Global electricity consumption will surge this year as the world emerges from the coronavirus pandemic, with fossil fuels supplying almost half the increase in a shift that threatens ambitious net-zero Continue Reading
The United Arab Emirates has made significant progress in resolving its standoff with OPEC+, nearing a compromise that could give the country a more generous output limit next year and Continue Reading
As expected, OPEC leaders Saudi Arabia and UAE have reached a so-called solution to the current export quota conflict. For two weeks, the global oil market was shocked by the Continue Reading
The battle over oil production quotas within OPEC+ is not yet resolved, according to an official statement from the UAE, although some earlier reports suggested that this was so. But Continue Reading
The United Arab Emirates has made significant progress in resolving its standoff with OPEC+, nearing a compromise that could give the country a more generous output limit next year and Continue Reading
Kuwait’s life-after-oil fund may have become one of the world’s biggest sovereign wealth funds thanks to the country’s healthy oil industry, as it continues to prepare for a life after Continue Reading
The United States has decided to temporarily waive sanctions on Iranian oil funds abroad but without returning Tehran’s access to its bank accounts in Japan and South Korea. “Allowing these Continue Reading
Iran, despite being OPEC’s fourth-biggest crude oil producer, faces an unprecedented summer of electricity cuts as power plant disruptions and a lack of investment in new capacity leave output far Continue Reading
Iran is not prepared to resume negotiations on coming back into compliance with the 2015 nuclear deal until Iranian President-elect Ebrahim Raisi’s administration has begun, a diplomatic source said on Continue Reading
Africa’s largest oil producer and exporter, Nigeria, is expected to pass its new petroleum bill—twenty years in the making—as early as Wednesday, despite last-minute amendments that have created some controversy. Continue Reading
The announcement by SAPREF, South Africa’s largest fuel refinery, that it has suspended its operations due to force majeure, will undoubtedly impact the already critical fuel situation in South Africa, Continue Reading
Cuba has seen in recent days the biggest protests in decades as thousands of people took to the streets in the Communist-run country to demand freedom. But they also protest Continue Reading
The Energy Information Administration (EIA) on Wednesday said U.S. coal production fell in 2020 to its lowest level since 1965 due to low global demand in the wake of the Continue Reading
Resurgence in COVID-19 infections to prolong border closures Jet fuel refining margins seen to climb to $8-9/bbl by year-end Asia’s aviation sector to struggle despite recovery in the West Refiners Continue Reading
Chinese oil companies processed a record volume of crude in June, offering further signs that Asia’s largest economy may surpass the U.S. to become the world’s biggest refining nation this Continue Reading
WATCH: Helen Qiao of BofA Global Research discusses what the GDP figures say about the state of the world’s second-largest economy. Sign up for the New Economy Daily newsletter, follow Continue Reading
China’s economic rebound slowed in the second quarter but continued to show unusual resilience more than a year after the country largely got control of the coronavirus within its borders. Continue Reading
The pace of China’s economic recovery rose modestly in the second quarter after signs of sluggishness in the world’s second-biggest economy had stoked expectations of greater policy support. On a Continue Reading
Crude oil prices inched higher today after the Energy Information Administration reported a crude oil inventory draw of 7.9 million barrels for the week to July 9. The report was Continue Reading
The U.S. Senate passed legislation on Wednesday to ban the import of products from China’s Xinjiang region, the latest effort in Washington to punish Beijing for what U.S. officials say Continue Reading
– A U.S. Senate committee on Wednesday passed a bill on climate and energy initiatives that are expected to be debated as part of the wider bipartisan infrastructure bill. The Continue Reading
Democrats have agreed to include a tax on imports from nations that lack aggressive climate change policies as part of a sweeping $3.5 trillion budget plan stocked with other provisions Continue Reading
Waha averages $3.43 in July, up 50 cents on month NGPL Midcon hub trades at discount to West Texas Northbound Permian flows fall below 200 MMcf/d Rising demand for Permian Continue Reading
The European Commission on Wednesday proposed a template for sharing out the burden of cutting greenhouse gas emissions within the EU, setting out national targets that the 27 member states Continue Reading
EU “Fit for 55” plan seeks to turn climate goals into action Proposal aims to cut greenhouse gas emissions by 55% by 2030 Plan will affect transport, manufacturing, trade and Continue Reading
