The fact that a record 90% share of all new car sales in Norway are electric has failed to make any impact on the country’s oil demand, indicating that hopes of rising EV uptake making an immediate dent in global oil demand are unrealistic. Last year, 82.4% of all new …

OPEC Secretary General Haitham Al Ghais said in a statement on Wednesday that the group is looking forward to the prospect of a partnership with Namibia, the hottest new oil frontier after Guyana, with new discoveries lining up and first production of 2.6 billion barrels planned for 2030. “We are …

China’s coal market is poised for a significant uptick in prices, according to fresh insights from the China Coal Transportation and Distribution Association (CCTD). General Manager Han Lei of CCTD’s research department highlighted that domestic thermal coal prices have surpassed 800 yuan ($110.41) per metric ton, which is seen by …

Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an estimated decline of 6.4 million barrels in inventories for the week to April 19. This compared with an inventory build of 2.7 million barrels for the previous week, which pressured prices last week. It also compared …

The UK saw two consecutive quarters of wind power overtaking fossil fuels as the single-largest source of electricity generation for the first time, per data from think tank Ember quoted by Reuters columnist Gavin Maguire. In the first quarter of 2024, wind-generated a total of 25.3 terawatt hours (TWh) of …

Rystad Energy’s latest data reveals renewable energy installations in India surged to a record 7.1 gigawatts (GW) in March, more than doubling the previous record of 3.5 GW set in March 2022. The increase in installations helped India reach its highest-ever annual installed capacity of 18.5 GW for the fiscal …

Amidst global efforts to phase out coal power by 2040, China’s coal consumption is unlikely to decrease significantly by that time, according to a new report by Norwegian consultancy DNV. The report indicates that China’s coal usage, currently the world’s largest, will experience a minor reduction in the next two …

Amid a slew of warnings about slow growth and rising national debt, it was easy to miss that the International Monetary Fund (IMF) had some good news for the UK economy last week. Modelling the potential impact of artificial intelligence (AI) on both UK productivity and output, it suggested that …

With Venezuelan oil sanctions set to be reimposed and state-run PDVSA oil company buyers and suppliers under orders to close out transactions in line with sanctions by the end of May, the country is now working to shift its oil sales to digital currency. Using Tether, pegged to the U.S. …

Somalia says Turkey will begin drilling oil off the country’s massive coastline from next year, according to the Director General of the Somali Ministry of Petroleum and Mineral Resources, Mohamed Hashi Abdi ‘Arabey’. Talking to the BBC Somali Service, Abdi affirmed the recent assertion by a Turkish official on a …