Energy Reporters posting an article on Libya’s oil chief being bullish amid his country’s chaos that does seem to be wanting to end. Libya aims to more than double its oil production to 2.1 million barrels per day (bpd) by 2021 provided security and stability are boosted, said Mustafa Sanalla, the chairman of the state […]
Illies Sahar and Paul Hickin dwelt on how certain producers of oil agreed to withhold part of their production for the purpose of a desperately sought after increase in the oil price. And they intend to do more of the same in case of not meeting that objective. OPEC will cut output further if oil […]
OPEC convening on Friday June 22, 2018 to set output policy in a would-be regular meeting like all those that have been taking place since last year, to try and control the oil market is said this time to mean relaxation of production cuts. Other members like Iran, Iraq, Venezuela and Algeria have already voiced […]
Algeria has the institutions that it needs to energize if it wants a State with the rule of Law; a sine qua non condition for a sustainable development and above all for its credibility at both national and international levels. Could Re-activating Algeria’s National Energy Council for a robust energy strategy be an absolute necessity and […]
Life is unjust as many have heard it over the centuries. Hidden consequence of Saudi Arabia’s Oil Price war is yet again another story on how, miscalculations and certain imponderables make life certainly not that agreeable for a third party. This is nicely wrapped up by Bulent Gökay, Professor of International Relations, Keele University in The Conversation and widely spread in the world media. Here is the Venezuela crisis that is the hidden consequence of Saudi Arabia’s oil price war .
The question (Can economic growth continue without fossil fuels?) seems to be addressed to the developed world whereas it can equally be applied to those petro Dollar based economies of the MENA countries that are dependent of up to 95% of their economies on fossil oil extraction, production and exports. These countries are also however noisily turning to the renewable form of energy resourcing with either enormous investment that are punctually located within the most affluent such as the Masdar project in the UAE http://www.masdar.ae/ or amongst the least such as the Noor Ouarzazate project in Morocco http://www.projects.worldbank.org/P131256?lang=en . Anyway these operations together with other less PRed so far have the merit to have kick-started a long overdue process of moving away from all hydrocarbons and in so doing try and diversify their economies. Cynics would want to prophesise that these countries without oil exports related revenues and going for renewable energies programs would only be moderating their inconspicuous consumption of energy whilst saving on their end of the month electricity bill. In other words, no more earnings and diversify economies is turning out to be more inaccessible than first thought.