A consumer rights group in the Federal Republic of Nigeria, Utilities Consumers’ Rights Advocacy Initiative, has kicked against the proposed electricity tariff hike scheduled to commence on July 1, this year, amidst the recent removal of fuel subsidies.
The group argued that the hike in electricity tariffs was not a welcome development at a time when Nigerians were still battling with the removal of the petrol subsidy and its attendant effects.
“Distribution companies should make meters available to their customers without further delay if they want them to work.
“National Electricity Regulatory Commission (NERC) should open the meter market to every qualified investor to create competition that will bring the price of the meter down and make them affordable to consumers,’’ Mr Shadrack Akinbodunse, Principal Partner for Utilities Consumers’ Rights Advocacy Initiative, said as carried by the local online portal ‘supreme magazine.news’.
“If meters are available and affordable, the Discos will gear up their readiness to accept energy from TCN and do the needful to their customers.
“But now, the reversal is the case, as consumers now pay for darkness,” he said.
Akinbodunse called on the Discos to shoulder their responsibilities to the end-users because every new installation up to transformer replacement was being done by communities without a return on their investments from the Discos.
“We have a situation where customers are being asked to purchase new meters for replacement of obsolete, faulty and burned ones, which is not good for business,” he concluded.
Source: https://energynewsafrica.com
Ghanaian upstream oil and gas player, Springfield E&P, has signed a US$750 million facility with African Export-Import Bank (Afreximbank).
The credit facility is expected to enable the company to invest massively in its operations.
The deal was signed by officials of the company and the bank on Tuesday at the just-ended Afreximbank 30th Annual General Meetings which took place in Accra.
Afreximbank is a Pan-African multilateral financial institution mandated to finance and promote intra-and extra-African trade.
George Owodo, Chief Finance Officer of Springfield and Oluranti Doherty, Director of Export Development of Afreximbank, signed on behalf of their organisations.
Mr. Kevin Okyere, Chief Executive Officer of Springfield, according to a report by Joy Business, said it was a great day for African companies in building an alliance with a great African financial institution like Afreximbank.
The facility, he said, would enable his company to add more value to its oil block and was very excited about the opportunity.
According to him, the facility would tremendously impact the development of the West Cape Three Points Block ‘2’, particularly the unitisation process of the Afina-Sankofa field which is yet to be concluded.
In October 2019, the Afina-1 well made two discoveries that included gas, critical and light oil at a water depth of 1030 metres drilled to a total depth of 4085 metres.
This more than doubled Springfield’s proven oil reserves to 1.5 billion barrels and added almost one trillion cubic feet of gas to the existing discoveries.
The current undiscovered potential of the Block is estimated at over three billion barrels of oil and gas in multiple leads and prospects within multiple proven reservoir units.
Springfield is the Operator and Majority Interest Holder of West Cape Three Points Block ‘2’ with the Ghana National Petroleum Company and its exploration subsidiary, EXPLORCO holding the remaining interest.
Source: https://energynewsafrica.com
The African Development Bank (AfDB) has committed to supporting East African countries to accelerate structural transformation, reinforce resilience, and create more decent jobs.
This ambition is encapsulated in the Bank’s East Africa Regional Integration Strategy Paper (EA RISP) 2023-2027.
The strategy paper, approved by the Bank’s Board of Directors on 08 May, sets out two priority areas to achieve its main objective, namely: (1) Improve regional infrastructure; and (2) Support regional value chains development and trade facilitation.
Under the first priority area, the Bank will invest in cross-border electricity interconnections to strengthen connectivity and increase cross-border trade in electricity. It will also support regional solar energy development through the Desert to Power initiative as well as hydroelectric and geothermal energy to harness the region’s endowments. Strengthening the capacity of the East African Power Pool and regional electricity infrastructure initiatives such as the Nile Equatorial Lakes Subsidiary Action Program and Energy in the Great Lakes countries will also be areas of focus.
