So, Google is working away on its own solar thermal technology, using cheaper mirror material, that it hopes to demonstrate internally within a few months.
But the company is also investing in clean energy technologies elsewhere – though it would like to do more, according to Bill Weihl, who oversees clean energy projects in the company’s research department. Read more
By Izabella Kaminska
Hat tip to Morgan Downey, author of Oil 101, for the following chart reflecting the still ongoing over-supply issues facing energy and tanker markets. Read more
French president Nicolas Sarkozy confirmed today that a carbon tax on oil, coal and gas will be introduced, at €17 per tonne.
The figure is higher than the €14 suggested by Francois Fillon late last month – but much lower than the €32 recommended by a government commission.
Previous estimates of the €14 tax translated as 3.3c per litre on petrol, so presumably €17 would work out at somewhere in the region of 3.5c – 3.6c. Read more
The IEA has revised upward its oil demand forecasts for 2009 and 2010, and by a decent amount this time – but the agency has kept a very cautious tone about the general outlook.
Worldwide demand, the IEA says, will now average 84.4m barrels per day in 2009, and 85.7m bpd in 2010. Both figures are 500,000 barrels higher than the estimates published last month.
Much of this change is due to North America and China – but the picture in both these areas, the agency says, is rather murky. Read more
Crude oil prices found support from revised demand forecasts from the International Energy Agency. The energy watchdog of the west said global oil consumption would shrink less-than-previously expected this year because of strong consumption in China and the US.
In its latest monthly oil market report, the IEA forecast a drop of 1.9m b/d in global oil demand this year compared with the 2.3m b/d decline which it previously anticipated.
Opec’s decision to keep its production quota unchanged had been widely anticipated by the market and had little impact. Read more
At their meeting in Vienna on Wednesday, Opec members did not only discuss oil production levels and prices; they also touched on their collective position ahead of the UN climate change summit in Copenhagen at the end of this year.
As José Maria Botelho de Vasconcelos, Angola’s oil minister, said at the start of the meeting: Read more
Opec holds output unchanged
Cartel warned that the group would act if oil prices fell (FT)
EU wants China to expand its energy role
EU seeks easier ways companies to participate in public procurements (WSJ)
Brazil oil find could hold 2bn barrels
Prospects of becoming a leading oil producer increased (FT) Read more
The Opec oil cartel’s decision to keep its output levels unchanged may not have come as much of a surprise. But those reading the group’s communique closely will find a few points that leave plenty of room for debate.
The group clearly stressed the possible downside of its decision, voicing “great concern,” calling the market “over supplied” and describing the recovery as “extremely fragile.” The clincher, though, is that Opec said it would “leave current production levels unchanged for the time being.” Read more