Ireland leads call for economic break from oil by Daniel J. Graeber Washington (UPI) Jun 11, 2018 A European economy that's self-sufficient in energy and low-carbon could be shielded against the shock of higher crude oil prices, an Irish minister said. Minister Denis Naughten told European energy ministers in Luxembourg that the European economy should break its link to oil in order to ensure long-term sustainability. "Presently we see the Eurozone economy beginning to slow down as a direct result of rising oil prices," he said in his prepared remarks released by email. "We must decouple economic growth from oil availability and price." The price for Brent crude oil, the global benchmark, was trading around $76 per barrel early Monday, about 60 percent higher than this time last year. Speaking in May, Angel Gurria, the secretary general of the Organization for Economic Cooperation and Development, said global economic expansion should be around 4 percent for the year, on par with the long-term average. In its latest economic outlook report, the OECD said growth nonetheless faces "significant risks" because of global trade tensions and rising oil prices. Eurostat, the bloc's record-keeping division, reported seasonally adjusted gross domestic product rose 2.5 percent for the countries, like Ireland, that use the euro currency. That's compared with an increase of 2.8 percent and 2.7 percent, respectively, in the previous quarters. "Using renewable energy and improving the efficient use of energy across our economies releases the EU from the constraining impact of fossil fuels," Naughten said. Naughten said at a Dublin environment conference earlier this year that Ireland was a global leader when it came to integrating renewables onto the electricity grid. When the EU adopted its renewable energy guidelines in 2009, the Irish economy had about 3.1 percent of its energy sourced from renewables. By the end of last year, Naughten said the energy mix was closer to 30 percent. Of the 28 members of the EU, 11 have already met their targets, according to the latest European data.
Qatar taps into giant Argentinean shale reserve Washington (UPI) Jun 4, 2018 Buying an equity stake in the Vaca Muerta shale natural gas basin in Argentina marks a debut in unconventional resources, Qatar Petroleum announced. The state-owned petroleum company in Qatar said it reached an agreement with U.S. supermajor Exxon Mobil to take a 30 percent stake in its operations in Argentina. The arrangement gives Qatar Petroleum access to the Vaca Muerta shale basin, located onshore in the Neuquén basin in Argentina. "This is an important milestone, as it marks Qatar ... read more
|
|
The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us. |