The European Union and China presented sweeping plans to limit greenhouse-gas emissions that will increase costs for industry and consumers, though they drew criticism from environmentalists as not going far Continue Reading
The European Union’s sweeping new plan to tackle climate change includes a proposal that if adopted would be the first of its kind: A carbon tariff on imports from countries Continue Reading
Highlights ‘Evolution needs to become revolution’: Simson Permitting review if countries fall behind Gaps filled in renewable GO framework The European Commission has proposed a target of at least 40% Continue Reading
The European Commission proposed July 14 tougher CO2 emission reduction targets for cars and small vans which would effectively ban sales of new diesel and gasoline vehicles from 2035. Receive Continue Reading
Volkswagen Group executives laid out the basics of the new Group strategy “NEW AUTO – Mobility for Generations to Come”, which will see the Group realign from being a from Continue Reading
Germany on Thursday lost its fight in Europe’s top court against a ruling limiting Gazprom’s (GAZP.MM) access to the OPAL pipeline that links the Russian gas producer’s Nord Stream pipeline Continue Reading
The European Union’s ambitious plan to slash carbon usage over the next decade kicks off years of wrangling as members figure out if and how they can afford a program Continue Reading
Brussels has laid out the path to the EU becoming the world’s first economic bloc to hit net zero greenhouse gas emissions by 2050 in an attempt to limit global Continue Reading
Universal Hydrogen ( earlier post ) has signed LOIs with Icelandair Group (Iceland), Air Nostrum (Spain), and Ravn Air (Alaska) for aftermarket conversion of aircraft to hydrogen propulsion and for Continue Reading
Crude oil futures were steady to lower during mid-morning trade in Asia July 14 as expectations of tightening near-term supply were countered by COVID-19 resurgences softening regional demand cues. At Continue Reading
Oil prices declined on Wednesday after data showed a drop in China’s half-year crude imports while expectations for a further tightening of U.S. inventories offered support. Brent crude was down Continue Reading
Oil rose to the highest price in more than 2 1/2 years as prospects of an imminent flood of crude exports from Iran and other major producers waned while the Continue Reading
Oil prices climbed on Tuesday, reversing most of the previous day’s losses, as tight supply and expectations of a further draw in U.S. crude inventories provided support, although fears over Continue Reading
A scramble for natural gas is creating pockets of scarcity in the global market, boosting prices for the fuel and for the electricity generated by burning it. Rampant demand in Continue Reading
The oil market has been on edge for a week now, entertaining the possibility of a new price war within the OPEC+ alliance, the International Energy Agency (IEA) said on Continue Reading
Every year and following the publication of the BP Statistical Review, Rystad Energy releases its own assessment to provide an independent, solid and clear comparison of how the world’s energy Continue Reading
As the spread of the novel coronavirus disrupted industries around the world, the rate of global greenhouse gas emissions took a big dip. BP’s annual Statistical Review of World Energy Continue Reading
Top oil shipping companies say they have tightened operational guidelines and deployed technology to prevent accidental breaches of sanctions, as the countries hit by ever tougher restrictions fight back with Continue Reading
Saudi Arabia’s crown prince pledged five years ago to unshackle the economy from oil by 2020. But as the world’s top crude exporter seeks to maintain growth and generate jobs, Continue Reading
The recent failure of OPEC and its allies to agree on a plan to ease production cuts in August means oil-market investors face the contradictory worries of both undersupply and Continue Reading
OPEC+ could take until August to decide whether to adjust production baselines, Arab News reported , citing JP Morgan analyst Christian Malek. According to Malek, the oil cartel could take Continue Reading
The United Arab Emirates on Wednesday become the first Gulf state to open an embassy in Israel, as its envoy hailed the trade and investment opportunities that closer ties would Continue Reading
Iraq has picked China’s state-run CNCEC to build an oil refinery at the port of Fao on the Gulf, the oil ministry said on Tuesday. The refinery in Fao will Continue Reading
The United States has been engaging in “indirect but active” discussions to secure the release of U.S. detainees in Iran, State Department spokesman Ned Price said on Tuesday, adding that Continue Reading
Oil spill. Shell had claimed the case would be better decided in Nigeria. Now, its subsidiary SPDC will now be part of the lawsuits filed in England against Royal Dutch Continue Reading