Investment in the regional electricity trade should enable East African cross-border electricity interconnections to increase from 7 to 9, and for the regional power pool to become operational. It will also support cross-regional power pools interconnectors such as the one between Eastern and Southern Africa Power Pools.
The African Development Bank will also commit financial resources to multimodal transport systems for roads, railways, air transport and inland waterways while continuing to strengthen transport management institutions’ capacity and regional corridors. Particular emphasis will be placed on the main corridors and feeder roads that link production centres to major markets and promote intra- and inter-regional connectivity.
These initiatives will help reduce transit times along strategic corridors and enhance trade within the region and under the African Continental Free Trade Area (AfCFTA).
Under the second priority area, the Bank will support the development of regional value chains, particularly agro-industry, manufacturing (textiles and clothing) and mining. The Regional Integration Strategy Paper aims to contribute to an increase in manufacturing value added in the region from 9% in 2020 to 11% in 2027 as a result of support to upstream interventions.
To ensure lasting development results under these two priority areas, the Bank’s interventions will mainstream the following cross-cutting issues: gender equality, fragility, climate change, human and institutional capacity development, and private sector development. Regarding capacity development, the will provide, among others, technical assistance to national, regional and continental institutions responsible for promoting regional trade, implementing the African Continental Free Trade Area and developing regional public goods.
Under the RISP, three main outcomes are expected: (i) reduced border crossing times in the Central Corridor from one hour in 2022 to half an hour in 2027; (i) an improvement in the score on the Logistics Performance Index for cross-border trade from 53.8% in 2018 to 60% in 2027; and (iii) an increase in the proportion of goods and services traded under the provisions of the African Continental Free Trade Area from 0% of the region’s total trade in 2022 to 5% in 2027.
Source: https://energynewsafrica.com
PV Evolution Labs (PVEL), the world-renowned third-party reliability testing laboratory, has published its 2023 PV Module Reliability Scorecard, and Trina Solar has once again been recognized as a Top Performer among global PV module manufacturers for the outstanding performance of its Vertex N modules, especially the Vertex N 605W module. It is the ninth year in a row that Trina Solar has won this accolade, a feat unparalleled by any other company.
Using rigorous parameters, PVEL publishes the PV Module Reliability Scorecard every year, providing abundant data and research to the industry that helps guide its development, a role appreciated by all stakeholders.
All Trina Solar’s testing modules, including p-type modules as well as n-type, performed exceptionally well in tests such as LID+LETID and mechanical stress sequence.
Trina Solar’s Vertex N 605W module, which combines i-TOPCon Advanced technology and 210mm technology, performed best in DH and PID tests. This module is highly compatible with trackers, offering optimum flexibility in utility-scale projects in the most complex of terrains and maximizing customer value with lower LCOE.
At the SNEC PV Power Expo in Shanghai in May, Kevin Gibson, managing director at PVEL, presented the Top Performer award to Trina Solar.
Kevin congratulated the company on the outstanding performance of its Vertex modules, especially the Vertex N 605W, and on its appearing on the Top Performer list for the ninth year in a row.
Trina Solar was recognized as a Top Performer in almost every category in which its modules were tested.
The accolade reflects not only the quality of its modules but also the trust that customers worldwide have in them.
Trina Solar has been recognized elsewhere for its excellent product performance, technological innovation and high bankability, given a 100% bankability rating for seven years in a row by BNEF, and has been rated AAA, the highest rating, in the Module Tech Bankability Ratings report by PV-Tech.
Trina Solar, a leading global PV and smart energy total solution provider inspired by the Kyoto Protocol since its inception, has been promoting sustainability through renewable energy for the past 25 years, while pursuing its mission to make solar energy accessible to all.
Trina Solar aims to use 100% renewable energy in global manufacturing and operations by 2030 in order to contribute to the Paris Agreement’s climate objectives.
The company has expanded its sustainability efforts by implementing a variety of net-zero practices, including: net-zero operations, a net-zero value chain, and net-zero products.
