FEBRUARY
The following is a recap of some of the key events from 2023, outlining how oil and gas have once again taken center stage in the aftermath of Russia’s 2022 invasion of Ukraine, and the global energy crisis that it made worse: JANUARY • Japanese Prime Minister Fumio Kishida visits Canada to make a personal appeal for more access to LNG. Like German Chancellor Olaf Scholz just five months earlier, Kishida is essentially rebuffed by Prime Minister Justin Trudeau. • The International Energy Agency predicts that global oil demand will reach a record high in 2023, an increase of 1.9 million barrels per day from 2022’s previous peak. • With LNG emerging as a critical resource to deal with the lingering global energy crisis, the United States catches up to Qatar as the world’s largest exporter.
• India’s Prime Minister Narendra Modi projects his country will see demand for natural gas rise by 500 percent while its share of global oil demand will increase from 5 to 11 percent over the next 20 years. Meanwhile, India begins the search for long-term suppliers of LNG in an effort to reduce its reliance on coal. • The bill for the 2022 energy crisis comes due in Europe, where it’s learned European governments shelled out nearly US$900 billion to shield households and businesses from its impacts. Germany, which was a world leader in transitioning to renewable energy led the way in efforts to blunt the energy crisis’ impact, handing out nearly US$300 billion in subsidies. • Recognizing the rising global importance of reliable energy, Canadian oil producer IPC greenlights the first major new oil sands project in five years. The C$1.1 billion Blackrod project, which will be built SPOTLIGHT MAGAZINE ON BUSINESS MAGAZINE • VOL 24 ISSUE 1 25
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