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More informationThe Australian Energy Market Operator (AEMO) no longer forecasts gas shortage before 2030 under the expected market conditions. This stance is quite different from what was published a year ago, when warnings from AEMO prompted the government to threaten to cut LNG exports. AEMO projected that the growth in LNG exports could cut gas volumes for the domestic market by 20% between 2018 and 2021, thus leading Australia to a gas shortage that would threaten domestic power supply.
The Indian Minister of New & Renewable Energy (MNRE) plans to build 30 GW of offshore wind capacity by 2030. In April 2018, the Indian government invited interested bidders to submit expressions of interest (EoI) in India's first offshore wind auction, which concerned an area in the gulf of Khambat on the coast of Gujarat. The MNRE estimates that offshore wind has become globally competitive in terms of tariffs and plans to develop 1,000 MW wind offshore project in the region. Several renewable energy players have been shortlisted, including in particular Engie, Sembcorp Green Infra, ReNew Power and Mytrah Energy.
Saudi Arabia and Russia will ask the Organization of the Petroleum Exporting Countries (OPEC) to hike crude oil production by 1.5 mb/d in the third quarter of 2018. In November 2016, Russia and the OPEC jointly decided to cut their output by 1.8 mb/d in order to prop up global prices and production levels were set for each member country: Saudi Arabia agreed to limit its crude production by nearly 486 kb/d to 10.058 mb/d, while Iraq, the second largest producer among OPEC, agreed to cut its production by 209 kb/d.
According to the US Energy Information Administration (EIA), the Brent crude oil price is likely to average US$71/bbl in 2018 and then decrease to US$68/bbl in 2019. The current high price levels are driven by the decline of global oil inventories over the January 2017 - April 2018 period. However, the global oil inventories will possibly rise slightly starting from the second half of 2018 onwards, which will in turn cause a slight decline in oil prices. This expected inventory growth comes from the fact that the global oil supply growth will outpace the predicted oil demand growth in 2019.
