London, November 22, 2024 (Oilandgaspress) –-Crude oil prices up today and set to end the week higher after Russia shot a new kind of ballistic missile at Ukraine. The strike, featuring a hypersonic medium-range missile that has not been used before in warfare, came in response to a Ukrainian attack with U.S. and British ATACMS missiles on Russian territory.
GECF and OPEC Strengthen Collaboration on Climate
The Gas Exporting Countries Forum (GECF) and the Organization of the Petroleum Exporting Countries (OPEC) convened their third coordination meeting on 19 November 2024, during COP29 in Baku, Republic of Azerbaijan. The meeting underscored the ongoing cooperation between the two organizations and highlighted the significance of their collaboration in addressing the challenges of climate change and energy security.
The meeting was co-chaired by His Excellency Eng. Mohamed Hamel, Secretary General of GECF, and His Excellency Haitham Al Ghais, Secretary General of OPEC.
In his opening remarks, HE Eng. Mohamed Hamel emphasized, “The GECF and OPEC are like-minded intergovernmental organizations, and it is vital to provide a platform for our members to exchange views and expertise on the critical negotiating streams of COP29. The outcomes of these negotiations hold profound implications for their socio-economic development.”
HE Haitham Al Ghais reiterated the importance of collaboration between the two organizations, stating that “these meetings continue to allow us to coordinate together, giving our interventions increased impact and clarity. We value this cooperation, as OPEC continues to support its members on several fronts during the UNFCCC processes,” adding, “We hope that our meeting today will add to the collaborative spirit and the goals of fairness and equality.”
The meeting centered on key topics related to sustainable development, energy and climate change. Participants acknowledged the importance of advancing critical issues under the Paris Agreement framework, which are particularly relevant to developing countries, including climate finance, mitigation, adaptation, loss and damage, the just, realistic and equitable energy transitions, technology transfer and capacity building.
Participants reaffirmed the pivotal role of oil and natural gas in driving global economic growth, alleviating poverty and enhancing prosperity. Together, these energy sources currently account for over half of the global energy mix.
The discussion included a review of negotiations on:
Climate finance, with a focus on the New Collective Quantified Goal (NCQG).
The Mitigation Ambition and Implementation Work Programme.
The Work Programme on Just Transition Pathways.
Unilateral trade measures and the adverse impacts of response measures.
Cooperative approaches under Article 6 of the Paris Agreement, including market and non-market mechanisms.
Delegates emphasized the need for an equitable, inclusive, realistic and balanced outcome from COP29 that addresses climate change while safeguarding sustainable development, energy security and affordability. They stressed that no one should be left behind in energy transitions.
The meeting reaffirmed the importance of continued collaboration between GECF and OPEC member countries in engaging effectively in climate negotiations and addressing shared challenges. Both organizations recognized that cooperation is essential to ensuring their member countries’ interests are upheld while contributing meaningfully to global climate goals.
The meeting concluded with a shared commitment to strengthening ties between GECF and OPEC, including at the technical level, as they navigate the complex intersections of energy, climate and development. . Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $70.32 | Up |
| Crude Oil (Brent) | USD/bbl | $74.50 | Up |
| Bonny Light 21/11/24 , CBN | USD/bbl | $75.81 | Up |
| Dubai | USD/bbl | $72.35 | Down |
| Natural Gas | USD/MMBtu | $3.37 | Up |
| Murban Crude | USD/bbl | $73.76 | Up |
| OPEC basket 21/11/24 | USD/bbl | $73.32 | Up |
VH Global Sustainable Energy Opportunities has released its Q3 2024 Net Asset Value and Factsheet outlining financial and operational highlights from the period.
Key takeaways include:
• Interim dividend met 2024 target, at 1.42p per share
• NAV grew to 111.2p per share
• £20M share buyback programme budget was fully utilised, post-period
• New solar and wind assets acquired in Europe, and progress made on Australian solar and battery storage assets Read More
The International Criminal Court (ICC) has issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu, former Defence Minister Yoav Gallant, and Hamas military commander Mohammed Diab Ibrahim Al-Masri, aka Mohammed Deif.
In a written statement on Thursday, the ICC said Netanyahu and Gallant are responsible for committing “the war crime of starvation as a method of warfare; and the crimes against humanity of murder, persecution, and other inhumane acts.”
The Israeli Foreign Ministry said in September that it had submitted two legal briefs challenging the ICC’s jurisdiction and arguing that the court did not provide Israel the opportunity to investigate the allegations itself before requesting the warrants.
The ICC said that “the acceptance by Israel of the Court’s jurisdiction is not required.”. Read More
Developing countries say they need more than $1 trillion (around €950 billion) in climate finance. Rich countries have been resistant but exactly how much they are prepared to contribute isn’t clear as the world’s wealthiest countries keep their cards close to their chest.
EU Climate Commissioner Wopke Hoekstra has said the lack of ambition is “clearly unacceptable”. This morning he urged the COP29 Presidency to “step up the leadership”.
Sources close to the COP29 Presidency told Euronews that they believe they are “nearing a historic Baku breakthrough”.
