Oil prices surged by almost 1 per cent on Wednesday, trading near their highest since April, as crude and fuel product inventory data showing robust demand from the world’s biggest fuel consumer, the U.S., offsetting demand concerns elsewhere. Brent crude futures for October rose 80 cents, or 0.94 per cent, …

BP Plc raised its dividend by 10% and said it would buy back another $1.5 billion of shares, even as its second-quarter profit fell by more than expected amid weaker oil and gas prices. The results follow the pattern set by Big Oil peers Shell Plc, TotalEnergies SE, ExxonMobil Corp. …

China has seen robust growth in the installed capacity of renewable energy in the first half of 2023 amid the country’s strenuous efforts to push green transition, with its total capacity reaching about 2.71 billion kilowatts (kw), according to the latest report by National Energy Administration (NEA). The country’s installed …

In Stoke-on-Trent, three hours north of London, traditional English potteries were among the businesses hit hard by soaring energy prices last year. Scrambling to protect their key industries, Britain and other parts of Europe quickly devised plans to keep energy-intensive manufacturers afloat, and pledged to push harder to develop alternatives …

India’s imports of Russian oil dropped for a second month and are expected to slip even further as the key OPEC+ producer starts trimming exports in August to help balance the global market. Daily volumes fell to 2.09 million barrels last month, down from 2.11 million barrels a day in …

Saudi Arabia’s economy slowed in the second quarter as oil-production cuts and a drop in prices pushed the country from being one of the fastest-growing Group of 20 countries to one of the slowest. Gross domestic product expanded 1.1% on an annual basis, according to preliminary data released by the …

Iranian Minister of Petroleum Javad Owji stressed that the Islamic Republic of Iran always supports the amicable settlement of border and maritime disputes, including those over the Persian Gulf Arash gas field with its neighbors. Owji made the comments on the sidelines of a meeting to review plans and projects …

Luberef, a subsidiary of Saudi Aramco, reported a 3.9% higher profit for the second quarter of the year despite a sizeable decline in revenues. The company, which reported the figures in a statement for the Saudi stock exchange, attributed the increase in profit to tax adjustments that reduced its expenses …

China Three Gorges Corporation announced that the 16-megawatt MySE 16-260 turbine had been successfully installed at the company’s offshore wind farm near Fujian Province on July 19. The behemoth is 152 meters (500 feet) tall, and each single blade is 123 meters (403 feet) and weighs 54 tons. This means …

A senior Iranian businessman says a recent deal between Iran and Iraq to swap Iranian gas and electricity for Iraqi crude oil and mazut will benefit Iran and will remove hurdles created by the US in energy trade between them. “With this agreement with Iraq for the barter of oil …