WorldOil Carbon taxes must be six times higher to stop global warming, says Wood Mackenzie To stop global temperatures from rising above 1.5 degree Celsius from pre-industrial levels, carbon prices must surge to $160 per ton of CO2 by 2030, up from a global average of $22 at the end of last year, Wood Mackenzie said in a report. U.S. energy secretary to Big Oil: Join the green transition or be left behind Jennifer Granholm used her first speech as U.S. Energy Secretary to warn oil and gas companies they risk being left behind unless they embrace a transition to cleaner sources of energy, while also offering them an opportunity to partner with the new administration. Israel calls oil spill an act of ‘environmental terrorism’ by Iran A Libyan ship that sailed from Iran dumped oil into the sea off the coast of Israel in early February, Israel's Minister of Environmental Protection Gila Gamliel told reporters on Wednesday. ADNOC says low carbon oil will play a central role in the energy transition Speaking at CERAWeek, H.E. Dr. Al Jaber says the UAE has been preparing for the energy transition for over 15 years and views it as an opportunity to diversify its economy. ADNOC has stated that it will reduce its carbon intensity by a further 25% by 2030. Oil prices climb as OPEC puts further supply cuts on the table This year's oil rally has paved the way for the alliance to unleash some barrels, with OPEC Secretary-General Mohammad Barkindo saying on Tuesday that both the wider economic outlook and oil-market fundamentals continue to improve. OPEC looks to slow rallying oil prices by adding more crude to global markets While the usual differences between Russia and Saudi Arabia are present, all sides are ready to increase production, putting OPEC on track to implement the majority of the 1.5 million barrels per day output increase that’s up for debate on Thursday. CERAWeek Day 2: Saudi Aramco and Chevron see better days ahead The leaders of Saudi Aramco and Chevron see the market for oil and gas improving this year, with some momentum in the back half. But that outlook is tempered by the fact that the pandemic has forced some changes to the way that business is conducted. John Kerry touts opportunities for oil and gas companies in a hydrogen-powered future While most hydrogen is currently extracted from gas, there’s a push to use renewable energy to make the fuel from water, which wouldn’t generate carbon emissions. Oil and gas companies have “incredible infrastructure” to transport hydrogen, Kerry said. New U.S. sanctions on traders choke Venezuela’s oil exports In mid-January the U.S. blacklisted Maltese trading company Elemento Limited and Geneva-based Swissoil Trading SA for facilitating Maduro’s attempts to circumvent U.S. sanctions. API considers backing a government-imposed carbon pricing program The Chamber of Commerce embraced market-based policies to limit emissions in January, and several of API’s largest members, including Exxon Mobil, ConocoPhillips, BP and Royal Dutch Shell already support a carbon tax-and-rebate plan. Baker Hughes and Akastor ASA form global offshore drilling joint venture Baker Hughes and Akastor ASA have announced an agreement to create a joint venture company that will bring together Baker Hughes’ Subsea Drilling Systems business with Akastor’s wholly owned subsidiary, MHWirth AS.