their reliance on fossil fuels and boosting greener energy sources. UK officials said negotiations to update the treaty to better support cleaner technologies had gone on for several years, but resulted in an impasse among European countries. "The Energy Charter Treaty is outdated and in urgent need of reform but talks have stalled and sensible renewal looks increasingly unlikely," said Grah

Analysts say gains from margin expansion have peaked for now

Exxon Mobil is buying Pioneer Natural Resources in an all-stock deal valued at USD 59.5 billion, its largest buyout since acquiring Mobil two decades ago, creating a colossal fracking operator in West Texas. The transaction's value, including debt, is about USD 64.5 billion. Pioneer shareholders will receive 2.3234 shares of Exxon Mobil for each Pioneer share they own. Exxon purchased XTO Energy in 2009 for approximately USD 36 billion. In the late 1990s, the merger between Exxon and Mobil totalled more than USD 80 billion. The deal with Pioneer Natural gives Exxon Mobil more access to the Permian basin, which runs through parts of Texas and New Mexico. Exxon has been flush with cash. The company posted record annual profits in 2022, bringing in USD 55.7 billion in annual profits, exceeding its previous record of USD 45.22 billion in 2008. Exxon has been using some of that cash on acquisitions. In July the company announced that it was buying pipeline operator Denbury in an all-s

Birol highlighted that aligning with India's initiative could significantly expedite global climate goals while delivering economic benefits

ONGC Tripura Power Company Ltd (OTPC) has signed a pact to develop battery energy storage project in Assam at an investment of Rs 2,000 crore, the firm said in a statement. The memorandum of understanding (MoU) was signed with Assam Power Distribution Company Limited (APDCL) at Guwahati "to develop battery energy storage system project of capacity up to 250 MW / 500 MWh in phased manner in Assam by incorporating a joint venture company," it said. "An investment of Rs 2,000 crore will be made in the state for developing the project," the statement added without giving a time frame. OTPC is a joint venture of Oil and Natural Gas Corporation (ONGC), gas utility GAIL (India) Ltd, Government of Tripura and India Infrastructure Fund-II. It owns and operates a 726 MW gas based power plant which caters to 25 per cent of energy demand of all seven north-eastern states. Highlighting the benefits of the project, OTPC managing director Sanil C Namboodiripad said that the project will help the

The IEA's report said the global energy crisis is causing profound and long-lasting changes that could hasten the transition to a more sustainable and secure energy system

EU energy ministers held an informal meeting here to discuss solutions for high gas prices, preparing for the energy situation this winter, and a possible revision of the electricity market

BofA sees UK and euro area falling into recession in the fourth quarter as surging energy costs take their toll on economies this winter

: A US treasury official has concluded his visit to India that included meetings among others with Union Finance Minister Nirmala Sitharaman, with discussions on issues like energy prices and Ukraine. On August 26, Deputy Treasury Secretary Wally Adeyemo met with government officials in New Delhi, including Sitharaman, Principal Secretary to the Prime Minister PK Mishra, Ministry of Finance Secretary Ajay Seth, Ministry of External Affairs Secretary Vijay Kwatra, and Ministry of Petroleum and Natural Gas Secretary Pankaj Jain. During the meeting, Adeyemo discussed ways that the United States and India could work together to address shared global challenges like food insecurity and high energy prices. He raised that ending Russia's invasion of Ukraine was critical to addressing these issues, the Treasury said in a readout of the meetings. Adeyemo also shared with counterparts the United States' views on ways to put downward pressure on energy prices for consumers and businesses in .

Revenues from the export of industrial metals would also take a hit from a decline in metal prices

If India has to partially insulate itself, then oil companies must be given leeway to manage oil price risks

India's decision to commercialise half its strategic petroleum reserves could jeopardise its energy security

Six US senators and 37 representatives wrote this week to President Donald Trump complaining about "actions by the government of Mexico that threaten US energy companies'' investment and market access

When India loses respect in the comity of nations, it is because of a transient loss of the liberal spirit, Uddalok Bhattacharya sums up