Crude oil prices began the week with a decline on signs of slowing fuel demand and yet more indications from the Fed that rate cuts are not coming soon. Brent was trading below $83 per barrel and West Texas Intermediate was a little above $78 a barrel earlier today after …

OPEC+ producers shouldn’t take actions that would push oil prices up and thus boost inflation when they meet next to decide on their oil production cuts, said Fatih Birol, executive director of the International Energy Agency. “It’s up to them to decide what they’re going to do, but at this …

The Turkey state pipeline company BOTAS and the American corporation ExxonMobil signed an agreement on the supply of liquefied natural gas (LNG) to Turkey on May 9 in Washington, Azernews reports. Bayraktar said that the signed agreement is designed for a long-term period and allows Turkey to take another step …

The world is experiencing a nuclear renaissance. Uranium prices are soaring as the world snaps up nuclear fuel, public favor for nuclear power is at a 10-year high in the United States, Russia is busily expanding its own nuclear energy empire in emerging economies in Africa, and even Japan is …

ThyssenKrupp recently announced plans to create a 50/50 joint steel manufacturing venture with the Czech Republic’s EP Corporate Group and ThyssenKrupp Steel (TKS). According to the German group, talks are now ongoing between the two parties for the sale of an additional 30% stake in the steelmaker, following an April …

Renewable energy accounted for a record 30% share of electricity generation globally last year, driven by growth in solar and wind power, clean energy think tank Ember said in a report on Wednesday. “With record construction of solar and wind in 2023, a new era of falling fossil generation is …

CNOOC Ltd., majority held by state-owned China National Offshore Oil Corp. (CNOOC), said Tuesday it has put onstream a new gas project in the Bohai Sea in northern China, expecting to achieve a peak rate of 5,800 barrels of oil equivalent per day (boepd). CNOOC Ltd. plans 10 development wells …

Oil prices fell on Wednesday following data indicating an increase in crude inventories in the US, the world’s biggest oil consumer. International benchmark Brent crude traded at $82.64 per barrel at 09.31 a.m. local time (0631 GMT), a decrease of 0.62% from the closing price of $83.16 per barrel in …

Azerbaijan will get a welcome earnings boost from BP’s announcement that it has launched production at a new $6-billion facility in Azerbaijan’s giant Azeri-Chirag-Gunashli oil field. The upgrade can boost the field’s output by as much as 25 percent. Dubbed Azeri-Central-East (ACE), the facility consists of a new production platform …

The OPEC+ group is still studying whether to raise oil production but it would act on supply if necessary, Russian Deputy Prime Minister Alexander Novak said on Tuesday. The possibility to raise supply is still being reviewed, Russia’s top oilman said, as carried by Russian news agency Interfax. “It always …