US energy firms cut the number of oil and natural gas rigs operating to a record low for a 15th week even as higher oil prices prompt some producers to start drilling again. The US oil and gas rig count, an early indicator of future output, fell by three to …

The Qatar General Electricity and Water Corp (Kahramaa) has installed a 1 MW/4 MWh storage system at its 11 kV Nuaija station. The facility, built in partnership with Qatari conglomerate Al-Attiyah Group and US electric car maker and battery provider Tesla, is intended to store power during peak hours or …

The International Energy Agency lowered its global oil demand forecasts for the first time in several months on Thursday, as the number of Covid-19 infections remains high and amid ongoing weakness in the aviation sector, reports CNBC. In a closely-watched monthly report, the IEA said it now sees global oil …

Venezuela’s fuel crisis is poised to deteriorate even further after one of its biggest refineries was halted over the weekend following a nearby oil spill. Petroleos de Venezuela SA’s El Palito refinery stopped producing gasoline after its fluid catalytic cracker was shut due to a malfunctioning valve, said union leader …

The UK government announced plans to invest, through its Getting Building Fund, in the construction of Europe’s first geothermal lithium recovery pilot plant at a location near Redruth, Cornwall. The public funds will support a £4-million collaboration between Geothermal Engineering (GEL) and Cornish Lithium at GEL’s deep geothermal project, which …

BP will sell oil and gas assets to fund its ambitious low-carbon strategy even if prices improve, three unnamed sources told Reuters. A tenfold increase in investments in low carbon businesses to some $5 billion annually is among BP’s new strategic priorities for the next ten years as the supermajor …

Dubai’s stock market traded lower early on Sunday, hurt by losses at financials and property shares, while other major bourses in the Gulf were little changed. Saudi Arabia’s benchmark index rose 0.3pc, with Al Rajhi Bank gaining 0.7pc, while oil giant Saudi Aramco was up 0.3pc despite reporting a fall …

The US oil industry appears to be backing Trump over Biden for reelection in 2020, having donated nearly $1 million to his campaign compared to only $265,000 for Biden’s campaign. According to the data, as of August 2020, President Trump has received $936,155 in contributions from the oil and gas …

The current developments and future prospects of the global oil markets were deliberated on Friday by the oil ministers of the UAE, Saudi Arabia, Kuwait, Bahrain, Oman and Iraq. This came in a conference call where the Saudi Minister of Energy Prince Abdulaziz Bin Salman Bin Abdulaziz Al Saud, Suhail …

The dramatic reductions in asset valuations and decline in output show the depth of the pain in the second quarter. Fuel demand at one point was down by more than 30% worldwide, and still remains below pre-pandemic levels. Several executives said they took massive writedowns because they expect demand to …