Exxon this week started a new crude oil distillation unit at its Beaumont refinery, boosting its daily capacity to almost 620,000 bpd. This makes the Beaumont facility the second-largest refinery in the United States after Aramco’s Motiva, Reuters reported. The new unit itself will have a capacity of 250,000 barrels …
Read More »India Plans to Add 250 GW of Renewable Energy Capacity by 2028
India is looking to boost its renewable energy capacity by 250 gigawatts (GW) over the next five years as part of a plan to have 500 GW of installed clean energy capacity by 2030. The Indian government will invite bids for installation of 50 GW of renewable capacity each financial …
Read More »Oil Prices Decline with Recession Fears Triggered by Weak US Economic Data
Oil prices decreased on Thursday after weak economic data in the US sparked recession fears. International benchmark Brent crude traded at $84.61 per barrel at 10.08 a.m. local time (0708 GMT), a 0.45% drop from the closing price of $84.99 a barrel in the previous trading session. At the same …
Read More »Bitcoin’s Carbon Footprint Hits All-Time High
The crypto industry is in crisis. Crypto bigwigs all over the world, from the United States to South Korea, have been slapped with very public criminal charges concerning fraud. After the scandalous downfall of FTX, one of the largest cryptocurrency exchanges in the world, regulators have escalated a crackdown on …
Read More »Europe Gas Prices Resume Slide as Demand Remains Muted
European natural gas prices declined for a third session amid lackluster demand, even as uncertainty remains about the full restart of LNG terminals in France. Dutch front-month futures fell 0.9% to €44.17 a megawatt-hour after slumping 13% during the previous two sessions. The UK equivalent also edged lower. European gas …
Read More »TotalEnergies, Iraq Reach Agreement on $10bn Gas Growth Integrated Project
The French energy company and Iraqi government have agreed to allot a stake of 30% to the state-owned Basra Oil Company and 25% to QatarEnergy in the project, which involves recovery of flared gas on three oil fields for feeding gas to power plants along with the construction of a …
Read More »Middle East Oil Exports to Asia Seen Weakening amid OPEC+ Cuts, Cheap Russian Barrels
Middle East oil exporters are expected to continue to lose market share in some Asian countries, particularly in price-sensitive India, amid the 1.66 million b/d voluntary cuts by OPEC+, cheap Russian barrels and higher priced Dubai-linked cargoes. Although exports from seven major oil producers in the Middle East rose 0.6% …
Read More »China’s Coal Boom is Undermining Global Phase-out Efforts
China is building or planning to build some 366 GW in new coal generation capacity, accounting for some 68% of global planned new coal capacity as of 2022. This is according to a new report by climate think tank Global Energy Monitor, which also found that China accounted for more …
Read More »Crude Stabilises as Market Weighs Economy and OPEC+ Cuts
Oil prices were stable on Wednesday as the market weighed gloomy economic prospects against expectations of US crude inventory declines and plans by OPEC+ producers to reduce output. Brent crude futures fell 22c, or 0.26%, to $84.72 a barrel by 10.53 an GMT. West Texas Intermediate was down 20c, or …
Read More »QatarEnergy to Acquire 25% Stake in Major Iraqi Gas Project
QatarEnergy, the Gulf country’s state-run petroleum firm, said Wednesday it has agreed to buy a 25% stake in a massive gas project in Iraq, marking the rare entry of a major producer into a market that Western firms have pulled back from in recent years. The Gas Growth Integrated Project, …
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