Net-Zero Operations To Uphold Its Green Commitment
Trina Solar has employed a variety of carbon neutrality measures in order to meet its 2030 objective. Included in the plan are improvements to energy efficiency, net-zero industrial parks and factories, waste reduction, reuse, and recycling (3Rs), use of renewable energy, digital management of energy and carbon emissions, and development and implementation of carbon reduction technology.
Trina Solar insists on incorporating environmental responsibility into every aspect of its operations.
The company has instituted a thorough and effective ISO14001 environmental management system at all of its global plants, taking into consideration the preservation of the local ecosystem and biodiversity from the time it selects sites for its manufacturing facilities. Through an array of environmental management systems and processes, the environmental impact of the organization’s products, activities, and services is effectively minimized.
In April 2023, Trina Solar’s Yiwu plant became the first in the PV industry to be officially certified as a Zero Carbon Factory.
In addition to reflecting the company’s carbon reduction practices in technology, products, equipment, and process management over the past quarter century, this demonstrates Trina Solar’s strong commitment to sustainable development.
Trina Solar’s green operations also involve the sustainable use of natural resources, the responsible emission and recycling of waste gas, wastewater, and solid waste, and the substantial reduction of electricity consumption, water consumption, and greenhouse gas (GHG) emissions.
Trina Solar’s GHG emissions per unit of production for cell and module products decreased by 50.81% and 61.88%, respectively, in 2022, compared with those in 2020, attaining or exceeding its carbon emission reduction objectives early.
20% Lower Carbon Footprint, A Net-Zero Value Chain Co-Created With Partners
Trina Solar not only implements its own sustainable development principles, but also endeavors to convey its vision and goals to its global associates. By incorporating sustainability into all procurement and research processes, the organization is committed to working with global partners to promote a net-zero value chain and establish a green ecosystem.
Together with its partners, Trina Solar has split the carbon footprints of its modules and developed low-carbon silicon materials. Trina Solar’s 150 micron and 130 micron wafers have a 20% lower carbon footprint than conventional wafers, thanks to the company’s technical efforts to reduce wafer thickness. As a result of its exceptional performance in the green supply chain field, Trina Solar was designated a “National Green Supply Chain Management Enterprise” by the Chinese Ministry of Industry and Information Technology (MIIT) in February 2023, when the 2022 Green Manufacturing List was released.
To become a globally competitive and innovative leader in value-added supply chain services, Trina Solar will continue to foster cross-sector collaboration and implement a green supply chain to drive the transformation and upgrading of upstream and downstream entities.
Contributing To A Sustainable Future Through Net-Zero Products
The path to carbon neutrality is guided by green technology. Trina Solar is creating a green, net-zero energy future with its customers via its superior technology platforms and innovative, ultra-high power products.
In 2022, Trina Solar’s Vertex modules were awarded a Life Cycle Assessment (LCA) Certificate by TÜV Rheinland for their low-carbon management capabilities throughout their entire life cycle. Later that same year, TÜV Rheinland again awarded the company’s Vertex modules with a Carbon Footprint Certificate in recognition of the products’ industry-leading performance in reducing carbon footprints.
Trina Solar is also one of the first companies in the industry to initiate the Environmental Product Declaration (EPD) and carbon footprint certification procedures for n-type modules.
From implementing net-zero operations to developing a net-zero value chain to manufacturing net-zero products, Trina Solar is committed to reducing carbon emissions for the benefit of society at every step of the way. Moving forward, Trina Solar will continue to work with all stakeholders to protect the biosphere, support global decarbonization initiatives, and make solar energy available to people everywhere.
Source: https://energynewsafrica.com
Kenyan President, William Ruto has urged African leaders to stop using isolated and unilateral efforts and instead come together to solve the challenging energy needs of the people.
