Oil prices inched higher on Wednesday, paring earlier losses, as positive news on COVID-19 vaccines lifted investor hopes for a recovery in fuel demand, outweighing concerns over an unexpected jump in U.S. oil inventories last week. Brent crude futures rose 11 cents, or 0.2%, to $48.95 a barrel by 0746 …

Energy efficiency is expected to record this year its weakest progress in a decade, creating additional challenges to the world achieving international climate goals, the International Energy Agency (IEA) said in a new report. Plunging investments and the economic crisis have markedly slowed the progress in energy efficiency this year, …

French supermajor Total is in talks to sell its 18% stake in an oil field in Iraq’s semi-autonomous Kurdistan region, with which it could raise around $ 500 million, Bloomberg reported, citing sources familiar with the matter. Total is working with Jefferies Group on the potential sale of its stake …

The United Arab Emirates will provide Asian oil buyers with a little more crude next month after OPEC+ reached a compromise deal on cuts. While OPEC’s third-largest producer will still reduce supply to Asia in January, the curbs won’t be as deep as this month in percentage terms. Abu Dhabi …

China is on a quest for world domination. Beijing has been making assertive moves into global energy markets for a while now, stepping into energy market power vacuums in largely untapped markets around the world. Chinese president Xi Jinping has made major inroads with his ambitious Belt and Road Initiative, …

BP has said it will invest heavily in Middle Eastern oil and natural-gas fields going into 2021. Despite pledging its transition to renewable energy, the company has highlighted its interest in Middle East oil and gas. At present, BP currently operates the world’s third largest oil field in Iraq, Rumalia, …

Oil prices are set for a volatile start to the new year, as the next OPEC+ group meeting on production policy is expected to be set for the first trading day, January 4, Argus reported on Monday, citing delegates with the OPEC+ alliance. The group managed to avoid a no-deal …

Saudi Arabia raised oil pricing for customers in its main market of Asia after optimism over coronavirus vaccines caused crude prices to climb to an eight-month high last week. The increase, the biggest in five months, indicates the world’s largest oil exporter is confident global energy demand is strong enough …

Iraq is committed to all OPEC+ production cut agreements that help contain the volatility in oil prices because OPEC’s second largest oil producer seeks higher prices for its crude exports, the country’s oil minister said Dec. 6. Ihsan Ismaael said in an oil ministry statement that oil prices are expected …

Porsche has no plan to make an electric version of its iconic 911 sports cars. So, how to ensure continued sale of its flagship model far into the future, when governments around the world, including California’s, are planning to eventually ban sales of new internal combustion cars? Porsche’s answer: carbon-neutral …