What Happened to Big Oil's Green Pivot?
Baghdad Hosting EU Energy Talks After Iraq Floats OPEC Exit Robert Rapier is a chemical engineer in the energy industry.
He has 25 years of international engineering experience in the chemical, oil and gas, and… Over the past 20 years, the story seemed straightforward.
Big Oil would gradually become Big Energy.
Over time, oil majors would use their balance sheets, engineering expertise, and global project-management skills to build wind farms, solar projects, hydrogen hubs, carbon capture networks, and renewable power businesses.
Big Oil did make major investments in renewables.
And that transition is still happening in parts of the energy sector.
But among the oil majors, the strategy has become far more selective.
The Norwegian energy company recentlydropped its targetof having 10 to 12 gigawatts of installed renewable energy capacity by 2030.
Instead, it is shifting toward a broader power strategy that includes renewables, gas-fired power, storage, and trading.
Equinor is not saying renewables have no future.
It is saying that a pure renewable-capacity target no longer fits the company’s view of profitable growth.
That is the bigger story across the sector.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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