{"id":1563,"date":"2023-11-16T11:32:45","date_gmt":"2023-11-16T11:32:45","guid":{"rendered":"https:\/\/economicherald.net\/?p=1563"},"modified":"2023-11-16T11:32:45","modified_gmt":"2023-11-16T11:32:45","slug":"power-up-oil-slips-while-renewables-look-set-to-cool-summer","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=1563","title":{"rendered":"Power Up: Oil slips while renewables look set to cool summer"},"content":{"rendered":"

Oil consumers have had some relief in recent weeks as the Brent crude benchmark slipped from US$90 per barrel mark in mid-October to hover above the US$80\/bbl mark due to ongoing concerns about the state of the global economy.<\/p>\n

While there\u2019s still the very real threat that oil prices could soar if the conflict in the Middle East escalates \u2013 up to US$150\/bbl according to the World Bank \u2013 as things stand now, prices are likely to stay within the US$80 to US$90 range.<\/p>\n

There are several reasons for this.<\/p>\n

First is that Saudi Arabia will likely maintain its production cuts that are likely the only thing keeping prices above US$80\/bbl in the first place. That is if they don\u2019t decide that further cuts are needed.<\/p>\n

Second, unless the balloon goes up, the oil market will remain balanced between the risk of a recession, uncertainty brought about by the Israeli-Palestinian conflict and demand.<\/p>\n

A third factor appears to be Russia\u2019s seeming inability to stand by its own output cuts, which were made with Saudi Arabia.<\/p>\n

Could the equation change outside of an escalation in hostilities? Certainly.<\/p>\n

One of the most likely is that Saudi Arabia and\/or the rest of OPEC could decide to cut crude oil production further, which will likely to drive prices up.
\n\u00a0<\/p>\n

Renewables to save our bacon this summer<\/h2>\n

On the home front, the threat of blackouts brought about by heatwaves lifting electricity demand to decade highs this summer has been alleviated by extra renewable generation capacity.<\/p>\n

The Australian Energy Market Operator noted in its summer readiness report<\/strong><\/a> that the eastern states will have 1,500Mw more scheduled generation capacity than last year despite the closure of the remaining units of the Liddell coal-fired power station.<\/p>\n

This is thanks to additional capacity from new wind and solar farms as well as further growth of rooftop solar power.<\/p>\n

Renewables are still some ways from providing all our power needs, but this development clearly highlights their continued growth as well as our likely future.<\/p>\n

More renewable energy projects are likely to come online over the years, providing even more power to meet demand and replace first coal, then gas-fired plants.<\/p>\n

But in the long-run, renewable generation can only go so far.<\/p>\n

What\u2019s needed to really bring stability to the grid and enable renewables to replace fossil fuels is energy storage, a lot more energy storage.<\/p>\n

Whatever method we use, be it lithium-ion batteries, one or more of the emerging crop of flow batteries, pumped hydro or some more esoteric form of energy storage, Australia\u2019s focus<\/strong><\/a> should really be shifting to this field in order to meet those ambitious emissions reductions target.<\/p>\n

And we need to do it now.<\/p>\n

<\/span><\/p>\n

The post Power Up: Oil slips while renewables look set to cool summer<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Oil consumers have had some relief in recent weeks as the Brent crude benchmark slipped from US$90 per barrel mark in mid-October to hover above [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":1564,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nPower Up: Oil slips while renewables look set to cool summer - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=1563\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Power Up: Oil slips while renewables look set to cool summer - Economic Herald\" \/>\n<meta property=\"og:description\" content=\"Oil consumers have had some relief in recent weeks as the Brent crude benchmark slipped from US$90 per barrel mark in mid-October to hover above [more...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/economicherald.net\/?p=1563\" \/>\n<meta property=\"og:site_name\" content=\"Economic Herald\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-16T11:32:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/economicherald.net\/wp-content\/uploads\/2023\/11\/powerup_oilslips-6eFxPR.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=1563#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=1563\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Power Up: Oil slips while renewables look set to cool summer\",\"datePublished\":\"2023-11-16T11:32:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=1563\"},\"wordCount\":483,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=1563#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/economicherald.net\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/powerup_oilslips-6eFxPR.jpeg\",\"articleSection\":[\"Finance\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/economicherald.net\\\/?p=1563#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/economicherald.net\\\/?p=1563\",\"url\":\"https:\\\/\\\/economicherald.net\\\/?p=1563\",\"name\":\"Power Up: Oil slips while renewables look set to cool summer - 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