Despite US sanctions, Iran increases its oil production – China's oil imports fall sharply (ee-news.ch)

(WS) The question of whether Europe could get through the winter without Russian natural gas remains open. OilPrice.com lets analysts have their say on the matter. The platform also writes that several earthquakes in the US state of Texas are probably due to fracking during oil and gas production. China's oil imports have fallen sharply in recent months. These are among the topics of the press review by Walter Stocker, geologist and former president of ASPO Switzerland.

Ukraine/Middle East – Energy crisis

The military operations of Ukrainian troops in the Kursk region have once again demonstrated that Europe has not yet lost its dependence on Russian natural gas. Sudzha, located about 10 km from the Ukrainian-Russian border, plays a key role in the transit of Russian natural gas to Austria, Hungary and Slovakia.
Al-Jazeera: What Ukraine's attack on Russia could mean for the EU's gas supply | Energy | Al Jazeera >>

The question of whether Europe could get through the winter without Russian natural gas remains open. Many analysts believe that it is less a question of technical feasibility than a problem of political will.
Oilprice.com: Can Europe survive the winter without Russian gas? Expert opinion | OilPrice.com >>

natural gas

Several earthquakes in the US state of Texas are most likely due to fracking during oil and gas production.
Oilprice.com: Earthquake in Texas: The connection to oil and gas production revealed | OilPrice.com >>

The US state of Pennsylvania is fully committed to the production of natural gas. The fossil fuel industry guarantees over 120,000 jobs and is responsible for US$40 billion in economic output. In addition, natural gas is considered to be more environmentally friendly, as the state only recently phased out coal.
Oilprice.com: The economic and environmental benefits of using natural gas | OilPrice.com >>

oil

Despite new US sanctions, Iran was able to increase its oil production to 3.22 percent per day, partly because new buyers were found.
Oilprice.com: Iran finds new buyers for its oil | OilPrice.com >>

The five largest oil fields are all located in the Persian Gulf region.
Oilprice.com: The five largest oil fields in the world and their impact | OilPrice.com >>

Political instability continues to prevent Libya from realising its oil production potential.
Oilprice.com: Political unrest highlights the fragility of Libya's planned oil boom | OilPrice.com >>

Oil and gas production in the British North Sea faces an uncertain future.
The Economist: Britain's oil and gas industry faces an uncertain future (economist.com) >>

The new Labour government in Great Britain will increase taxes on oil and gas production in the North Sea.
Oilprice.com: Labour's special tax on North Sea revenues triggers backlash in industry | OilPrice.com >>

The new Mexican government will promote renewable energies and also help the state-owned oil company to return to its former size. A quick but impossible undertaking.
The Economist: Confusing and dirty: Claudia Sheinbaum's energy plan (economist.com) >>

ExxonMobil expects to increase oil production in Guyana to 2 million barrels per day by 2030.
Oilprice.com: ExxonMobil's Guyana Oil: A Trillion-Dollar Opportunity? | OilPrice.com >>

Money

Russia's proven coal reserves are estimated at 273 billion tons.
Oilprice.com: Russia's coal reserves will last for over a century despite market pressure | OilPrice.com >>

OPEC – Oil price

The price of West Texas Intermediate (WTI) fell by US$20 in July. This is mainly due to weak economic signals in both the USA and China.
Oilprice.com: Why the price of oil fell by $10 in one month | OilPrice.com >>

China's oil imports have fallen sharply in recent months. There is speculation that the slowdown in economic performance could affect oil demand and thus the global oil price.
Oilprice.com: Is China's oil demand nearing its peak? | OilPrice.com >>

The oil company ExxonMobil Warning of an oil shortage if more investment is not made in production capacity soon.
Oilprice.com: Exxon joins OPEC in warning of looming oil supply crisis | OilPrice.co >>

Africa's major oil producing countries, such as Nigeria and Libya, have hardly been able to benefit from the high oil prices of the last two yearsbecause there is a lack of investment.
Oilprice.com: Why Africa is missing out on the oil boom | OilPrice.com >>

Climate change and fossil fuels

The British Prime Minister proposes a state-owned company called “Great Britain energy“ to implement the government's energy policy. One of the main objectives of this policy is the so-called “Clean electricity system” by 2030.
The Economist: What will Great British Energy do? (economist.com) >>

Hilda Flavia Nakabuye is one of Africa's most prominent climate activists. In her home country of Uganda, she is threatened with violence and repression – partly because long-time president Yoweri Museveni wants to secure his power with oil.
republic: In the shadow of the pipeline – Republic >>

The indigenous peoples in the Amazon region are raising their voices ever louder. But as long as others see profit in oil production, environmental activism comes at a high price. An encounter with the Ecuadorian campaigner Nemonte Nenquimo.
republic: “The Amazon is our life” – Republic >>

The World Climate Conference COP 29 will take place in Azerbaijan this year. The country has a long “Oil History” and is still heavily dependent on oil and gas production.
Oilprice.com: The oil nation is hosting the COP29 | OilPrice.com >>

Many countries are replacing coal with natural gas for electricity production. The increased demand for natural gas has also caused investments in LNG (liquid natural gas) infrastructure to skyrocket. This could also have a negative impact on the fight against climate change.
Oilprice.com: $1 trillion LNG infrastructure boom threatens climate goals | OilPrice.com >>

Carbon bubble

The oil company Chevron will move its headquarters from California to Texas in the next few years, arguing that California has a “hostile” policy towards fossil fuel companies.
Oilprice.com: Chevron leaves California and moves to Texas | OilPrice.com >>

There are fears that research into new “geoengineering” technologies could delay the rise from fossil fuels.
Oilprice.com: Can geoengineering stop global warming? | OilPrice.com >>

The Economist: Startups find new ways to recycle carbon (economist.com) >>

Thousands of abandoned oil wells in Texas, dating back to the Fracking boompose an increasing threat to the environment.
Oilprice.com: Thousands of abandoned oil wells blight the Texas landscape | OilPrice.com >>

The major oil companies expect global oil demand to continue well beyond 2050. In contrast, the IEA expects (International Energy Agency) with a significant decline in demand after 2030.
Oilprice.com: Large energy companies are convinced: Oil will stay with us | OilPrice.com >>

©Research: Walter Stocker, geologist and former president of ASPO Switzerland

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