According to him, adopting unilateralism and isolated strategies in solving the continent’s energy needs are costly especially with the advent of the Pan-African Regional Energy and cooperation and collaboration, arguing that it was of paramount interest to work as a people to maximise their collective potential in their quest to ensure sustainable energy for Africans.
The Kenyan President explained that the continent has to share its resources to enhance its energy infrastructural projects such as regional power grids and energy interconnections which would not only facilitate faster regional integration but also trigger economic growth.
“Energy makes human life safer and human activity more efficient and society better. The different ways in which societies access and utilise energy describe the contours of human productivity and equality and also define our contributions to the worsening climate crisis,” he bemoaned whille delivering a keynote address at the Africa Energy Forum in Nairobi, capital of Kenya.
H.E William Ruto, President of Kenya addressing participants at the Africa Energy Forum in Nairobi, Kenya.
For these reasons, President Ruto observed that the world now has clarity on the right, as well as the wrong ways of sourcing energy.
He, thus, asked whether Africa needs energy at all costs which would arise because it is a mandatory fact of life.
He was quick to suggest that “our energy needs should not escalate to endanger our existential concerns.”
He further tasked the continent to leverage her resources to swiftly advance her socioeconomic needs through the strengthening of her energy infrastructure connectivity to build a united Africa.
Touching on the essence of the theme for the forum, he observed that it was to share the secret which is hidden in plain sight with a broader global audience powered by African Energy.
“Sustainable energy development lies at the heart of our vision. Investing in renewable energy sources such as solar, wind, hydro and geothermal power are not only a responsible choice but also an equitable Africa,” he stressed.
According to him, by transitioning away from fossil fuels, the continent shall contribute to global efforts to mitigate climate change, protect the environment and secure a sustainable future for generations.
President Ruto, furthermore, argued that sustainable energy development requires a sufficient scale of production to ensure universal energy access as well as affordability.
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Source: https://energynewsafrica.com
At least 24 people have been injured, including four in critical condition, after an explosion started a fire in Paris, police said.
The blast was followed by a major fire that caused one building, housing a fashion school, to collapse, as well as an adjacent building, emergency services said.
Some 70 fire trucks and 230 firefighters were battling the blaze which was contained by the early evening. Nine doctors were also at the scene.
The fire service said there had been “an explosion” which had “caused the collapse of two buildings” on Wednesday.
The cause of the blast was not immediately clear.
The “violent” fire which broke out after the explosion has now been “contained”, Paris police Chief Laurent Nunez said at the scene, adding that “work is still taking place under the rubble” to find any more possible victims.
Prosecutors said two people were still missing following the blast.
The firefighters “prevented the spread of the fire to two adjoining buildings which were seriously destabilised by the explosion” and “were evacuated”, Nunez added.
Florence Berthout, mayor of the arrondissement, said, “The explosion was extremely violent,” describing pieces of glass still falling from buildings.
Source: Aljazeera
The UK Government is planning to remove a ban on opening new coal mines from a bill that is going through Parliament.
The ban was added to the Energy Bill by peers in the House of Lords.
Ministers also plan to drop changes to the bill which would have enabled small community energy projects to sell electricity directly to local homes.
Green MP Caroline Lucas called the decision “reckless” and said the amendments should be reinstated “immediately”.
A government spokesperson said it was made after “careful consideration” and they would continue to engage with parliamentarians.
The amendment to ban the opening of new coal mines was approved by the House of Lords in April by a majority of just three with 197 peers voting in favour of the motion and 194 against.
Introducing his amendment Liberal Democrat Lord Teverson said he had previously believed a ban was not necessary because it was “totally and absolutely obvious” that building a new coal mine “would be a really stupid thing for a country to do”.
However, he told peers he had changed his mind after the government’s decision to allow a new mine to be built in Whitehaven, Cumbria.
“If that happens once, it can happen again – that is why this amendment is so important,” he said.
Opposing the amendment, Minister Lord Callanan said the government was committed to phasing out coal but argued that an outright ban could cause a “severe weakening of our security of supply”.
