• The U.S. eases sanctions on Venezuela’s oil sector in exchange for the promise of free and fair elections for the South American dictatorship. Less than two weeks later, Venezuela’s supreme court suspends the results of an opposition party’s primary ahead of a 2024 national election.
“energy chaos”
OCTOBER
• Qatar officially breaks ground on the world’s largest LNG project, which will expand its production capacity from 77 million tonnes per year to 110 million tonnes per year. The groundbreaking coincides with three new 27-year LNG supply agreements with France, Italy , and the Netherlands. • In its annual World Oil Outlook, OPEC warns the world will need $14 trillion in new investments in the oil sector by 2045 to ensure market stability and reduce the likelihood of energy shortages and economic chaos.
Coastal GasLink has surpassed 60 per cent overall project completion. Photo courtesy Coastal GasLink
SPOTLIGHT MAGAZINE ON BUSINESS MAGAZINE • VOL 24 ISSUE 1 31
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