BP plunged to a $5.7 billion annual loss in 2020, its first in a decade, as the pandemic took a heavy toll on oil demand, with fuel consumption continuing to slide so far this year amid global travel restrictions. For the final quarter of 2020, BP reported a profit of …

China, the world’s largest polluter, launched on Monday an emissions trading scheme as part of its efforts to become a carbon-neutral economy by 2060. The Chinese authorities introduced as of February 1 a set of rules for carbon emissions trading management, a step toward creating a nationwide unified emissions trading …

The U.S. oil industry has a message to President Joe Biden’s recent climate executive orders involving the oil and gas sector—restricting America’s oil production would increase its reliance on foreign imports of oil with more emissions than the crude pumped from America’s oilfields. Over the past two weeks, President Biden …

Over the past half decade, the energy sector has been going through a major seismic shift, pivoting away from fossil fuels toward cleaner, renewable alternatives. The sector has, amazingly, maintained its momentum amid the Covid-19 pandemic and subsequent lockdowns that brutally disrupted the entire global energy sector. A recent report …

OPEC and its allies can celebrate their success in steadying world oil markets when they gather this week. But the coalition will soon be faced with some tough choices. Last month’s pledge by Saudi Arabian Energy Minister Prince Abdulaziz bin Salman to slash production by a further 1 million barrels …

OPEC and its partners expect that the agreed oil-supply curbs will reach 99 percent in January, Bloomberg reported, citing an unnamed delegate. The implementation among the OPEC members was at 103 percent, while it reached 93 percent for non-OPEC partners, including Russia and Kazakhstan, last month. The compliance data is …

Iranian Oil Minister Bijan Zangeneh underlined that the country’s petrochemical industry is among the most powerful ones in terms of technology, equipment and production rate. “We are one of the top petrochemical countries in region in terms of technology and the ability to build much-needed equipment, as well as the …

ExxonMobil and Chevron bosses last year discussed merging the two biggest oil producers in the U.S., Bloomberg News reported on Monday, citing unnamed sources with knowledge of the meeting. According to Bloomberg, ExxonMobil chief executive officer Darren Woods and Chevron CEO Michael Wirth discussed a potential consolidation of the oil …

Russia may file a lawsuit over the hindrances other countries have been posing to the gas pipeline project Nord Stream 2, Deputy Chairman of Russia’s Security Council Dmitry Medvedev told Russian mass media in an interview. “If there are reasons for this, it goes without saying the issue may be …

Oil prices rose on Monday, boosted by the start of Saudi Arabia’s production cut of 1 million barrels per day (bpd) and with positive reports on the new coronavirus vaccines. International benchmark Brent crude was trading at $55.38 per barrel at 0654 GMT for a 0.65% rise after closing the …