Shadow energy secretary Ed Miliband had said Labour would back the ban, but the government plans to remove the amendment from the bill at committee stage, where a bill is examined in detail, before it reaches a vote of the whole House of Commons.
Community projectsThe government also intends to ditch measures put in by the House of Lords which would enable small community energy projects to sell electricity directly to local consumers.
For example, a group which has installed solar panels on a school roof would be able to sell electricity directly to neighbouring homes.
Currently, projects tend to sell their energy to other, larger utilities because the cost and burdens of setting up as a supplier in their own right are too high.
More than 60 organisations – including the National Grid and the Church of England – have written to Energy Secretary Grant Shapps urging him to reconsider.
In the letter, the organisations say community energy schemes have seen “almost no growth for six years, despite renewable technologies being cheaper than ever”.
They say this is “largely due to the prohibitive costs they face in accessing local markets” and suggest the current rules are holding back the possibility of a big expansion in community schemes.
Source: BBC
QatarEnergy signed definitive agreements with China National Petroleum Corporation (CNPC), covering the long-term supply of LNG to China and partnership in the North Field East LNG expansion project (NFE).
The two parties signed an LNG Sales and Purchase Agreement (SPA) for the delivery of 4 million tons of LNG per annum from the NFE project to CNPC’s receiving terminals in China over a span of 27 years, marking the industry’s longest term SPA commitment.
The two parties also signed a share sale and purchase agreement, where QatarEnergy will transfer to CNPC a 5% interest in the equivalent of one NFE train with a capacity of 8 million tons per annum.
This transfer will see CNPC become a partner in the NFE project and will not affect the participating interests of any of the other shareholders in the project.
On his part, Mr. Dai Houliang, the Chairman of CNPC, said, “Our collaboration over the NFE project represents a major achievement and excellent practice of both CNPC and QatarEnergy in delivering on the strategic consensus of the leaders of our countries. It is another milestone in forming a strategic synergy between China’s “Belt and Road” Initiative and Qatar’s National Vision 2030. It lays a solid foundation for the energy cooperation between the two sides in the next three decades. From this brand-new starting point, CNPC will continue to actively discuss with QatarEnergy all-round cooperation across the hydrocarbon industry chain and other areas like green and low carbon energies, so as to build a stable, long-term, and multi-dimensional strategic partnership.”
Source: Worldoil.com
Ghana’s energy sector will be put in the spotlight on Thursday, June 22, 2023, by heads of state-owned power utilities at this year’s Africa Energy Forum being hosted in Nairobi, Kenya, East Africa.
Ghana, located in West Africa, is the most stable country in Sub-Saharan Africa.
Since attaining independence in 1957, the country has transferred political power to a successful government without war or political disturbances.
Not only is Ghana politically stable but it is also one of the countries with the highest electricity access in Sub-Saharan Africa.
Out of the 31 million population, 88.9 per cent have access to electricity.
The country is determined to increase its electricity access to 95 per cent next year, according to the Minister for Energy Dr Matthew Opoku Prempeh.
Ghana’s power sector comprises two state-owned generation companies—Volta River Authority and Bui Power Authority -as well as six independent power producers and two distribution companies -ECG and NEDCo.
The country also has two strong regulatory institutions namely the Energy Commission and Public Utilities Regulatory Commission (PURC).
On Thursday, June 22, 2023, Emmanuel Antwi-Darkwa, CEO of Volta River Authority, Ing Ebenezer Kofi Essienyi, CEO of Ghana Grid Company (GRIDCo), Ing Oscar Amonoo-Neizer, Executive Secretary of Energy Commission and Ing William Amuna would speak on ‘Building Better Partnerships’.
They would provide highlights on what Ghana has been able to achieve in the power sector and what it plans to do going forward into the future.
Ghana has set a target to achieve a 10 per cent penetration of renewable energy into the country’s energy mix by 2030.
