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    Oil Markets Shrug Off Overthrow of Syria’s al-Assad

    Oil markets have shown little reaction to the collapse of the Syrian regime of Bashar al-Assad, as traders most likely calculated that Syria was only a modest producer and that events there did not immediately threaten exports from the wider region.In trading on Monday, Brent crude oil, the international benchmark, rose about 1 percent, to $71.80 a barrel.Syria has modest oil reserves, and President-elect Donald J. Trump said during his first presidency that they should be secured, but markets were largely shrugging off the risk that conflict in the Middle East could lead to disruption of supplies. There are about 900 U.S. troops in Syria.In more than a year since Hamas-led militants stormed into Israel from Gaza, there has been little interruption to flows of oil and natural gas, beyond rerouting tanker traffic to avoid attacks by Houthi fighters in Yemen.The markets have instead focused on the tepid growth of global demand that can probably be met by new supplies from the United States, Brazil, Canada and other producers not bound by the agreements of the OPEC Plus cartel.On Thursday, OPEC Plus pushed back plans to increase output to at least the second quarter of next year, the third delay in recent months.Richard Bronze, head of geopolitics at Energy Aspects, a research firm, said, “There’s still a residual view that the oil market will be oversupplied next year.” He added that traders were worried that Mr. Trump’s policies would push oil prices lower “whether due to higher U.S. production or tariffs disrupting economic activity.”Mr. Bronze said he thought that those theories would prove incorrect, but “the market will have to see it to believe it.”Syria is in the neighborhood of large oil producers such as Iraq and Saudi Arabia, but its own production has been sharply curtailed by a decade of civil war.In 2023, Syria produced 40,000 barrels of oil a day — a trickle relative to major oil producers, according to the Statistical Review of World Energy, published by the Energy Institute, a London-based nonprofit.In the early 2000s, Syria pumped more than 600,000 barrels a day, comparable to midsize producers like Azerbaijan or Egypt. That performance gives hope that with a stable political environment and improved management, oil sales could be an important source of revenue for a future Syrian government. More

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    Saudi Arabia Is Working to Undercut a Pledge to Quit Fossil Fuels

    Despite endorsing the declaration at last year’s U.N. climate summit, officials have tried to eliminate the same language in at least five U.N. forums, diplomats said.As United Nations climate talks enter their final week in Azerbaijan and G20 leaders gather in Brazil, diplomats from Saudi Arabia, the world’s top oil exporter, are working to foil any agreement that renews a pledge to transition away from fossil fuels, negotiators said.“Maybe they’ve been emboldened by Trump’s victory, but they are acting with abandon here,” said Alden Meyer, senior associate with E3G, a London-based climate research organization, who is at the talks in Azerbaijan. “They’re just being a wrecking ball.”Negotiators say it’s part of a year-long campaign by Saudi Arabia to foil an agreement made last year by 200 nations to move away from oil, gas and coal, the burning of which is dangerously heating the planet.Saudi Arabia was one of the signatories to that deal, but has been working ever since to bury that pledge and make sure it’s not repeated in any new global agreements, according to five diplomats who requested anonymity to discuss the closed-door negotiations.With varying degrees of success, the Saudis have opposed transition language in at least five U.N. resolutions this year, the diplomats said. The Saudis fought it at a United Nations nuclear conference, at a summit of small island nations, during discussions of a U.N. blueprint for tackling global challenges, at a biodiversity summit and at a meeting of the Group of 20 finance ministers in Washington in October, according to the diplomats.Saudi government officials did not immediately respond to requests for comment.The election of Donald J. Trump has cast a pall over the climate negotiations in Azerbaijan, known as COP29. Mr. Trump has promised to withdraw the United States from the global fight against climate change and increase the American production of fossil fuels, which is already at record levels. That may be emboldening Saudi officials at the current climate talks, analysts say. On Saturday, Yasir O. Al-Rumayyan, the chairman of the board at Saudi Aramco, the state petroleum company, sat ringside with Mr. Trump at a U.F.C. fight in Madison Square Garden in New York City.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Exxon Chief to Trump: Don’t Withdraw From Paris Climate Deal

