Oil major Royal Dutch Shell on Thursday outlined the details of its near-term and long-term plans to transition to cleaner energy, saying its oil production and total carbon emissions have already peaked.

Shell said it aims to reduce net carbon emissions by between 6% to 8% by 2023 when compared to 2016 levels. The target jumps up to 20% by 2030, 45% by 2035, and 100% by 2050.

‘Shell’s Carbon Emissions and Oil Production Have Peaked | Devamı>>>

China has become the center of gravity for global energy markets. While energy demand growth has slowed or stopped in the Organisation for Economic Co-operation and Development (OECD) countries, China’s primary energy demand increased by more than 45% over the last decade. Going forward, the question is whether such growth will continue and how China’s energy system will change in response to the dual challenges of climate change and local pollution.

China is highly dependent on fossil fuel imports.

The Global Energy Trade’s New Center of Gravity | Devamı>>>

OPEC and its oil producing allies on Sunday finalized a historic agreement to cut production by 9.7 million barrels per day, following days of discussions among the world’s largest energy producers. It’s the single largest output cut in history.

West Texas Intermediate crude, the U.S. benchmark, fell 1.54% on Monday to settle at $22.41 per barrel. Brent crude traded 34 cents higher at $31.82.

Sunday’s emergency meeting — the second in four days — came as oil-producing nations scrambled to reach an agreement in an effort to prop up falling prices as the coronavirus outbreak hammers demand.

OPEC and Allies Finalize Record Oil Production Cut After Days of Discussion | Devamı>>>

Oil prices are down nearly 50% for the year after OPEC+ talks collapsed and Saudi Arabia announced slashed prices in an apparent price war with Russia.

Oil prices fell through the floor in early trading Monday, tanking as much as 30% after Saudi Arabia slashed its crude prices for buyers. The kingdom is reportedly preparing to open the taps in an apparent retaliation for Russia’s unwillingness to cut its own output.

Oil Nose-Dives as Saudi Arabia and Russia Set Off ‘Scorched Earth’ Price War | Devamı>>>