• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 7 days The United States produced more crude oil than any nation, at any time.
  • 1 hour Could Someone Give Me Insights on the Future of Renewable Energy?
  • 2 hours How Far Have We Really Gotten With Alternative Energy
Editorial Dept

Editorial Dept

More Info

Premium Content

Fossil Fuel Subsidies Spiked To Record High In 2022

Fossil Fuels

1. Fossil Fuel Subsidies Peaked Last Year Amidst Surging Prices

- According to the IEA, global spending on fossil fuel subsidies surpassed $1 trillion last year as governments across the globe sought to mitigate the impact of soaring commodity prices.

- As such, spending on fossil fuel subsidies was more than double the total global investment in renewable energy sources, with the most marked increase coming from the power sector.

- Arguably the most price-impacted region amidst the Russia-Ukraine war, the European Union alone spent $349 billion to reduce consumer energy bills.

- Emerging markets and developing economies spent a total of $114 billion on fossil fuel subsidies, highlighting the fact that advanced economies have played an oversized role in these expenditures.

2. Nigeria Confronts Heated Presidential Debate

- Nigeria will hold general and presidential elections on the 25th of February, and with former military dictator Muhammadu Buhari stepping down there are at least three candidates that could snatch victory.

- Following years of sabotage attacks and unplanned force majeures, the African country’s oil industry has just begun to recover with liquids output rising to 1.46 million b/d last month.

- Despite several units still underproducing (Bonny Light), February exports have finally surpassed the 1.5 million b/d threshold for the first time in a year, driven by strong demand from Europe.


Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News