    Darren Woods was one of only a few Western oil executives attending a global climate conference in Baku, Azerbaijan.Darren Woods, the chief executive of Exxon Mobil, cautioned President-elect Donald J. Trump on Tuesday against withdrawing from the Paris agreement to curb climate-warming emissions, saying Mr. Trump risked leaving a void at the negotiating table.Mr. Woods, speaking at an annual U.N. climate summit in Baku, Azerbaijan, described climate negotiations as opportunities for Mr. Trump to pursue common-sense policymaking.“We need a global system for managing global emissions,” Mr. Woods said in an interview with The New York Times in Baku. “Trump and his administrations have talked about coming back into government and bringing common sense back into government. I think he could take the same approach in this space.”Mr. Woods also urged government officials to create incentives for companies to transition to cleaner forms of energy in a profitable way.“The government role is extremely important and one that they haven’t been successfully fulfilling, quite frankly,” he said.Mr. Woods’s presence in a stadium teeming with diplomats is all the more noteworthy because of who is not here in Azerbaijan, a petrostate on the Caspian Sea that was once part of the Soviet Union. Many heads of state, including President Biden, have taken a pass, as have the leaders of several big oil companies like Shell and Chevron.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Biden Administration Restricts Development in West to Protect Sage Grouse

    Limits on building energy projects on at least 34.5 million acres could strongly protect the iconic Western bird. But the incoming Trump administration may reverse the rule.The Biden administration on Friday issued final regulations designed to protect the greater sage grouse, a speckled brown bird with a sprawling habitat across 10 Western states.The move to safeguard the iconic species would limit drilling and mining on federal lands as well as the development of clean energy such as solar and wind power.But the plan could soon be upended: President-elect Donald J. Trump has pledged to increase oil and gas development on public lands, and he sought to weaken sage grouse habitat restrictions in his first term.The conservation effort is part of a long tug of war between environmentalists and the drilling and mining industries over wildlife habitat across the Western states. The habitat of the grouse has shrunk in recent years due to mining and other industrial activity, along with wildfire and drought linked to climate change. Once abundant, the greater sage grouse, a bulbous bird with a fan of tail feathers that nests on the ground, is teetering toward endangered status.The sage grouse population has declined about 80 percent since 1965, according to the U.S. Geological Survey.“For too long, a false choice has been presented for land management that aims to pit development against conservation,” Interior Secretary Deb Haaland said in a statement. “This administration’s collaborative work has demonstrated that we can do both successfully.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Israel Struck Air Defenses Around Critical Iranian Energy Sites, Officials Say

    Israel’s attacks on Iran early Saturday destroyed air-defense systems set up to protect several critical oil and petrochemical refineries, as well as systems guarding a large gas field and a major port in southern Iran, according to three Iranian officials and three senior Israeli defense officials.The sites targeted by Israel, according to the officials, included defenses at the sprawling Bandar Imam Khomeini petrochemical complex, in Khuzestan Province; at the major economic port Bandar Imam Khomeini, adjacent to it; and at the Abadan oil refinery. Air-defense systems were also struck in Ilam Province, at the refinery for the gas field, called Tange Bijar, said the officials, one of them with Iran’s oil ministry.The Iranian and Israeli officials familiar with the attacks spoke on condition of anonymity to discuss intelligence.Israel’s destruction of the air-defense systems has raised deep alarm in Iran, the three Iranian officials said, as critical energy and economic hubs are now vulnerable to future attacks if the cycle of retaliation between Iran and Israel continues.“Israel is sending a clear message to us,” said Hamid Hosseini, an expert on Iran’s oil and gas industry and a member of the Iran-Iraq Chamber of Commerce. “This can have very serious economic consequences for Iran, and now that we understand the stakes we need to act wise and not continue the tensions.”Iran’s military announced that four soldiers working with air defenses were killed in Israel’s attacks. The Iranian media said the casualty numbers would probably increase.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    U.N. Report on Climate Goals Says Countries Have Made No Progress

