Page 11 - RusRPTOct23

The divergence in the situations of the two countries is rooted in historical differences in their approaches. Saudi Arabia has embraced the role of a swing producer, deftly adjusting production levels to counteract excessive market fluctuations. In contrast, Russia, with its less centralized oil industry, is relatively new to output management, and this policy isn't without dissent among the nation's top oil leaders.
Amidst these dynamics, President Vladimir Putin, who grapples with the ramifications of Russia's Ukraine conflict on its energy relations with Europe, finds solace in the partnership with OPEC. The collaboration is proving to be a strategic success for the nation, providing stability in the midst of geopolitical challenges.
2.3 EU consumption of fossil fuels falls to all time low
The European Union (EU) is witnessing a remarkable shift in its power generation landscape, with data indicating a notable decrease in the consumption of coal, oil, and gas for electricity production to the lowest on record in 2023.
According to a study by the clean energy thinktank Ember, the 27 member states collectively reduced their use of fossil fuels for electricity generation by 17% during the first half of 2023, compared to the same period in the previous year.
This shift towards cleaner energy sources is evident in the EU's production of electricity. Over the January to June 2023 period, the EU generated 410TWh of electricity from sources that release planet-heating gases. This represents the lowest level since 2015, the year from which monthly data is available, and quite likely the lowest since 2000.
The decrease in fossil fuel generation can be attributed to a combination of reduced electricity demand and a modest increase in clean energy generation. This transition aligns with the EU's commitment to reduce greenhouse gas emissions by at least 55% from 1990 levels by the end of the decade, with the ultimate goal of achieving net zero emissions by 2050.
The Ember study highlights the significant progress made by various EU countries in shifting away from fossil fuels. In the first half of 2023, more than 20% reduction in fossil fuel generation was observed in 11 EU nations, while five countries experienced a decrease exceeding 30%. Impressively, 14 countries achieved their lowest recorded levels of fossil fuel generation for this time frame. Notably, countries including Austria, the Czech Republic, Denmark, Finland, Italy, Poland, and Slovenia reached their lowest fossil fuel burning levels of this century.
The findings of this report corroborate a previous analysis by the Centre for Research on Energy and Clean Air (CREA), a nonprofit research organization, which also highlighted the discernible shift towards renewable energy sources in the EU.
11 RUSSIA Country Report October 2023 www.intellinews.com