The intergovernmental consortium has decided not to further reduce the amount of crude oil exported in fear of damaging the global economy. The Organisation of Petroleum Exporting Countries (OPEC) controls 40% of the world’s oil. The decision came at a meeting in Vienna, and it was unclear as to what OPEC would decide, given that Algeria and Libya were calling … Read More
President Obama backs renewable energy
US President voices support for green energy alternatives Speaking on Monday, President Obama claimed that the country to make power from renewable energy sources such as solar and wind available to customers at a similar price to energy from fossil fuels will become the economic superpower of the future. He acknowledged the fact that whilst the costs for generating renewable … Read More
Global oil production slows faster than expected
Oil down to $35 a barrel as decrease in global demand leads to oil production slowdown. The supply cuts announced by OPEC last month coupled with worries about the current economic climate are finally having an affect on the global oil market. An oil price rise looks more likely after Opec nations and those outside the cartel have lessened their … Read More
Price rises feared as Europe waits for Russia to turn gas back on
Eastern European energy conflict continues despite EU agreements. The ongoing Russia-Ukraine conflict, leads to concerns that UK prices won’t come down as promised. Russian energy giant Gazprom has stated that despite the EU deal signed by both Russia and Ukraine, it will not resume gas supplies to Europe until they receive a copy of the agreement. This is just the … Read More
UK energy prices rising more than twice as fast as Europe
UK gas and electricity prices up by 29.7 per cent in the past year, compared to the 14 per cent European average. Norway is the only European nation that faced higher price rises in the last year, the Organisation for Economic Cooperation and Development (OECD) revealed. The UK Energy market is under scrutiny this week after the OECD report revealed … Read More
Energy suppliers face anger as EDF admits UK power costs more
French-owned firm EDF Energy have been responding to criticism, as energy companies in the UK are hitting their customers with double-digit price rises. A government consumer watchdog has queried the difference in the price paid by French customers for their electricity against that charged to their UK counterparts. The difference in pricing has been estimated in official government figures as … Read More