    An annual assessment by the world body tracks the gulf between what countries have vowed to do and what they’ve actually achieved.One year after world leaders made a landmark promise to move away from fossil fuels, countries have essentially made no progress in cutting emissions and tackling global warming, according to a United Nations report issued on Thursday.Global greenhouse gas emissions soared to a record 57 gigatons last year and are not on track to decline much, if at all, this decade, the report found. Collectively, nations have been so slow to curtail their use of oil, gas and coal that it now looks unlikely that countries will be able to limit global warming to the levels they agreed to under the 2015 Paris climate agreement.“Another year passed without action means we’re worse off,” said Anne Olhoff, a climate policy expert based in Denmark and a co-author of the assessment, known as the Emissions Gap Report.The report comes a month before diplomats from around the world are scheduled to meet in Baku, Azerbaijan, for annual United Nations climate talks, where countries will discuss how they might step up efforts to address global warming.Lately, those efforts have faced huge obstacles.Even though renewable energy sources like wind and solar are growing rapidly around the world, demand for electricity has been rising even faster, which means countries are still burning more fossil fuels each year. Geopolitical conflicts, from the U.S.-China rivalry to war in places like Ukraine and Gaza, have made international cooperation on climate change harder. And rich countries have failed to keep their financial promises to help poor countries shift away from oil, gas and coal.At last year’s climate talks in Dubai, United Arab Emirates, representatives from nearly every nation approved a pact that called for “transitioning away from fossil fuels” and accelerating climate action this decade. But the agreement was vague on how to do so and on which countries should do what, and so far there has been little follow-through.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Fuel Tanker Explosion Leaves at Least 90 Dead in Nigeria

    Residents of a nearby town came to scoop up gasoline that had spilled from an overturned tanker, but then it exploded, setting off an inferno — an echo of several similar disasters in recent years.It’s become an all too common scene on Nigeria’s roads: A truck driver losing control of a fuel tanker. Residents rushing to collect the spilled gasoline, a pricey commodity. An explosion turning into a deadly inferno.Such an incident in northern Nigeria on Tuesday left more than 90 people dead and at least 50 others injured, the latest in a series of similar catastrophes in a country where road accidents with death tolls in the dozens occur nearly every month.Although road-related deaths in Nigeria are below Africa’s average, 5,000 people died and 31,000 others were injured in traffic accidents in the country last year, according to the government’s data. Poorly maintained roads, aging vehicles and loosely enforced safety regulations such as adherence to speed limits or use of safety belts have all been cited among the causes.In early September, at least 59 people died when a passenger truck and two other vehicles hit a toppled-over fuel tanker that had caught fire. In April, more than 100 vehicles burned in a similar explosion. And in July last year, at least eight people died as they were trying to siphon off fuel from an overturned truck in the country’s southwest.The episode on Tuesday night was set off when the driver of a fuel tanker swerved to avoid colliding with a truck on an expressway in the northern state of Jigawa, according to Lawan Shiisu, a police spokesman.The tanker overturned, spilling fuel onto the roadway. Then, residents from the town of Majia rushed to scoop it up, in what seemed like an easy way to collect an increasingly expensive commodity in Nigeria, where fuel prices have spiked in recent months.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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    Fears of a Global Oil Shock if the Mideast Crisis Intensifies

    The threat of an escalating conflict between Israel and Iran has created an “extraordinarily precarious” global situation, sowing alarm about the potential economic fallout.As the world absorbs the prospect of an escalating conflict in the Middle East, the potential economic fallout is sowing increasing alarm. The worst fears center on a broadly debilitating development: a shock to the global oil supply.Such a result, actively contemplated in world capitals, could yield surging prices for gasoline, fuel and other products made with petroleum like plastics, chemicals and fertilizer. It could discourage investment, hiring, and business expansion, threatening many economies — particularly in Europe — with the risk of recession. The effects would be potent in nations that depend on imported oil, especially poor countries in Africa.The possibility of this calamitous outcome has come into focus in recent days as Israel plots its response to the barrage of missiles that Iran unleashed last week. Some scenarios are seen as highly unlikely, yet still conceivable: An Israeli strike on Iranian oil installations might prompt Iran to target refineries in Saudi Arabia or the United Arab Emirates, both major oil producers. Iranian-supported Houthi rebels claimed credit for an attack on Saudi oil installations in 2019. The Trump administration subsequently pinned the blame on Iranian forces.As it has done before, Iran might also threaten the passage of tankers through the Strait of Hormuz, the critical waterway that is the conduit for oil produced in the Persian Gulf, the source of nearly one-third of the world’s oil production. Such a move could entail conflict with American naval ships stationed in the region.That, too, is currently considered to be improbable. But the upheaval in the region in recent months has pushed out the parameters of possibility, rendering imaginable scenarios that were once dismissed as extreme.As Israel plots its next move, it has other targets besides Iranian oil installations. Iran would have reason for caution in crafting its own retaliation. Broadening the war to its Persian Gulf neighbors would invite a punishing response that could push Iran’s own economy — already bleak — to the brink of collapse.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More