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Belgium's legislation on oil security
…response to oil supply shortages in emergency situations: first, the more general 1976 Law Approving the Agreement (LAA) on an International Energy Programme (IEP) and second, the more specific 2006 Compulsory Stockholding Act (CSA). The LAA takes the form of a framework act provides for a very general legal framework aimed at the protection of Belgium’s oil supply.The CSA implements the European Union (EU)’s Directive 2009/119/EC and lays out a specific legal framework concerning the protection of Belgium’s energy supply by stockholding oil and other petroleum products. Relevant domestic legislation Related domestic legislation Relevant…
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Oil and Gas Emergency Policy: China 2012 update
…a net oil importer since 1993. More than 50% of the total crude oil imports came from counties of the Middle East. To prevent a potential shock to the economy caused by an oil supply disruption, the Chinese government has been steadily pushing to build an oil stock reserve system. China has completed four stockpiling facilities. Regarding natural gas, a strong policy push has boosted natural gas supplies, particularly to residential customers, so that its share doubled in 2009; in 2010, domestic supplies met 90% of domestic consumption. The key elements of China’s approach to gas security are to…
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Energy Policies of IEA Countries: Belgium 2009 Review
…R&D has risen substantially. Energy security measures have been reinforced for different fuels, and an integrated emergency response policy is under development. Market reforms are advancing in both the electricity and gas sectors. Belgian energy policies are playing an increasingly important role in ensuring energy security not only in the country but also in north-west Europe. The country’s strategic location makes it an important transit hub for natural gas, oil and electricity. Nevertheless, challenges remain. A comprehensive, national strategy is needed to stimulate investment and adequately address energy security and climate change concerns. The Belgian position on…
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Energy Policies of IEA Countries: Belgium 2016 Review
…of renewable energy. The country's economy is becoming less energy-intensive. Belgium has excellent gas transport infrastructure, and its gas market is well-integrated with those of its neighbours. The country’s emergency oil stock levels are also high. As in all IEA member countries, a major challenge for Belgium is to decarbonise the economy while ensuring security of supply and affordability of energy. A long-term approach is required and, given that responsibility for energy policy is divided between the federal and regional governments, the authorities must work decisively together to form a national energy strategy. Nuclear energy…
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Oil Market Report - October 2024
…bbl. Oil security in focus Benchmark oil prices bounced sharply higher in early October, as potential oil supply risks once again took centre stage. Escalating tensions between Israel and Iran are fuelling fears of a broader Middle East conflict and disruptions to Iranian exports. Nevertheless, the resolution of a political dispute in Libya that briefly cut its oil exports in half, relatively modest production losses due to major hurricanes sweeping the US Gulf Coast and weak end-user demand have helped to steady markets. At the time of writing, Brent crude oil futures were trading at around $78/bbl, up…
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Oil Market Report - May 2017
…refinery closures in the Middle East, underperformance in Latin America and flat growth in India are not offset by growth in China and Russia. Highlights Weakness in a number of previously solid countries - India, US, Germany and Turkey - curtailed the 1H17 global demand growth estimate by 115 kb/d. Global demand growth is, however, still forecast at 1.3 mb/d in 2017, with demand at 97.9 mb/d.Global oil supply fell by 140 kb/d in April as non-OPEC, and especially Canada, pumped less. At 96.17 mb/d, output stood 90 kb/d below a year ago, even as non-OPEC returned…
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Energy Policies of IEA Countries: Belgium 2005 Review
…between 2015 and 2025. As nuclear energy supplies about 55% of the country’s electricity, this will be a significant challenge. This huge supply gap will need to be covered by a combination of energy savings, electricity imports or additional electricity generating capacity. The federal government should conduct more comprehensive long-term studies on the nuclear energy phase-out and its effects on energy security, environmental protection and economic growth. Such studies should be made public. While Belgium is making efforts to better integrate itself with its European neighbours, the country’s internal integration needs improvement. As Belgium is a…
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China's Worldwide Quest for Energy Security
…their domestic resources; but growth eventually overwhelmed them and led to rising oil imports. Within the next decade, China’s oil imports are expected to grow rapidly and outstrip those of many OECD countries. Gas imports are also projected to increase as China switches to cleaner energy. Aware of its growing dependency on imported energy, China seeks a more prominent position in the existing global system of energy production and trade. Where it can, China seeks to open new connections in global markets. Increasingly, external energy policies are entwined in foreign economic and security policies in general. This book documents…
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Oil Market Report - October 2017
…Following very strong year-on-year demand growth of 2.2 mb/d in 2Q17, the pace slowed to 1.2 mb/d in 3Q17, reflecting relatively weak July and August data and the impact of hurricanes in September. Our forecast of global demand growth remains unchanged at 1.6 mb/d in 2017 (or 1.6%) and 1.4 mb/d in 2018 (or 1.4%).Global oil supply rose 90 kb/d in September to 97.5 mb/d as non-OPEC output edged higher. Output stands 620 kb/d higher than last year. In 2017, non-OPEC supplies are expected to grow by 0.7 mb/d…
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Oil Market Report - May 2023
…oil demand is forecast to rise by 2.2 mb/d year-on-year in 2023 to an average 102 mb/d, 200 kb/d above last month’s Report. China’s demand recovery continues to surpass expectations, with the country setting an all-time record in March at 16 mb/d. While the OECD is set to return to growth in 2Q23, its average 2023 increase of 350 kb/d pales in comparison with 1.9 mb/d in non-OECD gains.Significant outages in Iraq, Nigeria and Brazil were only partly offset by increases elsewhere, with global oil…