So far, the country’s energy mix has about 75 MWp from Solar PV.
Source: https://energynewsafrica.com
Kenyan President William Ruto has opened the 25th Africa Energy Forum (aef) hosted in Nairobi, the capital of Kenya.
The forum which is being hosted in Africa for the first time has gathered senior policymakers, industry executives, investors, researchers and innovators to discuss energy security in Africa.
More than 4,000 delegates including ministers, heads of power utilities, regulators, multilateral lenders and investors are attending the 25th Africa energy forum in Nairobi from June 20-23.
The four-day forum, held under the theme: ‘Africa for Africa’, focuses on strategic themes including scaling-up renewables uptake, breaking down barriers to green energy transition and positioning Africa as a hydrogen powerhouse.
More than 20 African ministers and investors from 82 countries across the globe are participating in the forum that is expected to adopt a new roadmap for revitalising energy security in the continent.
Delivering a keynote address, President Ruto said securing a greener, prosperous and resilient future for Africa calls for the optimal harnessing of the continent’s vast renewable energy sources like hydropower, geothermal, solar and wind.
He said that by investing in cross-border energy projects, African countries would bridge the access gap that has stifled industrialisation, poverty alleviation and social cohesion.
Ruto reiterated Kenya’s commitment to lead continental efforts in upscaling the adoption of green energy as a means to boost climate response, create jobs for youth and women and inject vibrancy into local manufacturing.
Davis Chirchir, Kenya’s Cabinet Secretary for Energy and Petroleum, said that Africa’s premier energy gathering would discuss targeted financing alongside policy and regulatory incentives required to boost clean lighting and cooking in line with the continent’s quest for meeting net-zero targets.
“Charting a new course for energy security in the continent is paramount to help achieve sustainable development. We must, therefore, unlock our huge green energy potential and boost global climate response,” Chirchir said.
Simon Gosling, the Managing Director of EnergyNet Limited, an international firm that organises investment forums for Africa’s power sector, said the continent should leverage a skilled workforce, technologies and innovations as it embarks on a green energy transition.
Source: https://energynewsafrica.com
The Public Utilities Regulatory Commission approved the rate setting guidelines for competitive procurement and supply of electricity generation capacity and energy for the regulated electricity market.
According to the Executive Secretary of PURC, Dr. Ishmael Ackah, the purpose of these guidelines is to promote transparency and efficiency in the procurement of additional generation capacity and to help optimise the cost of power and its impact on electricity tariffs.
The guidelines set out the principles, methodology and processes to be applied by the Commission for approval of tariffs for existing power plants and to aid in the determination of a reference capacity charge for the competitive procurements of energy supply and services contracts.
The guidelines as published by the Commission specify the methodology for determining the cost of procuring extra generation capacity, the methodology for determining and recovering fuel supply costs and the methodology for determining the composite bulk generation charge.
It also takes into consideration, decision variables, which are necessary to trigger over and under recoveries of cost, as well as the indexation of monthly billing of capacity and energy, which is procured from the regulated electricity market.
The guidelines, according to Dr. Ackah, will be applied to utilities in the regulated market.
He noted that the Commission has outlined a number of capacity development programmes on competitive procurement for entities in the sector, which will be rolled out over time.
Source: https://energynewsafrica.com
Nigeria’s new President Bola Tinubu has called for a stronger and better cooperation with the United States, as Nigeria and the rest of the world move in the quest for renewable and other sources of clean energy.
He spoke during a meeting with United States Assistant Secretary of State, Bureau of Energy Resources, Ambassador Geoffrey Praytt, at the State House, Abuja on Monday.
President Tinubu presented his own perspectives to the US delegation on the role of Nigeria as an oil producing country and the importance of revenue from fossil oil to national economic well-being.
Nigeria, according to the President, will honour all its obligations to climate change and quest for clean energy.
