The total number of total active drilling rigs in the United States fell by 4 this week, according to new data from Baker Hughes published on Friday. The total rig count fell to 771 this week—167 rigs higher than the rig count this time in 2022, and 304 rigs lower …

China expects to add 70 gigawatts (GW) of coal-fired power generation this year, up from 40 GW of capacity from coal installed in 2022, a report from the power sector’s group, China Electricity Council, showed. The coal additions, however, will not be the biggest capacity increases in China in 2023, …

While it may have taken trillions of dollars in government subsidies and the suspension of most logic and critical thinking about how EV batteries are made and the power used to charge such vehicles, EVs have still hit a milestone. Sales globally now make up 10% about the global market …

Germany has come up with development plans for offshore wind turbine sites, eyeing 30 GW of installed power capacity by 2030, the Economy Ministry said in a Friday statement, according to Reuters. The Federal Maritime and Hydrographic Agency’s (BSH) plan allows for even more wind power capacity, with adequate space …

Group of Seven officials have agreed to review the level of the price cap on exports of Russian oil in March, later than originally planned in order to give time to assess the market after more caps are placed on oil products from Russia, the U.S. Treasury said on Friday. …

The OPEC Fund for International Development, a development institution established by the Organization of the Petroleum Exporting Countries’ member governments nearly 50 years ago, has raised $1 billion by selling its first ever bond. With the money earmarked for food security, healthcare, infrastructure, education, employment and renewable energy projects, the …

Russia could start exporting oil to energy-starved Pakistan after March if terms are agreed, and is discussing with Islamabad whether payment could be made in the currencies of “friendly” countries, Russia’s energy minister has said. Pakistan has been battling a balance of payment crisis with foreign exchange reserves falling to …

The United Arab Emirates is in early discussions with India to trade non-oil commodities in Indian rupees, Minister for Foreign Trade Dr Thani Al Zeyoudi told Reuters on Thursday. The minister said other countries, including China, had also raised the issue of settling non-oil trade payments in local currencies. He …

Equinor and its partners have made a commercial gas discovery in the Norwegian Sea, following the drilling of wildcat well 6605/1-2 S and appraisal well 6605/1-2 A. Located approximately 23km south of the Irpa oil field and 350km west of Sandnessjøen, the new discovery, named Obelix Upflank, is estimated to …

Stocks and oil prices dipped on Thursday after weak US consumer data rekindled global recession worries, while Japan’s yen reared up again as traders took fresh punts that the Bank of Japan will tighten policy soon. An early 0.5% slide in Europe after a bad day for the Nikkei meant …