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Perspectives on transatlantic cooperation: Energy and EU-US relations

02-12-2016

Energy as a subject of relations between the EU and the USA has been characterised by considerable synergy on security of supply issues, and efforts to enhance free trade in energy products and services, cooperate on geopolitical challenges and nuclear safety, reduce greenhouse gas emissions and promote renewable energy sources. The recent lifting of US export restrictions on crude oil and natural gas is likely to increase energy trade with the EU, and allow Member States to benefit from lower energy ...

Energy as a subject of relations between the EU and the USA has been characterised by considerable synergy on security of supply issues, and efforts to enhance free trade in energy products and services, cooperate on geopolitical challenges and nuclear safety, reduce greenhouse gas emissions and promote renewable energy sources. The recent lifting of US export restrictions on crude oil and natural gas is likely to increase energy trade with the EU, and allow Member States to benefit from lower energy prices and more diversified supply. Bilateral EU US cooperation on energy issues could be further enhanced, perhaps by building on the framework of the EU-US Energy Council. There is also potential for more systematic EU-US cooperation on energy research and new technologies. Greater coordination of EU and US positions in multilateral fora negotiating energy issues could help these organisations to achieve more ambitious goals, complementing a stronger EU-US bilateral relationship. This briefing continues a series which formed part of a broader research project on perspectives on transatlantic cooperation in the US election year, requested by the Chair of the European Parliament’s delegation for relations with the United States.

Low oil prices and the fight against ISIL/Da’esh

09-03-2016

The price of oil has fallen significantly since June 2014, from a peak of US$115 per barrel (bl) then to US$26 per barrel in January 2016, although it has somewhat recovered recently. This can partly be explained by weaker demand, robust supply growth and the expanding coverage of mandatory energy effciency provisions worldwide. These changes come at a time of major turmoil in parts of the Middle East. Iraq – with the world’s fifth largest oil reserves – is engaged in the fight against ISIL/Da’esh ...

The price of oil has fallen significantly since June 2014, from a peak of US$115 per barrel (bl) then to US$26 per barrel in January 2016, although it has somewhat recovered recently. This can partly be explained by weaker demand, robust supply growth and the expanding coverage of mandatory energy effciency provisions worldwide. These changes come at a time of major turmoil in parts of the Middle East. Iraq – with the world’s fifth largest oil reserves – is engaged in the fight against ISIL/Da’esh which controls some of Iraq’s oil fields. Syria – with a national budget largely dependent on oil revenues – is torn apart by civil war. Iran, on the other hand, is returning to international oil markets as a result of the gradual removal of sanctions against it, in line with the agreement on its nuclear programme.

Low oil prices: A double-edged sword in the fight against ISIL/Da'esh

07-03-2016

Since its establishment in 2014, ISIL/Da'esh has become one of the most dangerous terrorist organisations in history, due to its ideological appeal, territorial expansion, and diverse sources of revenue, including from oil sales. As plunging oil prices reduce the 'caliphate's' profits, they may also bear a negative impact on the capacities of the anti-ISIL/Da'esh coalition.

Since its establishment in 2014, ISIL/Da'esh has become one of the most dangerous terrorist organisations in history, due to its ideological appeal, territorial expansion, and diverse sources of revenue, including from oil sales. As plunging oil prices reduce the 'caliphate's' profits, they may also bear a negative impact on the capacities of the anti-ISIL/Da'esh coalition.

Could US Oil and Gas Exports Be a Game Changer for EU Energy Security?

08-02-2016

The quest for oil markets abroad can be seen as an attempt by US companies to find higher prices and profits and avoid bankruptcy, since the current low price of oil, resulting from OPEC's strategy of oversupplying the market, is making shale-oil production in the US less and less profitable. The impact of potential US oil exports on the European Union's energy security is expected to be limited in the short term. The oil market is oversupplied, prices are depressed and are only expected to increase ...

The quest for oil markets abroad can be seen as an attempt by US companies to find higher prices and profits and avoid bankruptcy, since the current low price of oil, resulting from OPEC's strategy of oversupplying the market, is making shale-oil production in the US less and less profitable. The impact of potential US oil exports on the European Union's energy security is expected to be limited in the short term. The oil market is oversupplied, prices are depressed and are only expected to increase slightly if OPEC and other producers agree to stabilise production, and Europe can find alternative suppliers easily. These now include Iran, which has the world's fourth-largest reserves of oil, since sanctions were lifted in January following the nuclear deal. The US ban on natural gas exports is still in force. Should it be removed, as part of a TTIP deal or under changes to domestic law, the US has the potential to become a net gas exporter. However, as the US can get higher prices on Asian markets and as both the US and the EU have limited LNG infrastructures, the EU is an unlikely destination for large LNG imports from the US in the short run. Europe can obtain gas from a plethora of suppliers, now including Iran, which has the world's second-largest reserves of gas. The long-term outlook is more promising, as US LNG export capacities are expected to rise significantly in the coming decade and EU Member States may decide to diversify supplier countries and routes, under the European Energy Security Strategy, rather than allowing short-term commercial interests to prevail.

