A new study has revealed that electric vehicles (EV’s) will represent around 35% of new car sales around the world by 2040. This comes on the same day a separate report revealed that 80% of Londoners said they would consider going green.
The International Energy Agency (IEA) has released its latest medium term oil market report, issuing a warning about supply security. The IEA expects the oil price to rebalance and recover throughout 2017, where we will start to see prices increase to levels we had seen a few years ago.
OPEC oil ministers have travelled to Iran to discuss a possible production freeze between OPEC, Russia, Iran and the US. OPEC hope that the production freeze would push prices higher after they have been lingering around the $30 per barrel mark.
More than half of new energy added to the United States electricity grid was from renewable energy sources, with the amount of new electricity generated from fossil fuels falling. 68% of new energy added to the grid came from renewable energy sources, which has now been the biggest source of new electricity generation for two year running.
Late on Thursday afternoon there was an announcement from the Russian oil minister that they will be meeting with OPEC in early February to discuss a 5% cut in oil production. The market has been flooded with over supply, which has caused the oil price to fall as low at $27 a barrel, however, this announcement caused a spike in prices with oil hitting $36 a barrel briefly before trading closed.
The Environment Agency has confirmed that more than 3,000 organisations that are required to participate in the Energy Saving Opportunity Scheme (ESOS) are yet to notify them that they are intending to comply. The original deadline of the 5th of December was extended till the end of January 2016 due to a large amount of companies that were expected to miss the deadline.
Oil prices on Monday morning fell to their lowest since 2003 as Western sanctions on Iran were lifted at the weekend. The price briefly fell to $27.67 a barrel before recovering slightly due to fears over more oversupply on the market.
Oil prices fell to their lowest in 12 years on Thursday morning due to a continued glut of supply on the market and record levels of storage in the USA and Europe. This combined with lower demand from a slowing Chinese economy is causing market analysts to revaluate what they thought the lowest price could be.
The Government are currently locked in a battle with Lancashire County Council over Cuadrilla’s plans to start fracking in the area. Lancashire County Council say that the drilling will have too great of an impact on the landscape and will create too much noise.
Brent Crude Oil on Monday fell to its lowest price since July 2004 when it sank to $36.05 a barrel. The huge amount of oversupply on the market is causing the price to fall, with experts predicting that we could see prices close to $20 a barrel before it starts to recover, causing a huge headache for the oil industry but a huge relief to consumers at the pumps who can now purchase petrol for under £1 a litrefor the first time since 2008.