Demand for gold reached record highs in 2024 fuelled by “eye-watering” interest from central banks and global investors, a fresh report has said. Total demand reached 4,974 tonnes, and the value of global demand shot up to $382bn, over a year which saw the gold price surge by 26 per …

OPEC’s oil production declined in January for a second consecutive month amid lower output from Iran and Nigeria, according to the monthly Reuters survey published on Wednesday. Last month, all 12 OPEC producers saw their combined output drop by 50,000 barrels per day (bpd) from December to 26.53 million, according …

Equinor is reducing its investments in renewables to boost returns for shareholders and adapt to an uneven energy transition, the Norwegian energy major said on Wednesday, becoming the latest European oil and gas firm to scale back capital allocation to low-carbon energy solutions. Equinor will nearly halve its investments in …

The Trump administration is looking into ways to cancel federal loans granted by the Department of Energy for transition projects from a $400-billion fund, Bloomberg has reported, citing an unnamed source. According to the report, the new leadership at the Department of Energy would focus its financial firepower on projects …

Despite pressure from President Trump and a recent rise in oil prices, the OPEC+ group has said it won’t change its current plan to begin gradually unwinding the cuts from April. The Joint Ministerial Monitoring Committee (JMMC), the OPEC+ panel reviewing policy and markets and potentially recommending actions to the …

The U.S. geoscience exploration firm working in South Korea’s East Sea has discovered 14 additional oil and gas prospects in the area, South Korean officials said on Monday. U.S. exploration firm Act-Geo has said in a report to the Korea National Oil Corp. (KNOC) that it had detected these possible …

International oil and gas prices will see a limited short-term impact from President Trump’s new tariffs on Canada, Mexico, and China, according to Goldman Sachs. On Saturday, the U.S. Administration announced that additional tariffs would be implemented on February 4 on these countries. Canada and Mexico face 25% tariffs, with …

Crude oil demand will remain at current levels over the next 15 years at least, commodity trading major Vitol has forecast, shattering earlier predictions from outlets such as the International Energy Agency that has consistently been predicting peak oil demand growth before 2030. Demand for crude is set to rise …

On Sunday, Iraq’s parliament voted on a key plan for the compensation of oil companies operating in the semi-autonomous Kurdistan region that would speed up the restart of crude oil exports from the region. According to a Bloomberg report, MPs decided to allocate $16 per barrel produced in Kurdistan and …

Oil advanced as US President Donald Trump placed hefty tariffs on a range of imports, including crude from Canada and Mexico, threatening higher costs for American consumers. US marker West Texas Intermediate (WTI) jumped as much as 3.7 per cent before paring about half of those gains to trade near …