The global energy landscape in 2024 is defined by a series of developments, including a rapid increase in renewable energy deployment, transformative geopolitical strategies, and continued efforts by major oil producers to stabilize prices through voluntary cuts.
The energy situation has been greatly affected by the ongoing war between Russia and Ukraine and the conflict in the Middle East, with countries urging the diversification of energy sources and strengthening energy security, while the European Union A new sanctions package has been announced.
During this year’s COP29, more than 30 countries pledged to harness nuclear power to achieve a climate-neutral planet and enhance its role in the global energy mix.
Prime Minister Turkiye supported this goal, supported a declaration to triple nuclear energy by 2050, and proceeded with the construction of the Ackuyu nuclear power plant, which is expected to produce its first electricity in 2025.
OPEC+, made up of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC oil producing countries, extended production cuts until 2026, signaling continued efforts to stabilize the oil market.
Below is a chronological list of the main events that shaped this year in the energy sector.
According to China’s Xinhua News Agency, on January 18, China announced that it had discovered a lithium mine with reserves of approximately 1 million tons in Yajiang City, Sichuan Province, southwest China. The discovery is expected to help supply raw materials for China’s vast electric vehicle sector.
On January 26, the US administration of President Joe Biden decided to suspend the approval process for liquefied natural gas (LNG) exports, following pressure from environmental groups.
The European Union on February 15 approved 6.9 billion euros ($7.4 billion) in state aid for infrastructure projects to increase supplies of renewable hydrogen.
Representatives from 30 countries meeting in Brussels on March 21 pledged to work together to extend the life of existing nuclear reactors, promote investment, build new nuclear power plants and install small modular reactors. Countries also agreed to build new capacities to meet climate goals and ensure reliable energy supplies.
On May 14, US President Biden signed a bill banning the import of enriched uranium from Russia.
On August 31, Jordan took a major step towards energy security with the construction of its first LNG plant. The project will develop port facilities in Aqaba and install an onshore liquefaction plant, increasing the country’s energy independence.
On September 11, Kadri Simson, then European Commissioner for Energy, said that after two record years of renewable energy deployment, wind and solar power would reach new highs in the first half of 2024. , said it had overtaken fossil fuels for the first time in history. Fuel in the block’s power mix.
On the same day, Turkmenistan and Afghanistan resumed construction work on the Afghan section of the multi-billion dollar Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline project, ending an eight-year hiatus.
On September 30, the UK closed its last coal-fired power station, becoming the first G7 country to go coal-free.
On 4 October, the UK signed its first carbon capture, utilization and storage (CCUS) project targeting industrial emissions in the east coast cluster region.
Russian gas giant Gazprom announced on October 10 that it has signed a memorandum of understanding that could potentially increase Russian gas supplies to Hungary.
On November 11, the annual United Nations Climate Summit COP29 opened in Baku, the capital of Azerbaijan, with finance and trade on the agenda.
At the summit, which saw around 200 countries engage in several days of heated discussions, rich countries set a new goal of mobilizing at least $300 billion a year to developing countries by 2035.
This is part of an overall climate financing goal to reach “at least $1.3 trillion by 2035,” with funding to be raised through a wide range of sources, including public finance and bilateral and multilateral transactions. I plan to
On November 13, El Salvador, Kazakhstan, Kenya, Kosovo, Nigeria and Turkiye joined COP29 and approved a declaration to triple nuclear energy by 2050.
On November 21, the US government imposed sanctions on Moscow’s Gazprombank in an effort to prevent Russia from using the international financial system.
On November 22, the Istanbul Energy Forum, organized by Anadolu Agency (AA) and under the auspices of the Ministry of Energy and Natural Resources, included the Minister of Energy, representatives of local and international NGOs, global organizations, It brought together academics, media experts, and business people. leaders. The theme of the day-long forum is “Common Future, Common Goals.”
As part of the conference, a high-level panel discussion moderated by Alparslan Bayraktar, Minister of Energy and Natural Resources, included Azerbaijan’s Energy Minister Parviz Shahbazov, Bulgaria’s Energy Minister Vladimir Malinov, and Hungary’s Peter Peter Minister of Foreign Affairs and Trade Szijjarto and Moldova’s Minister of Energy Viktor gathered together. Parlikov, Libyan Oil and Gas Minister Khalifa Rajab Abdulsadek, Serbian Energy Minister Dubravka Jedovic Handanovic and Uzbekistan Energy Minister Jurabek Mirzamakhmudov.
On December 2, Russian energy giant Gazprom announced that Russia’s gas supply to China through the Power of Siberia pipeline has increased at China’s request and has reached maximum supply.
On the same day, the 5,111-kilometer (3,176-mile) Eastern Route pipeline, designed to transport Russian natural gas from eastern Siberia to China’s populous north and east, began operations.
On December 3, Libya’s National Oil Corporation (NOC) announced that Libya’s crude oil and gas production exceeded 1.6 million barrels per day (bpd), the highest level since 2013.
On December 5, OPEC+ decided to extend production cuts of 2 million barrels per day until the end of 2026. It was also decided to extend the voluntary production cut of 1.65 million barrels per day implemented by some OPEC+ member countries until the end of 2026.
Saudi Arabia, Russia, Iraq, the United Arab Emirates (UAE), Kuwait, Kazakhstan, Algeria, and Oman have voluntarily agreed to cut production by an additional 2.2 million barrels per day until the end of March 2025. Voluntary production cuts will be phased out by April. September 2025 and 2026.
On the same day, Russian President Vladimir Putin canceled payment obligations to Gazprombank for Russia’s gas exports. This means that companies will no longer be obligated to pay Russian gas to Gazprombank, and payments can be made through third-party banks.
The European Union on December 16 adopted a new sanctions package aimed at further restricting Russia’s ability to continue its “illegal, unprovoked and unjustified” war of aggression against Ukraine. The EU also imposed sanctions on Russian defense and shipping companies, including those transporting crude oil and petroleum products. A chemical factory and a commercial airline providing logistical support to the Russian military were targeted.
On December 17, the UK announced new sanctions against 20 ships as part of a so-called “shadow fleet” transporting Russian oil and two major companies that have facilitated trade in Russian oil, 2 Rivers DMCC and 2 Rivers PTELTD. announced sanctions.
On the same day, the U.S. Department of Energy released a long-awaited study on the economic and environmental impacts of LNG exports. The investigation comes nearly a year after outgoing President Biden suspended all pending decisions on U.S. LNG export projects in January.