As countries gave the Presidency their feedback on the draft texts it is clear, however, that there are still a lot of details to be worked out. Many are not happy with the lack of a finance figure.
The draft text on mitigation has also faced criticism as negotiators fear a step back from the call to transition away from fossil fuels agreed at COP28 in Dubai last year. The UK’s secretary of state for energy security and net zero Ed Miliband said standing still was a “retreat”. Read More
United States Environmental Protection Agency released the “National Strategy to Prevent Plastic Pollution,” outlining opportunities for action to protect communities from the impacts of plastic production and waste and detailing how government agencies, businesses, non-profits, and communities can take additional action to prevent plastic pollution. This strategy also aligns with the United States’ commitment to negotiating an ambitious international agreement with the aim of protecting public health and the environment by reducing plastic pollution around the world. The strategy is the third pillar of EPA’s “Building a Circular Economy for All” effort, following national strategies on recycling and reducing food loss and waste. Read More
Hyundai has been awarded the 2025 Best SUV Brand by U.S. News & World Report. The award recognizes industry-wide excellence of the automotive market and reflects the best combination of safety, reliability, space, convenience, and connectivity. The publication’s editors evaluated 38 automotive brands and concluded that Hyundai SUVs stood out, not only due to the exceptional quality of its Palisade, Tucson and Tucson HEV models, but also on the strength of its vast SUV lineup including Santa Fe, Kona, Kona Electric, and IONIQ 5 EV. Earlier this year, U.S. News & World Report named the 2024 Hyundai Tucson its Best Compact SUV for the third consecutive year and the 2024 Hyundai IONIQ 5 was selected as the Best Electric Vehicle for Families.. Read More
Hyundai Motor Company unveiled IONIQ 9, a three-row, all-electric SUV with expansive interior space that fuses cutting-edge design and innovative electric vehicle (EV) technology.
IONIQ 9 was unveiled at the iconic Goldstein House in LA, a celebrated example of mid-century modern architecture. This unique venue reflects Hyundai Motor’s vision of positioning its IONIQ lineup as a symbol of innovation and progress in the EV market, underscoring its leadership in electrification and the company’s target to offer a full lineup of 23 EV models by 2030. Following IONIQ 5 and IONIQ 6, both triple winners at the World Car of the Year Awards in 2022 and 2023 respectively, IONIQ 9 will build on this legacy of electrification excellence.
The World Premiere event opened with a keynote speech by José Muñoz, the President and Global Chief Operating Officer of Hyundai Motor Company. Following the unveiling of IONIQ 9, the event featured a terrace talk session exploring the Hyundai brand and IONIQ 9’s design and space, while an exhibition zone showcased the development journey of IONIQ 9.
IONIQ 9 is an appealing new choice for customers seeking a three-row EV that can accommodate up to seven occupants. It provides impressive space and features that cater to individual needs while offering a sense of togetherness — it is truly ‘Built to Belong’. IONIQ 9 is designed to meet the needs of consumers who are hyper-connected but also value space, privacy and relaxation.. Read More
Hyundai Motor Group Metaplant America (HMGMA) announced that its second production vehicle will be the all-electric 2026 IONIQ 9 three-row SUV.
The IONIQ 9 will be the first all-new Hyundai model to be assembled at the Metaplant. In June, Metaplant authorities announced that the first production vehicle would be the 2025 IONIQ 5, an updated version of the award-winning EV.The IONIQ 9 was revealed today at AutoMobility LA 2024, in Los Angeles, while simultaneously being unveiled by HMGMA at AutoNation Hyundai Savannah. Meta Pros who took part in the assembly of the preproduction vehicle on display were present to share in the excitement.
The three-row all-electric SUV features an expansive, flexible cabin loaded with features including a 12.3-inch panoramic curved touch display and available first- and second-row Relaxation Seats. IONIQ 9 also features an impressive array of standard Advanced Driver Assistant Systems. The 2026 IONIQ 9 is targeting 300+ miles of range for all trims and features a standard NACS port capable of ultra-fast 800V charging — enough to charge from 10 to 80% in just 24 minutes with a 350-kW DC charger. Read More
KBR announced today that it has signed an agreement with AMUFERT for the development of a new ammonia plant in Soyo, Angola. Under the terms of the contract, KBR will provide a technology license, proprietary engineering design, equipment and catalyst solutions for AMUFERT’s 2,300 metric tons per day ammonia plant. Leveraging KBR’s proprietary technologies and expertise in ammonia, the planned facility will assist Angola and its neighboring countries move towards greater food security and self-sufficiency.
“We are thrilled to be a part of this project and support AMUFERT’s efforts in accelerating sustainable agriculture in Angola through our leading ammonia technology,” said Jay Ibrahim, KBR President, Sustainable Technology Solutions. “KBR has a proud legacy in Angola, and we look forward to working closely with AMUFERT and our partners to ensure the success of this important project.”
KBR is a world leader in ammonia technology and has been at the forefront of innovation in the ammonia market for decades. Since 1943, KBR has licensed, engineered or constructed over 260 grassroot ammonia plants worldwide. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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