Oil prices rose by 3% early on Friday, extending gains from late Thursday, after the OPEC+ alliance said it could immediately revisit the planned 400,000 bpd increase for January if demand suffers in coming weeks. As of 9:25 a.m. EST on Friday, WTI Crude was rallying 3.49% at $68.82 and …

The Islamic Republic of Iran delivered the fourth shipment of its gas condensate to Venezuela in line with concluding a contract with Venezuela for exporting gas condensate and importing crude oil in return. Iran has delivered the fourth cargo of crude oil condensate to Venezuela since the start of this …

Russia has not materially increased natural gas supply via its pipelines to Europe, despite assurances from Russian President Vladimir Putin that Gazprom would start sending more gas after it completes filling Russian storage. In November, Russian gas supply to Europe was volatile, as gas flows on the Yamal-Europe pipeline via …

Several international oil supermajors are planning to boost production while also promising to decrease their greenhouse gas emissions over the next decade and beyond. This seemingly counterintuitive strategy is the result of pressure from international organizations to decarbonize and the continued climb of energy demand around the world. Royal Dutch …

A record volume of renewable energy is expected to come online in 2021, with 290 gigawatts of new capacity. That surpasses 2020’s record, when renewables accounted for all of the new electricity capacity installed worldwide. Renewables have grown quickly in recent years, but are now entering a faster phase of …

Russian LNG exporter Novatek has signed a cooperation agreement with Vietnam’s PetroVietnam on developing potential liquefied natural gas (LNG) and power projects in the southeast Asian country. The agreement was struck during Vietnamese president Nguyen Xuan Phuc’s visit to Moscow, where he held a meeting with Novatek chairman Leonid Mikhelson …

Amazon announced its plans to scale up investment in renewable energy projects to power most of its business operations via renewable energy. At its AWS re:Invent 2021 event in Las Vegas, the company announced 18 new renewable energy projects, primarily wind and solar, across countries such as Finland, Germany, Italy, …

China’s industry ministry on Friday unveiled a five-year plan aimed at the green development of its industrial sectors, vowing to lower carbon emissions and pollutants and to promote emerging industries so as to meet a carbon peak commitment by 2030. The world’s top greenhouse gas emitter is aiming to bring …

OPEC+ ministers are likely to discuss pausing a planned oil output hike in January as one option during ministerial talks today, Dec. 2, Reuters reported, citing a source. The meeting will also discuss whether more oil will be released to the market as planned or supplies will be restricted after …

Major oil producers are due to meet Thursday to decide on output levels from January onwards, which could be frozen as the new Covid variant Omicron sparks turmoil. The OPEC+ alliance led by Saudi Arabia and Russia has so far resisted US-led pressure to significantly boost output to rein in …