News in Brief
Doubling renewable energy
AFP – The European Union has reached a deal to almost double the share of renewables in the 27-nation bloc’s energy consumption by 2030 amid efforts to become carbon neutral and ditch Russian fossil fuels.
The EU has set an ambitious target to become a climate neutral economy by 2050, with net-zero greenhouse gas emissions.
Oil exports resumption
Reuters – Iraq’s federal government and the Kurdistan Regional Government (KRG) have reached an initial agreement to restart northern oil exports this week, a KRG spokesman said on Sunday, and Baghdad will write to Turkey to request a resumption in pipeline flows.
Turkey stopped pumping about 450,000 b/d of Iraqi crude from a pipeline from the Fish-Khabur border area to its Ceyhan port on March 25 after Iraq won an arbitration case.
Strong momentum of economy
CNBC – China’s economy is showing “strong momentum” despite a challenging global environment, Premier Li Qiang said, promising to bolster support for business as the country emerges from strict COVID controls that hammered GDP. China’s economic growth shows strong momentum, Li said.
OPEC oil output fall
REUTERS – OPEC oil output fell in March due to oilfield maintenance in Angola and a halt in some of Iraq’s exports, a Reuters survey found, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance. The Organization of the Petroleum Exporting Countries (OPEC) has pumped 28.9 million barrels per day (bpd) in March, the survey found, down 70,000 bpd from February.