Shell has launched a new “accelerated” strategy to get to net zero, and confirmed that oil production peaked for the company in 2019.
The British economy grew by a meagre 0.1% in the first quarter - the slowest pace in five years - as consumer-facing industries and construction bore the brunt of the pain.
The International Energy Agency (IEA) has raised its forecast for renewable energy growth over the next five years.
ExxonMobil said oil demand will grow by 20% to 112million barrels a day in 2040. The company made the analysis as it released its annual outlook earlier today.
Slowing growth in China and rising geopolitical tensions has led the International Monetary Fund (IMF) to cut its growth forecasts for the next two years. In its latest World Economic Outlook, the IMF predicted world growth of 3.4% this year followed by 3.6% in 2017.
Scotland’s economy grew by just 0.1% in the third quarter of last year, new figures have revealed. Deputy First Minister John Swinney said the latest GDP data showed output had increased between July and September despite the “significant challenge” to key export markets. Over the year, Scottish GDP increased by 1.7% - but its growth was weaker than that for the UK as a whole, where increases of 0.4% and 2.1% were recorded over three and 12 months respectively.
China’s economy decelerated in the latest quarter but stronger spending by consumers who are emerging as an important pillar of growth helped to avert a deeper downturn. The world’s second-largest economy grew by 6.9% in the three months ended in September, the slowest since early 2009 in the aftermath of the global financial crisis, data showed. That was down from the previous quarter’s 7%. Weakening trade and manufacturing have fuelled concern about possible job losses and unrest. The communist government has cut interest rates five times since last November in an effort to shore up growth. The latest figures highlight the two-speed nature of China’s economy in the midst of a marathon effort by the Communist Party to nurture self-sustaining growth based on domestic consumption and reduce reliance on trade and investment. Manufacturers are shrinking and shedding millions of jobs while consumer-oriented businesses expand.
China’s slowdown and tumbling commodity prices will push global economic growth this year to the lowest level since the recession year 2009, the International Monetary Fund has predicted. In a report in advance of the IMF-World Bank annual meetings in Lima, Peru, this week, the fund said the world economy will grow 3.1% this year, down from a July forecast of 3.3% and from 3.4% growth last year. “The risks seem more tilted to the downside than they did just a few months ago,” IMF chief economist Maurice Obstfeld told reporters. Mr Obstfeld downplayed the risk of a global recession, however.
Sales from Scotland’s oil and gas supply chain grew by 11% in 2013/14, new figures show. The sector recorded sales of about £7 billion through international subsidiaries, up from £6.3 billion in the previous financial year. Direct exports from Scotland also grew by 13% over the same period, reaching a total of £4.2 billion, according to figures from Scottish Enterprise. Combined international sales for Scottish-based supply-chain companies was up 12% to an estimated £11.2 billion while domestic sales rose from £9.9 billion to £11 billion. David Rennie, Scottish Enterprise’s international sector head for oil and gas, said the survey showed the importance of the industry to the Scottish economy but acknowledged it faces a challenging future.
Economic growth in Nigeria, Africa’s biggest crude producer, is projected to slow to 5.5% this year after oil prices plunged, the statistics office said. Gross domestic product growth is set to decelerate from an estimated 6.2% last year, the National Bureau of Statistics said in a report on its website. The economy is forecast to expand 5.8% in 2016 and 5.8% in 2017.
Oil held losses below $50 a barrel as China’s economic growth failed to spur confidence demand will be enough to eliminate a global supply glut. Futures were little changed in London after falling 2.7% on January 19, the most in a week. China’s gross domestic product expanded by 7.4% in 2014, the slowest rate since 1990, official data show. In the US, where oil production has surged amid a shale boom, the government will let the market “decide what happens” with supply and demand, according to Amos Hochstein, the State Department’s energy envoy.