Global energy spending is set to reach a record high of over $2 trillion in 2022, led by oil and gas

Surging oil, gas, and power prices together with the European Union (EU)’s goals of becoming less dependent on Russian supplies and post-Covid-19 pandemic inflation will catapult global energy spending this year to $2.1 trillion, Rystad Energy research shows. A concern in energy markets is that the ongoing war in Ukraine will derail the energy transition, […]

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Developing Asia economies set to grow 5.2% this year amid global uncertainty

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Developing Asia’s economies are forecast to grow 5.2% this year and 5.3% in 2023, thanks to a robust recovery in domestic demand and continued expansion in exports. However, uncertainties stemming from the Russian invasion of Ukraine, the continuing coronavirus disease (COVID-19) pandemic, and tightening by the United States Federal Reserve pose risks to the outlook. […]

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Australia’s resources, energy export earnings forecast to surge to a record $425 billion for 2021-22. 

Australia’s resources and energy export earnings are forecast to surge to a record-high $425 billion for 2021-22, according to the latest report from the Department of Industry, Science, Energy, and Resources’. Minister for Resources and Water Keith Pitt said the latest forecast is up a stunning 12 percent on the December 2021 quarterly projection of […]

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SEA to develop 1000 model farms over 5 years as part of the Mustard Mission

The Solvent Extractors’ Association (SEA) has undertaken a Mustard Mission along with Solidaridad to help increase India’s rapeseed production to 200 lakh tons by 2025. This can be achieved by improving productivity by providing better inputs and technology to the farmers and encouraging the crop diversification from water-intensive surplus wheat and rice to mustard, said […]

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China sets new targets for energy production

China has said it would raise its annual total energy production capacity to more than 4.6 billion metric tons of standard coal by 2025, with its annual crude production gradually rising to around 200 million tons and an annual natural gas output exceeding 230 billion cubic meters. According to the modern energy system plan under […]

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Fitch Ratings cut world growth forecasts as inflation intensifies due to war

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The outlook for global GDP growth has deteriorated significantly as inflation challenges intensify and Russia’s invasion of Ukraine threatens global energy supplies. Fitch Ratings’ March 2022 Global Economic Outlook sees world GDP growth reduced by 0.7pp in 2022 and sharp upward revisions to inflation forecasts. “Global inflation is back with a vengeance after an absence […]

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