Oil prices have increased on the world markets. On London ICE (InterContinental Exchange Futures) cost of the Brent crude oil rose $0.29 to trade at $68.68, while the price of Light crude oil at the NYMEX (New York Mercantile Exchange) increased $0.37 to stand at $64.17.

Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, in an escalating stand-off with Riyadh following OPEC’s decision to ignore calls from New Delhi to help the global economy with higher supply. Two sources familiar with the discussions said the move …

The U.S. solar industry installed a record 19.2 GWdc of photovoltaic (PV) capacity in 2020, a 43% increase from 2019, according to a report released by the Solar Energy Industries Association (SEIA) and Wood Mackenzie. The numbers are particularly impressive considering the world was dealing with unique challenges as a …

Gazprom Neft succeeded in cutting energy, heating and fuel costs across its directly owned refineries (in Moscow and Omsk) throughout 2020, with energy-saving initiatives delivering savings of RUB 400 million ($5.4 million). Gazprom Neft’s Moscow and Omsk refineries implemented a total 40 energy-saving initiatives in 2020. The Moscow Refinery has …

Qatar Petroleum, the world’s top liquefied natural gas (LNG) producer, is cranking up the pressure on high-cost rivals with bold expansion plans that will boost supplies over the coming decade and potentially push prices down further. As competitors struggle to break even due to lower prices, the Qatari firm last …

The U.K.’s oil and gas industry faces a struggle to recover from an investment slump sparked by the coronavirus and in the longer term will have to manage a prolonged decline in output, according to its trade body. Production may decline further this year and next, following a 5% decrease …

If prices for the commodity average $65 a barrel and all else is equal, borrowing needs for the six countries comprising the council would drop 96% from what they’d be if oil traded at $45, an economist writes The Gulf Cooperation Council’s borrowing requirements could drop to $10 billion over …

Northwest China’s Xinjiang Uygur Autonomous Region is taking the lead in China’s renewable energy push, with new energy installed capacity reaching a record high of 35.83 million kWh of electricity, supporting the country’s carbon neutrality goal. The total sum of solar and wind capacity has climbed by 135 percent from …

Kazakhstan took another step toward strengthening its energy security this week after Eni, an Italian multinational oil and gas company, launched the construction of a new solar farm in Otrar, Turkestan, Kazakhstan’s southern region. The project to construct the 50 MW photovoltaic plant is being implemented by a joint Italian-Kazakh …

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman Al Saud signed, on March 11, a memorandum of understanding (MoU) with Germany to produce hydrogen. On the sidelines of signing the memorandum, the Saudi Minister said that the Kingdom will secure a leading position in the production of hydrogen since …