President Tinubu appealed to the United States and other developed nations to recognize that Nigeria and Africa have a challenge of poverty that must be addressed, saying in the race for energy transition, the world must have a right balance between the fossil fuel and green energy.
“Nigeria is an oil producing nation and a developing economy that needs revenue from fossil fuel for growth and development. The new energy we are talking about represents just 5% of global energy requirements. We must find the right balance between new energy and fossil fuel because we have problem of poverty in Africa,’’ the President said in a statement copied to energynewsafrica.com by Dele AlakeSpecial Adviser, Special Duties, Communications & Strategy.
On the nexus between the problem of poverty in Africa and fragility of democracy on the continent, President Tinubu admonished the United States to work with Nigeria to protect the government of the people.
He also urged the Assistant Secretary of State to impress on his home government the urgency of responding to the needs of Nigeria.
“Our democracy needs protection like all other democracies in the world. We cherish our partnership with the US. My concern is whether United States is giving us enough as much as we need. The US should not make us hungry to the point we will have to eat the dinner of our enemy.
“We need the funding support to help us drive and accelerate our energy diversification. There are bottlenecks that must be unbottled in terms of how the US bureaucracy responds to our needs. Help must be given when it is needed. We are ready to learn and develop to join 21st century economy. Please take it home that we need help and very quickly too. I am honoured with your recognition of the baby steps we have taken so far. I want to assure you that Nigeria will honour her obligations on climate change and renewables,” the President said.
Ambassador Praytt in his remarks extolled the bold economic initiatives already taken by President Tinubu with respect to fuel subsidy removal and unification of multiple foreign exchange rates.
He said he was in the country partly to inform the President that President Joe Biden is in support of the steps taken so far by Nigeria to reduce the impact of fossil fuel.
“We are opening a new page in US relations with Nigeria. Nigeria is taking important steps in growing the renewable energy to meet the need of her citizens.
“We are very happy with our work with NNPCL and your team. Your new Special Adviser on Energy is already doing very well,” the US Envoy said.
Earlier in his introductory remarks, Group Managing Director of NNPC Limited, Mele Kyari, told the President that the Energy Industry in Nigeria had been engaging the US Department of Energy on the energy transition.
Kyari acknowledged the support the Nigerian government received from the US Department of Energy to develop the Petroleum Industry Act.
Source: https://energynewsafrica.com
Russian refineries processed 5.49 million b/d of crude in the week spanning June 8-14, a 2-month high, Bloomberg has reported.
That’s close to 200,000 barrels a day more than the previous week’s clip as serious questions continue being asked about the country’s commitment to production cuts agreed on by OPEC+.
Back In February, oil prices received a boost after Russia’s Deputy Prime Minister Alexander Novak announced that the country would cut oil production by 500,000 barrels per day, or around 5% of output.
Novak has on numerous occasions insisted that Russia is implementing the cuts in full as pledged, but surging exports of seaborne crude continue raising eyebrows.
“Russia is restoring its daily refinery throughput as the spring maintenance season is largely over. We will see the last key facilities, including Surgutneftegas PJSC’s Kirishi, coming back online in the first days of July. Then the refinery runs will fully return to pre-maintenance volumes,” Viktor Katona, head of oil analytics at research firm Kpler, has told Bloomberg.
Recently, the World Bank reported that Russia’s economy will contract a mere 0.2% in the current year, way softer than last year’s 2.1% dip thanks to increased buying of its crude by India and China as well as European countries that banned Russian oil imports importing huge amounts of oil commodities from the two countries and also from United Arab Emirates, Singapore and Turkey.
India in particular has dramatically ramped up purchases of Russian oil, with crude imports growing staggering 1,500% in May to over 2.15 million barrels per day in May.
A recent report by the Center for Research on Energy and Clean Air (CREA) noted that western countries bought $42 billion worth of laundered Russian crude in the form of various oil products from nations that are friendly towards Russia, with India leading the five other countries.
Source:Oilprice.com
Source: https://energynewsafrica.com 