Recent Trends in Energy Prices

15-12-2015

After a dramatic fall in 2014, oil and fuel prices in euro terms increased in the first part of 2015, before decreasing again and since mid-2015 to record low levels, similar to early 2015. However, retail gas and electricity prices - which traditionally follow similar trends with some delay stabilized or in some cases even increased, in large part due to higher taxes. Large differences persist amongst EU Member States and commodities. Conversely, most experts claim that fossil fuel prices can be ...

After a dramatic fall in 2014, oil and fuel prices in euro terms increased in the first part of 2015, before decreasing again and since mid-2015 to record low levels, similar to early 2015. However, retail gas and electricity prices - which traditionally follow similar trends with some delay stabilized or in some cases even increased, in large part due to higher taxes. Large differences persist amongst EU Member States and commodities. Conversely, most experts claim that fossil fuel prices can be expected to stay “low for long.” Notwithstanding important recent progress in developing renewable fuel sources, low fossil fuel prices could discourage innovation in and adoption of cleaner energy technologies. This paper was prepared by Policy Department A for the Industry, Research and Energy Committee (ITRE).

Energy supply in the EU28

24-06-2014

The EU is highly dependent on energy imports, as less than half of its energy consumption is covered by domestic production. The remainder – some 53% - needs to be imported from abroad, with Russia topping the ranks as supplier of gas, oil and coal.This infographic looks at the Member States' domestic energy production, their dependency rate on external supplies, and their net imports. It also provides a picture of the diversification in foreign energy suppliers.

The EU is highly dependent on energy imports, as less than half of its energy consumption is covered by domestic production. The remainder – some 53% - needs to be imported from abroad, with Russia topping the ranks as supplier of gas, oil and coal.This infographic looks at the Member States' domestic energy production, their dependency rate on external supplies, and their net imports. It also provides a picture of the diversification in foreign energy suppliers.

The Impact of Oil Price on EU Energy Prices

14-02-2014

Oil prices have increased considerably over the past years at global level, while natural gas and other energy prices have seen differing developments in each world region. The present report examines the level of impact of high oil prices on European energy prices and analyses the underlying mechanisms. Policy options to reduce this impact are discussed.

Oil prices have increased considerably over the past years at global level, while natural gas and other energy prices have seen differing developments in each world region. The present report examines the level of impact of high oil prices on European energy prices and analyses the underlying mechanisms. Policy options to reduce this impact are discussed.

Autor externo

Ludwig-Bölkow-Systemtechnik - LBST: Uwe ALBRECHT, Matthias ALTMANN, Jan ZERHUSEN and Tetyana RAKSHA , HINICIO: Patrick MAIO, Alexandre BEAUDET and Paola TRUCCO , Centre for European Policy Studies - CEPS: Christian EGENHOFER, Arno BEHRENS, Jonas TEUSCH, Julian WIECZORKIEWICZ and Fabio GENOESE , IFPEN: Guy MAISONNIER

The Impact of Oil Price Fluctuations on Transport and its Related Sectors

16-03-2009

This study looks at the ways in which the transport of goods is influenced by significant variations in oil prices and focuses on carriers’ responses in the various transport sectors. It investigates the relations between oil prices and the transport sector, by taking into account the evidence of the impact of recent price hikes on transport businesses and their response. Indeed, the spike in oil prices in the first half of 2008 has been taken as an opportunity to carry out an evidence-based analysis ...

This study looks at the ways in which the transport of goods is influenced by significant variations in oil prices and focuses on carriers’ responses in the various transport sectors. It investigates the relations between oil prices and the transport sector, by taking into account the evidence of the impact of recent price hikes on transport businesses and their response. Indeed, the spike in oil prices in the first half of 2008 has been taken as an opportunity to carry out an evidence-based analysis of the transport sectors’ reactions.

Autor externo

Angelo Martino, Giuseppe Casamassima and Davide Fiorello (TRT Trasporti e Territorio Srl)

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