Energy This Week | The National

Hello from The National and welcome to the Energy This Week newsletter, our expert analysis on oil and gas, renewables and clean energy. Oil dipped on Friday but still managed a third consecutive weekly gain. US threats of tariffs on buyers of Venezuelan oil, an end to a licence for Chevron to operate in the Latin American country and sanctions on a Chinese refinery purchasing Iranian crude, could threaten several hundred thousand barrels per day of exports. Brent crude closed at $73.45 per barrel, up $1.29 over the week. Donald Trump said on Sunday he was “ very angry ” with Russian President Vladimir Putin, and threatened to impose tariffs of 25 per cent to 50 per cent on any country buying Russian oil, if Moscow continued to block efforts to end its war on Ukraine. Mr Trump also warned of "bombing the likes of which they have never seen before”, if Iran did not reach a deal over its nuclear programme, and also talked of secondary tariffs. Prices gained more than a dollar on Monday before slipping back a little on Tuesday. Still, shale executives are worried about the impact of Mr Trump’s tariffs. “'Drill, baby, drill' does not work with $50 per barrel oil,” said one respondent to the quarterly survey by the Federal Reserve Bank of Dallas. Levies on imports of steel and aluminium drive up costs for oil companies. Lower prices are on the way for UAE motorists, with petrol and diesel prices for April cut more than 5 per cent . Diesel and Special 95 petrol are now at their cheapest since 2021. BP’s early history is entwined with Iraq’s giant Kirkuk field. Now, almost a century after its discovery, the British major is back – a project crucial for its future, for Iraqi politics and for Opec. The new cabinet of the transitional Syrian government sees Mohammad Al Bashir take the role of Energy Minister. Mr Al Bashir was prime minister in the interim government formed after the overthrow of Bashar Al Assad. He has a degree in electrical engineering from Aleppo university. Revival of the energy sector is a key part of rebuilding Syria’s shattered economy . Despite the trade war, leading renewable energy developer Acwa Power, from Saudi Arabia, is still keen on investing in China. Its chief executive, Marco Arcelli, told The National that Acwa intends to put up to $30 billion into China by 2030. “The Gulf and Saudi Arabia are becoming the centre of the world in terms of commitment and driving the energy transition,” he said, pointing out progress in Oman and the UAE, as well as new projects in Bahrain and Kuwait. He also discussed an “energy bridge” to supply green hydrogen and electricity from Saudi Arabia to Europe. Tesla has launched operations in Saudi Arabia for the first time. The kingdom plans to transition 30 per cent of vehicles in Riyadh to electric by 2030. Currently only 1 per cent of sales in the country are electric. But Tesla’s sales in Europe have collapsed and it faces growing competition from Chinese rival BYD. It has faced widespread protests in the US, Canada and Europe over the political activities of chief executive Elon Musk. Tesla makes more of its cars in the US than most rivals, but Mr Musk still expects the company to be affected by the new 25 per cent tariffs on all imported vehicles and components. Airbus’s conceptual successor to the A320 offers 20 per cent to 30 per cent fuel savings with a new open-fan engine, advanced composite materials, electrification, different wing design and other innovations. The single-aisle jet will be capable of running entirely on sustainable aviation fuel. But it will probably not be introduced until the second half of the 2030s. For shorter flights, Abu Dhabi could see flying taxis by the end of this year. Archer Aviation wants to launch its electric vertical take-off and landing aircraft, carrying four passengers and travelling between Dubai and Abu Dhabi in 20 to 30 minutes, for a target price of Dh800 to Dh1,500. A British company has developed a microwave to melt lunar ice to provide water for future missions to the Moon. The planet needs sustainable communities , writes the chief executive of Sharjah Sustainable City. Yousif Al-Mutawa points to the importance of saving water, recycling and building community resilience. Sharjah Sustainable City has cut water use in half, and uses solar panels and energy-efficient appliances. Investors are betting on sustainable assets , trying to proof their portfolios against extreme weather and focusing on renewable energy and the circular economy. Iconic Middle Eastern flora and fauna such as the frankincense trees on the island of Socotra are threatened with extinction , along with more than 47,000 species worldwide. Vulnerable creatures are endangered by pollution, wildfires, destruction of their habitats, hunting and climate change. Two manatees, an endangered marine mammal, are proving popular and highlighting conservation efforts in the National Aquarium in Abu Dhabi.