With China’s economy slowing, the International Energy Agency expects India to become the world’s largest oil importer. The southeast Asian economy is likely to be five times larger in 2040 than it is today and its total energy demand will more than double. By 2040 India will depend on oil (crude and petroleum products) imports to meet more than 90% of its demand.

Norway anticipates a sharp drop in the number of rigs it deploys for exploration of crude oil and natural gas reserves offshore. Total investments by the country in oil and gas exploration are expected to decline by 11.8% this year alone.

Poland is attempting to reduce its oil and gas dependency on dominant supplier Russia by importing crude oil from Saudi Arabia and the Kurds and importing liquefied natural gas (LNG) from Qatar.

Italy’s Eni will soon operate the northernmost offshore crude oil platform in the world.  The new platform, 300 miles north of the Arctic Circle, is expected to eventually produce 100,000 barrels per day.

China will allow independent refineries to export refined petroleum fuel next year for the first time, freeing up 20% of China’s refining capacity for sales abroad, mostly to other parts of Asia.

This past week Germany’s wind farms produced 35.25 gigawatts of electricity, an all-time record. For most of the weekend, more than half of Germany’s electricity came from wind. Germany is on track to get one-third of its electricity from renewable sources this year, a jump from 27%  last year. The country has a goal of getting 40% of its electricity from renewables by 2020. Germany now accounts for about 45% of Europe’s total wind generation.

Renewable energy sources accounted for 16.4% of China’s electric power in 2014, and are expected to reach 22% in 2020. Over the next 5 years the country wants to raise its 2020 solar target to 150 gigawatts  (from 100 GW) and its wind target to between 250 GW and 280 GW (from 200 GW).

Dubai aims to obtain 7% of its energy from relatively clean sources by 2020, raising that to 25% in 2030 and 75% in 2050. Energy sources will include natural gas, solar, clean coal and nuclear. Solar panels are to be installed on the roofs of all buildings by 2030. In addition, a solar park is expected to have a generating capacity of 800 megawatts next year and 5 gigawatts by 2030, or a quarter of the emirate’s electricity production for that year.

According to Bloomberg New Energy Finance, Australia, Brazil, Japan and the European Union are likely to reach their renewable energy targets which they submitted to the United Nations as part of their Cop 21 commitments. For other major global players their renewable goals may be far less attainable. Bloomberg expects the US and India will fail to meet their renewable objectives while China and Mexico could fail depending on factors in their domestic economies.


with h/t Tom Whipple





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