The idea that the energy transition to an energy system dominated by wind and solar power appears to be at odds with the idea of an oil and gas refining industry. Yet this is a superficial contradiction: wind and solar cannot exist without oil and gas refining. Now, Chinese refiners …

Oil prices eased on Wednesday off three-month highs as industry data showed a stock build in U.S. crude inventories and investors remained cautious ahead of a likely Fed rate hike. Brent crude futures slipped 46 cents, or 0.55%, to $83.18 a barrel by 0451 GMT, while U.S. West Texas Intermediate …

EU member states appear to have little appetite for adjusting the G7 price cap on Russian oil exports, despite growing evidence that the value of Russia’s main Urals crude is rising above the previously set level of $60 per barrel. Poland and its smaller Baltic neighbors previously took the most …

The State Oil Marketing Organization (SOMO) has reported that Iraq exported more than one billion dollars’ worth of three petroleum products during the first quarter of 2023. According to a table released by SOMO, Iraq exported three petroleum derivatives totaling $1,113,220,043, with a quantity of two million, six hundred thirty-six …

Eni, Enel and other state-controlled Italian energy groups are due to benefit from a partial transfer of European Union funds to the REPowerEU scheme, credit rating agency DBRS said on Monday (24 July). In a report analysing Italy’s challenges to spend €191.5 billion of EU post-COVID funds by 2026, DBRS …

The first signs of a slowdown in activity in the U.S. shale patch emerged earlier this year as declining oil prices prompted drillers to reduce the number of active rigs. Then data suggested that well yields were also dropping—a sign of potential natural depletion that would make drillers think twice …

Local authorities in the Greater Manchester area in the UK have issued planning permission to UK energy infrastructure development company Carlton Power to build what would be the world’s largest battery energy storage scheme, which will cost $963 million (£750 million). Carlton Power plans to build and operate a 1GW …

China is investing record amounts of money into renewable energy sources, but it continues to rely heavily on coal to cope with rising power demand. During the first half of this year, coal production, coal imports, and coal-fired electricity generation jumped and offset a significant decline in power output at …

Chevron Corp. reported second-quarter earnings of $6.01 billion, beating analyst estimates. The figures, while down 48% from the same period last year, topped the second-quarter profit of $5.5 billion expected by analysts in a Bloomberg survey. Chevron also said on Sunday it produced 772,000 barrels of oil equivalent at the …

TotalEnergies has signed an agreement with Rönesans Holding to acquire a 50% stake in Rönesans Enerji and jointly develop, through this joint-venture, renewable projects in Turkey, which is a liberalised growing electricity market. Rönesans Enerji is currently operating a portfolio of 166 MW hydro assets. The company has as well …