Oil prices rose on Wednesday, extending the previous session’s gains, driven by optimism that a relaxation of China’s strict Covid-19 curbs will lead to a recovery in fuel demand in the world’s top oil importer. Brent crude futures were up 52c, or 0.6%, at $86.44 a barrel at 1.51am GMT, …
Read More »Green Hydrogen could be the Fuel of the Future
Green hydrogen is all the rage these days. During November’s United Nations Climate Change Conference (COP27) in Egypt, German Chancellor Olaf Scholz announced that Germany will invest more than €4 billion in developing a market for it. In the United States, President Joe Biden’s administration has made “clean” hydrogen a …
Read More »India to Boost Coal Imports to Cope with Harsh Weather, Freight Snags
India’s power utilities will likely boost coal imports this year to cope with surges in demand, made worse over the past year by extreme temperatures, and with freight bottlenecks that are disrupting domestic coal supplies, analysts and officials said. A steady rise in industrial electricity use in recent years has …
Read More »Turkmenistan Suspends Gas Supplies to Uzbekistan, Iran and Decreases to China
Turkmenistan has suspended gas supplies to Uzbekistan through the Daryalyk station since January 12, Gazeta.uz reported. This supplies were suspended for technical reasons due to abnormal frosts in the region. Low temperatures led to the formation of hydrate in the infield communications of the Galkanysh gas condensate field, the newspaper …
Read More »China Coal Production Hits Record High in 2022
China produced a record amount of coal last year although output ended the year with a decline amid the latest surge in covid infections. Total output for the year reached 4.496 billion tons, which was a 9-percent increase on 2021, according to official statistics data reported by Reuters. Chinese government …
Read More »Davos Leaders: Global Recession Likely to Happen in 2023
A full two-thirds of senior corporate and business leaders meeting at the 2023 World Economic Forum (WEF) in Davos, Switzerland, expect a global recession in the current year. The experts have warned that geopolitical tensions including Russia’s war in Ukraine will continue to weigh negatively on the global economy and …
Read More »EU Commission Wants to Start Joint Gas Purchases Well before Summer
The European Commission is aiming for EU countries to start buying gas jointly “well before summer”, in a bid to help countries refill their storage and avoid a supply crunch next winter, European Commission Vice-President Maros Sefcovic has told Reuters. The EC hopes that the scheme will help Europe refill …
Read More »TotalEnergies to Invest $1 Billion in Oil Development Offshore Brazil
TotalEnergies has approved the final investment decision of the Lapa South-West oil development in the Santos Basin, 300 km off the coast of Brazil. This development represents an investment of approximately $1 billion. “This latest development is an important milestone for TotalEnergies in Brazil that will increase its operated production …
Read More »India’s Oil Imports from Russia Jump 33 Times to Record High
India’s imports of Russian crude oil hit a record high of 1.2 million barrels per day (bpd) in December, as deep discounts on Russian crude when the price cap entered into force made India the top destination for Russia’s oil, ahead of China, Bloomberg reported on Monday, citing data from …
Read More »Germany’s Energy Crisis Sends it Tumbling down Investment Rankings
The energy shortages plaguing Europe’s largest economy since 2021 have affected its attractiveness as an investment destination. According to a report in the German daily Augsburger Allgemeine, Germany now ranks 18th out of 21 countries, falling four places in the ranking produced by the German economic research institute ZEW, Reuters …
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