The International Energy Agency, which has stepped up its efforts to become a major green energy supporter, appears to have forgotten the reason it was set up as an agency in the first place. In its new report “Net Zero in 2050”, the energy agency calls for no new investments in oil- and gas-related projects.

The world doesn’t need any new investments in oil and gas beyond what is already approved if it hopes to achieve net-zero emissions by 2050, the International Energy Agency (IEA) said on Tuesday, adding that the road to limiting global warming to 1.5 degrees Celsius involves a rapid and radical shift away from fossil fuels.

Colombia’s oil industry is yet again under considerable pressure, despite the national government in Bogota attempting to reactivate the economically crucial sector. The March 2020 oil price crash, COVID-19 pandemic, rising security risk and now significant political turmoil are weighing heavily on the oil industry’s performance. After a rough 2020 where Colombia’s five-month long quarantine lockdown sharply impacted operational activity and crude oil production, there are signs that the Andean country’s oil industry is struggling to recover. This comes after a moment of optimism in late-2020 where it appeared that Colombia’s hydrocarbon sector was on track to return to a pre-pandemic tempo of operations. The latest data from the energy ministry for Latin America’s fourth largest economy indicates that is not the case. During March 2020, Colombia pumped a daily average of 744,715 barrels of crude oil and 1.2 million cubic feet of natural gas, which is a 0.14% and 5% less than a month earlier.

After having a year to forget in 2020, the energy sector has this year emerged as the best-performing of all 11 U.S. market sectors. Energy Select Sector SPDR ETF (NYSEARCA:XLE) is up 41% in the year-to-date, making the broader market S&P 500’s 11% gain appear downright anemic. Oil prices appear to have stabilized in the upper 60s, with WTI price finding support around $63 per barrel while Brent is seeing support around $65 per barrel.

The year 2020 was a watershed moment for the fossil fuel sector. Faced with a global pandemic, severe demand shocks, and a shift towards renewable energy, experts warned that nearly $900 billion worth of reserves--or about one-third of the value of big oil and gas companies--were at risk of becoming worthless.

OPEC’s oil exports have jumped by 1 million barrels per day (bpd) so far in May, while the OPEC+ group started easing the production cuts by 350,000 bpd this month, tanker tracker Petro-Logistics said on Monday.

The US. Enerey Information Administration (EIA)released it short-term Energy outlook for May 2021. The study remains subject to heightened levels of uncertainty because responses to C0VID-19 continue to evolve. Economic activity has increased significantly after reaching multiyear lows in the second quarter of 2020.

Russia’s oil reserves will last until 2080 at the current pace of annual production, Natural Resources Minister Alexander Kozlov told Russian outlet RBC in an interview this week.

Canada has recently increased its climate commitment by announcing a more ambitious mid-term target for 2030 on its path to net-zero by 2050. Still, the federal government expects crude oil production to continue growing and peak only a decade before 2050.

Within the last month, Saudi Arabia’s state oil giant Aramco has announced the sale of a minority—but large—stake in its pipeline business, the possibility to sell another 1 percent of its stock, and intentions to put up for sale stakes in some oil fields.
Neighbor, ally, and fellow OPEC member UAE in the meantime, has announced plans to list its state oil firm’s drilling business and has launched its own oil futures in a bid to change the face of Middle Eastern oil.

The most important point of agenda, of course, is the political unity of Libya – without it the Libyan NOC will not be able to breathe new life into exploration drilling and to allocate new acreage, not to speak of even more delicate tasks

OPEC’s crude oil production is estimated to have increased to a three-month high of 24.96 million barrels per day (bpd) in April, thanks to a major jump in Iran’s output, the latest survey by Argus showed.