Australia's share of renewable rise in 2016.
The share of renewable energy sources (RES) within the global power generation mix has been growing quickly since the end of the 2000’s. Thanks to strong cost reductions over recent years, developing countries (South Asia and Latin America, and South Africa) are able to take over from most advanced countries on expanding renewable energy sources.
Thanks to massive investments in hydropower, wind and solar, the share of RES within China’s power mix is growing rapidly.
RES also gaining market share in the USA and Australia where cost reduction combined with availability of land is allowing deployment of large scale projects quickly and in an economically-efficient manner.
The favourable hydraulic conditions in Latin American countries in 2016 has induced an increase of the hydroelectricity production that mechanically increased the share of renewable energies.
Further to eight years of rapid expansion between 2006 and 2014, the penetration of RES in the European Union power mix has been increasing more slowly since then.
Based on its 2016 data for G20 countries, Enerdata analyses the trends in the world energy markets.Download the publication
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The Iranian state-held oil firm National Iranian Oil Company (NIOC) aims at increasing the production capacity of its oil fields by 400,000 bbl/d, fitting into the Iranian government's objective of raising the domestic oil production to 4.2 mb/d. However, Iran is opposed with Saudi Arabia and Russia's proposition to raise OPEC's crude oil production by 1.5 mb/d in the third quarter of 2018, and is likely to veto any significant oil production increase across the OPEC. Iran, which was exempted from any production cut in the 2017 agreement, benefited from higher production and rising oil prices. The country will maintain its position to keep OPEC oil production and exports at their current levels.
The new European Cross-Border Intraday (XBID) market has come online after several years of development and will now enable to increase the number of of power exchanges between the European transmission system operators (TSOs) and the nominated electricity market operators (NEMOs). The aim of the project is to create an integrated European intraday market and ensure the continuous trading of power across Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Latvia, Lithuania, Norway, The Netherlands, Portugal, Spain and Sweden. Most of the remaining European countries are expected to join it later in 2019 for the second go-live. A total of 31 TSOs and 15 power exchange back the XBID market, which is designed to handle up to 400,000 trades per day.
The giant offshore gas field Zohr in Egypt will raise its production capacity to 1.75 bcf/d (49.5 mcm/d or 18 bcm/year) by August 2018. The production ramp-up is scheduled to continue so that the field's output reaches a plateau output of 2.7 bcf/d (28 bcm/year) by mid-2019. Once reached, this level will enable the country to save an estimated US$1bn/year in gas imports and achieve self-sufficiency from natural gas by 2019.
Saudi Arabia and Russia will ask the Organization of the Petroleum Exporting Countries (OPEC) to hike crude oil production by 1.5 mb/d in the third quarter of 2018. In November 2016, Russia and the OPEC jointly decided to cut their output by 1.8 mb/d in order to prop up global prices and production levels were set for each member country: Saudi Arabia agreed to limit its crude production by nearly 486 kb/d to 10.058 mb/d, while Iraq, the second largest producer among OPEC, agreed to cut its production by 209 kb/d.