U.S. renewable energy developers have delayed or scrapped several big battery projects meant to store electrical power on the grid in recent months, scuttling plans to replace fossil fuels with Continue Reading
After long being deeply discounted for years because of a lack of pipelines, Canadian heavy crude is finally trading like a “North American” grade, moving in tandem with U.S. sour Continue Reading
Russia’s Rosneft (ROSN.MM) is holding back on signing new crude oil deals with two Indian state refiners, three sources with knowledge of the matter said, as it has committed sales Continue Reading
Ukraine hopes to make 1.5 billion euros from electricity exports to the European Union by the end of the year and earn to more in the future after obtaining the Continue Reading
European Parliament lawmakers on Wednesday voted to support an effective EU ban on the sale of new petrol and diesel cars from 2035, rejecting attempts to weaken the proposal to Continue Reading
EIA: Russia’s oil output could fall 18 percent by the end of next year. The EIA forecasts that Russian oil output will decline from 11.3 million bpd in the first Continue Reading
IEA: Europe could be forced to start rationing energy this winter. Birol: The world faces a “much bigger” energy crisis than the one of the 1970s. On Wednesday, Birol called Continue Reading
Supplies of grain from Ukraine have taken a major hit due to Russia’s blockade of the country’s ports. The UN has accused Russia of weaponizing food, warning that its actions Continue Reading
UK economic growth is grinding to a halt as the cost of the living crisis escalates, a leading business lobby warned. The British Chambers of Commerce predicted output will be Continue Reading
Workers pulled scores of bodies from smashed buildings in an “endless caravan of death” inside the devastated city of Mariupol, authorities said Wednesday, while fears of a global food crisis Continue Reading
The U.S. and its allies are searching for ways to limit further surges in global oil prices, attempting to balance efforts to cut off Russia’s revenue from its energy sales Continue Reading
The EU has just taken another drastic step to curb Russian oil revenues. Joining the UK, the EU has placed a ban on insuring and financing the marine transportation of Continue Reading
Oil prices rose on Wednesday, despite a likely rise in U.S. oil stocks, on the easing of Chinese COVID-19 related lockdowns and a possible strike by Norwegian oil workers. Brent Continue Reading
Oil extended gains from the highest close in three months as the US summer driving season ramps up and China emerges from virus lockdowns. West Texas Intermediate futures rose above Continue Reading
After more than a year of pressure from the United States and other top oil consuming countries, OPEC+ finally agreed to accelerate oil supply increases last week to tame runaway Continue Reading
Goldman Sachs raised its short-term target for Brent crude from $125 to $140. Recovery in Chinese demand and a potential drop in Russian production may further lift prices. Goldman: the Continue Reading
Crude oil prices may soon hit $150 per barrel or more this year, Trafigura’s CEO Jeremy Weir told the FT Global Boardroom conference on Tuesday. The spike in crude oil Continue Reading
For large and small nations around the globe, the prospect of averting a recession is fading. That grim prognosis came in a report Tuesday from the World Bank, which warned Continue Reading
The head of Trafigura has warned that the oil market could reach a “parabolic state” later this year with prices surging to record highs and triggering a slowdown in economic Continue Reading
The World Bank on Tuesday slashed its global growth forecast by nearly a third to 2.9% for 2022, warning that Russia’s invasion of Ukraine has compounded the damage from the Continue Reading
Developing nations are suffering the biggest hit from this year’s oil shock. Many are dependent on imported fuel and are being crushed by a combination of high international prices, weak Continue Reading
A U.S. mediator will visit Beirut next week to discuss a dispute over a maritime border with Israel, Lebanese Parliament Speaker Nabih Berri said on Tuesday, according to a parliament Continue Reading
The focus of the most recent rift between Israel and Lebanon is an offshore field called Karish. While Lebanon has yet to make a commercial find of gas in its Continue Reading
Qatar has picked Exxon Mobil Corp , TotalEnergies SE (TTEF.PA) , Shell (SHEL.L) and ConocoPhillips (COP.N) as partners in the expansion of the world’s largest liquefied natural gas (LNG) project, Continue Reading
Motorists wait for hours in Abuja, Nigeria to fill their cars with petrol, due to the ongoing fuel shortage. A shortage of oil refineries across sub-Saharan Africa coupled with soaring Continue Reading
