Egypt, UAE and Tunisia among best countries worldwide in developing renewable energy

A wind farm, part of the Tehachapi Pass Wind Farm, is pictured in Tehachapi, California June 19, 2013. (Reuters)
Updated 25 December 2018

Egypt, UAE and Tunisia among best countries worldwide in developing renewable energy

  • Incentives provided to the private sector in those countries have encouraged it to invest in renewable energy

CAIRO: Egypt, Tunisia, and the UAE have been listed among the World Bank’s list of the best countries developing renewable energy in 2018.
A World Bank report cited by CNN Arabic listed the three Arab states, saying they have made remarkable progress in the development of renewable energy over the past seven years.
It said that incentives provided to the private sector in those countries have encouraged it to invest in renewable energy. They helped by developing the legal framework that will facilitate the private sector’s projects in this field.
The report stated that the UAE has become one of the best countries in developing energy efficiency.
It also said Egypt rose from 10 points to 68 points by 2018 on the World Bank’s Regulatory Indicators for Sustainable Energy (RISE). This has made it among the top 36 countries around the world.
The report also praised Jordan’s “notable” progress in developing renewable energy from 2010 to 2017, recording 63 points.
Renewable energy is used in the fields of heating, cooling and transport sectors.


Saudi Arabia: All options open to OPEC+ as China virus weighs on price

Saudi Arabia’s minister of energy, Prince Abdul Aziz bin Salman Al-Saud, pictured here at the World Economic Forum at Davos, Switzerland, warned it was too early for OPEC+ to make a decision on oil supply. (Reuters)
Updated 49 min 15 sec ago

Saudi Arabia: All options open to OPEC+ as China virus weighs on price

  • Group will meet in Vienna in March to set policy, with the possibility of further oil production cuts firmly on the table

DUBAI: Saudi Arabia’s Minister of Energy Prince Abdul Aziz bin Salman Al-Saud said all options were open at an OPEC+ meeting in early March, including further cuts in oil production, Al Arabiya reported. But he added it was too early to make a call on the need for more cuts.
“I can’t judge now if the market needs additional cuts because I haven’t seen the balances for January and February,” he said.
He added that when the Organization of Petroleum Exporting Countries and its allies led by Russia convened for an emergency meeting in March, the grouping would study where the market is and “objectively decide” if more cuts are needed.
OPEC+ agreed in December to widen supply cuts by 500,000 barrels per day (bpd) to 1.7 million bpd until the end of March.
Prince Abdul Aziz said the aim of OPEC+ was to reduce the size of the seasonal inventory build that takes place in the first half of the year.
OPEC+ is due to meet in Vienna on March 5 and 6 to set their policy. A ministerial monitoring committee for the deal will meet in Vienna on March 4.
Oil slipped below $62 a barrel on Friday and was heading for a weekly decline as concern that a virus in China may spread, curbing travel and oil demand, overshadowed supply cuts.

Saudi Arabia’s Prince Abdul Aziz bin Salman Al-Saud. (Reuters)

The virus has prompted the suspension of public transport in 10 Chinese cities. Health authorities fear the infection rate could accelerate over the Lunar New Year holiday this weekend, when millions of Chinese travel.
Global benchmark Brent is down almost 5 percent this week, its third consecutive weekly drop. US crude was also on course for a weekly decline.

FASTFACT

2nd - China is the world’s second largest oil consumer.

“One should be prepared for negative surprises when it comes to Chinese demand,” said Eugen Weinberg, analyst at Commerzbank. “The impact of this is all the greater because the restrictions are being imposed during the busiest travel season for the Chinese.”
China is the world’s second-largest oil consumer so any slowdown in travel would show up on demand forecasts.
Offering some support for prices was the US Energy Information Administration’s latest weekly supply report, which showed crude inventories fell 405,000 barrels in the week to Jan. 17.
Nonetheless, the upside for prices was limited. Oil inventories in the wider industrialized world are above the five-year average according to OPEC figures, which analysts say is limiting the impact on prices of supply losses.
“Such is the bearish pressure that a raft of ongoing crude supply outages are not gaining much traction,” said analysts at JBC Energy in a report.