Oil and gas energy news

Here are some recent oil and gas energy news updates:

Global Energy Market

• The global energy market is expected to see a significant shift towards renewable energy sources, with solar and wind power expected to account for 30% of global electricity generation by 2050, according to a report by the International Energy Agency (IEA). [Source: Reuters]
• The global oil demand is expected to rise by 1.2 million barrels per day (mb/d) in 2023, driven by growth in emerging markets, according to the IEA. [Source: Bloomberg]

Oil Prices

• Oil prices have been volatile in recent weeks, with Brent crude prices falling to around $60 per barrel due to concerns over the global economic outlook and the impact of the COVID-19 pandemic on demand. [Source: CNBC]
• OPEC+ has agreed to increase oil production by 500,000 barrels per day in January, in an effort to stabilize the market and support prices. [Source: Reuters]

Natural Gas

• The global natural gas market is expected to see significant growth, with demand expected to rise by 2.5% per year between 2020 and 2050, according to the IEA. [Source: Natural Gas Intelligence]
• The US is expected to become a net exporter of natural gas by 2023, driven by the growth of liquefied natural gas (LNG) exports, according to the Energy Information Administration (EIA). [Source: Bloomberg]

Renewable Energy

• The cost of renewable energy has fallen dramatically in recent years, making it more competitive with fossil fuels. Solar energy costs have fallen by 70% over the past decade, while wind energy costs have fallen by 50%. [Source: Bloomberg]
• The US has seen a significant increase in renewable energy capacity, with solar and wind power accounting for 15% of the country's electricity generation in 2020, up from 10% in 2019. [Source: EIA]

Energy Policy

• The US has announced plans to phase out fossil fuel subsidies and invest in clean energy technologies, as part of its efforts to combat climate change. [Source: The Hill]
• The European Union has set a target of becoming carbon neutral by 2050, and has announced plans to increase its use of renewable energy and reduce its reliance on fossil fuels. [Source: EurActiv]

Company News

• ExxonMobil has announced plans to invest $20 billion in low-carbon technologies over the next decade, as part of its efforts to reduce its carbon footprint. [Source: CNBC]
• Chevron has announced plans to invest $10 billion in renewable energy and low-carbon technologies over the next five years. [Source: Bloomberg]