Oil prices slid on Wednesday over bearish demand indicators driven by expected rise in US crude oil stockpiles, coupled with lingering effects of US bank collapses and upcoming US Fed decision on interest rate. International benchmark Brent crude traded at $74.91 per barrel at 10.09 a.m. local time (0709GMT), a …

Global renewable generation capacity increased by 9.6%, or 295 gigawatts (GW) last year, amounting to a total of 3,372 GW, the International Renewable Energy Agency (IRENA) revealed in a recent report. Renewables delivered 83% of all electricity capacity installed last year, according to IRENA’s Renewable Capacity Statistics 2023. The report …

China’s installed renewable energy capacity significantly increased in the first two months of 2023, according to data from the country’s National Energy Administration showed on Tuesday. By the end of February, the installed capacity of wind power of China rose 11% year-on-year to nearly 370 million kilowatts. Meanwhile, the installed …

Africa’s total announced electrolyzer pipeline capacity has reached 114 gigawatts (GW), with 61% of this tied to countries in Sub-Saharan Africa, according to Rystad Energy analysis. This African region has an announced electrolyzer pipeline of about 70GW, with Mauritania covering 50% of the total, followed by South Africa and Namibia. …

Signs have emerged of a slight improvement in the global economy, thanks to falling energy and food prices in early 2023, the OECD said on Friday as it raised its global economic growth projections for this year and next. The OECD now expects global economic growth at 2.6% this year, …

Germany has avoided a gas shortage this winter but “things could be different” next year and there’s no time for complacency, a top energy regulator said. “We can’t rule out a gas shortage situation for next winter,” Klaus Mueller, president of the federal network agency BNetzA, told the Rheinische Post. …

Iraqi Oil Minister, Hayyan Abdulghani, expressed his country’s readiness to increase oil production if OPEC+ decides to do so. Speaking at the Baghdad International Dialogue Conference on Sunday, Abdulghani stated that Iraq is committed to maintaining a production rate of 220,000 barrels per day in line with OPEC+ quotas. The …

Goldman Sachs Group Inc., one of the most bullish banks on its outlook for oil, has nudged its forecasts down as worries over the banking sector and the potential for recession outweigh a surge in demand from China. The bank’s analysts now see Brent reaching $94 a barrel for the …

Italian oil and gas major Eni SpA on Friday said it had discovered oil in the Sureste Basin offshore Mexico in a prospect that could contain around 200 million barrels of oil in place. The discovery was made on the Yatzil exploration prospect in Block 7, which is located in …

In its Annual Energy Outlook 2023 published on Thursday, the Energy Information Administration predicted that high international demand for petroleum products will lead to continued growth in U.S. production. Combined with relatively little growth in domestic consumption, this means the United States remains a net exporter of petroleum products and …