The demand for global electricity is growing faster than renewable energy capacity and therefore will require more power to be generated from fossil fuels. That’s according to a new report from the International Energy Agency (IEA), which found renewable energy is not expanding quickly enough to meet the strong rebound …

A proposed new EU-wide fuel taxation system based on energy content rather than volume seeks to end incentives for petrol and diesel, aiming instead to support the uptake of green biofuels, renewable hydrogen and synthetic fuels. The European Commission tabled a revision of the 2003 energy tax directive on Wednesday …

Iranian heavy oil price increased $4.96 in June to register a 7.4-percent rise compared to the previous month, according to OPEC’s latest monthly report published on Thursday. Iranian heavy crude oil price followed its upward trend since the beginning of the current year to reach $71.68 per barrel in the …

Nord Stream 2 should complement, not completely replace, gas transit through Ukraine, as another scenario will cause tensions, German Chancellor Angela Merkel said after meeting with US leader Joe Biden in Washington on July, 15. “For me, Nord Stream 2 is an additional project, not a project instead of gas …

Renewables are expanding quickly but not enough to satisfy a strong rebound in global electricity demand this year. This is resulting in a sharp rise in the use of coal power that risks pushing carbon dioxide emissions from the electricity sector to record levels next year, says a new report …

Shell announced yesterday that it has switched on a 100MW battery system in a village in Wiltshire that it claims is the largest in Europe. The oil and gas major said the grid-connected storage system will play a significant role in helping to balance UK electricity demand, and would be …

Oil prices fell by more than $1 a barrel on Thursday on expectations of more crude hitting the market after a compromise deal between leading OPEC producers and a surprisingly poor weekly reading on U.S. fuel demand, Reuters reported. Brent crude settled at $73.47 a barrel, dropping $1.29, or 1.7%. …

Oil was down Thursday morning in Asia, with a recent rally fizzling, as a build in U.S. gasoline inventories and a potential Organization of the Petroleum Exporting Countries and allies (OPEC+) agreement to increase supply clouded the black liquid’s outlook. Brent oil futures were down 0.68% to $74.25 by 1:38 …

Chinese oil companies processed a record volume of crude in June, offering further signs that Asia’s largest economy may surpass the U.S. to become the world’s biggest refining nation this year. Volumes hit 14.86 million barrels per day last month, up 3.8% from May, according to Bloomberg calculations based on …

Canada-based ShaMaran Petroleum has agreed to acquire a stake of 18% in the Sarsang licence in the Kurdistan region of Iraq from TotalEnergies. Under the deal, ShaMaran will purchase a 100% stake in TotalEnergies subsidiary TEPKRI Sarsang, which holds production sharing contract (PSC) interest in Sarsang block. HKN Energy owns …