Pakistan will reduce its official work week to five days from six in a bid to reduce energy and fuel consumption as part of an energy conservation plan approved by Continue Reading
Asia’s refining margins for diesel hit a fresh record on Tuesday but may start cooling off as early as next month as refiners ramp up output and the upcoming monsoon Continue Reading
Thousands of truck drivers in South Korea have gone on strike at some ports and container depots in the country, threatening to slow the export of goods from the Asian Continue Reading
Ukraine in Talks to Purchase US LNG, Naftogaz CEO Says Europe has dethroned Asia as the biggest destination for US liquefied natural gas as the energy-starved region seeks to slash Continue Reading
The largest wildfires in New Mexico’s history belong to the same troubling increase in conflagrations, exacerbated by drought and rising temperatures, that have burned vast areas of the western United Continue Reading
If the Great Salt Lake, which has already shrunk by two-thirds, continues to dry up, here’s what’s in store: The lake’s flies and brine shrimp would die off — scientists Continue Reading
Temperatures are set to soar in Texas and the Desert Southwest this week, with readings topping 110 degrees and an escalating danger of heat-related illnesses. The National Weather Service is Continue Reading
Forecast Highlights Global liquid fuels The June Short-Term Energy Outlook (STEO) is subject to heightened levels of uncertainty resulting from a variety of factors, including Russia’s full-scale invasion of Ukraine. Global macroeconomic Continue Reading
U.S. refining capacity could take a hit from an earlier than planned closure of a major refinery in Houston, which could worsen the refining and fuel crunch in the country. Continue Reading
U.S. gasoline prices continue to surge, jumping by $0.30 a gallon in just one week to a new national average all-time high of $4.919 on Tuesday. Diesel prices also set Continue Reading
Geopolitical uncertainty and the ongoing impact of the pandemic led to increased oil price volatility and contributed to a more than $4/b rise in the US Energy Information Administration’s 2022 Continue Reading
U.S. power consumption was on track to rise to record highs in 2022 and 2023 as the economy grows, the U.S. Energy Information Administration (EIA) said in its Short Term Continue Reading
Russia hiking Kozmino oil supplies by 150,000 bpd – sources ESPO Blend exports from Kozmino to reach record in July-sources Kozmino port can potentially increase loadings to 1.1 mln bpd Continue Reading
Radiation detectors in the Exclusion Zone around Ukraine’s defunct Chornobyl nuclear power plant are back online for the first time since Russia seized the area on Feb. 24, and radiation Continue Reading
The United States is involved in “extremely active” discussions with European countries aimed at limiting the revenues Russia can generate by selling oil, U.S. Treasury Secretary Janet Yellen said on Continue Reading
UK fuel prices have set a string of new records in recent weeks. The cost of filling up a 55-liter family car with petrol has topped £98 ($122.58) for the Continue Reading
Homes destroyed by Russian shelling in Slovyansk, eastern Ukraine, in early June. Fighting continued on Tuesday in the streets of Severodonetsk, the city in the Luhansk region of eastern Ukraine Continue Reading
Europe could face energy shortages next winter after Russia’s invasion of Ukraine has deepened the region’s energy crisis, the head of the International Energy Agency (IEA), Fatih Birol, warned on Continue Reading
The UK economy will expand at the second-fastest rate among the G-7 advanced nations before sinking to the bottom of the pack, the OECD forecasts. Photographer: Mary Turner/Bloomberg Sign up Continue Reading
Russian Foreign Minister Sergei Lavrov began talks with Turkish officials on Wednesday toward a possible deal to create a sea lane to export grain from Ukraine as a part of Continue Reading
The EU’s ban on Russian oil imports by sea could impact as much as 75% of Russia’s crude oil delivery to the bloc. Russia is looking to skirt sanctions by Continue Reading
The EU’s sixth sanctions package on Russia, combined with existing plans, implies an end to over 90 percent of Russian oil sales to the EU by the end of 2022. Continue Reading
Oil prices were stable on Tuesday as the market balanced risk sentiment with supply concerns and the prospect of higher demand as China relaxes its COVID curbs. Brent crude futures Continue Reading
Oil at Three-Month High as Saudi Raises Prices for Asia Oil slipped as rising volumes of Russian crude headed to Asia countered bullish sentiment spurred by Saudi Arabia’s bigger-than expected Continue Reading
The cost of a barrel of oil is nearing $120, nearly double from last August, as increased oil demand outpaces the tight global supply. Meanwhile, domestic gasoline demand rose last Continue Reading
