Global coal-fired power generation reached a record-high level in 2023, per data from environmental think tank Ember reported by Reuters columnist Gavin Maguire. As countries, especially in Asia, looked to meet growing electricity demand and ensure their energy security, coal use in power generation hit record highs. Per Ember data, …
Read More »U.S. Takes First Oil Price Cap Enforcement Action of 2024
The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken its first oil price cap enforcement action of the year, according to a Thursday press release. The enforcement action is against UAE-based shipping company Hennesea Holdings Limited (Hennesea) linked to a price cap violation. Hennesea …
Read More »Asia, Europe LNG Imports Likely to Survive Red Sea Chaos
Despite the continued escalation of tensions and conflicts in the Middle East and the diversion of LNG cargoes away from the Red Sea, natural gas prices in Europe and spot LNG prices in Asia have dropped to the lowest levels in years and months, respectively, even during peak winter season. …
Read More »OPEC Sees Strong Oil Demand Growth in 2025
Higher global economic growth and solid activity in China will see robust world oil demand growth of 1.8 million barrels per day (bpd) in 2025, OPEC said on Wednesday in its first outlook into next year’s demand levels. OPEC expects global economic growth at 2.8% in 2025, up from the …
Read More »OPEC Sees Production Rise in December despite Cut Pledges
The Organization of Petroleum Exporting Countries produced more crude oil in December than it had in November, according to the group’s latest edition of its highly anticipated Monthly Oil Market Report. For December, the group produced 26.7 million barrels of crude oil per day, up from 26.628 million barrels of …
Read More »Turkey Requires New Investments for Development of Geothermal Sector
Turkey needs more investments for the development of the identified 62,00 megawatt (MW) of geothermal energy potential, which will contribute to the country’s 2053 net zero emissions target, the head of the Turkish Geothermal Energy Association said on Wednesday. Geothermal energy is classified as a renewable energy source that can …
Read More »Producers Bet on Norway’s Arctic to Find More Natural Gas
Oil and gas companies operating offshore Norway have set their sights on exploring for natural gas in the Arctic Barents Sea, eager to unlock new supply in light of the strong European demand for non-Russian gas. Over the next three years, some of the largest firms operating on the Norwegian …
Read More »Saudi Aramco Boosts Venture Capital Arm with $4 Billion New Funds
Saudi Aramco is more than doubling funding to its venture capital arm by injecting an additional $4 billion funding, the Saudi state oil giant said on Wednesday. The fresh funding will raise Aramco’s total investment allocation to its unit Aramco Ventures from $3 billion to $7 billion. The decision to …
Read More »Europe’s Nuclear Power Renaissance
Several European powers are rapidly progressing plans to expand their nuclear energy sectors, despite a lack of support from major EU powers, such as Germany. The U.K. recently announced plans for its biggest nuclear expansion in 70 years, as well as plans to extend the life of several existing facilities. …
Read More »China Hits 5.2% Growth Target despite Population Challenges
China faced a complex economic landscape as its economy expanded by 5.2% in 2023, while the population saw a decline of 2 million. These contrasting figures underscored the ongoing challenges posed by a slowing property market and demographic pressures on the world’s second-largest economy. Official data released on Wednesday revealed …
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