International

Hungary will face fuel shortages from September if full Russian oil flows are not restored, a government official said on Friday, accusing Ukraine of blackmailing it by partially suspending supplies. Eastern European Union members Slovakia and Hungary have been hit by a stop in flows from Russian group Lukoil coming …

U.S. natural gas-fired power generation jumped this week amid the lowest wind power output in 33 months seen on Monday while demand for cooling is rising in the summer. On July 22, wind power output in the Lower 48 states was at its lowest level in the country since October …

Amid softer EV demand and worsening profit margins this year, Tesla is setting its sights on AI as Elon Musk is betting more on self-driving and artificial intelligence. The AI hype has investors hooked in the past three months since Tesla’s underwhelming first-quarter deliveries and earnings numbers published in April. …

Russia, Iraq, and Kazakhstan have submitted their compensation plans to the OPEC Secretariat for overproduced crude volumes for the first six months of 2024. According to OPEC, the entire over-produced volumes will be fully compensated for over the next 15 months through September 2025, with Russia ‘paying back’ a cumulative …

India plans to apply for obtaining licenses for deep-sea mining of minerals key for the energy transition in the Pacific, a senior government scientist told Reuters on Monday. India has been exploring ways to own and develop critical minerals assets abroad as its renewable energy rollout is soaring and as …

Iraq aims to utilize 70 million cubic feet per day (mmcfd) of associated gas from the Bazerkan field for power generation, targeting 250 megawatts (MW) of capacity, the Oil Ministry said on Monday. “The ministry is expediting investment in associated gas from the Bazerkan oil operations to support the power …

Gulf Cooperation Council (GCC) economies will grow at a considerably slower clip in the current year due to the ongoing oil production cuts, with Saudi Arabia’s economy among the hardest hit, a Reuters poll of economists has predicted. A poll of 24 economists taken July 8-22 has predicted that Saudi …

OPEC+ delegates expect the group’s monitoring session next month to be routine, making no changes to plans for a supply hike starting in the fourth quarter. The group led by Saudi Arabia and Russia agreed last month to begin gradually restoring roughly 2.2mn barrels a day of halted crude output …

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday. The total rig count rose by 2 to 586 this week, compared to 669 rigs this same time last year. The number …

Rare earth mineral companies in China have been stung by declining prices at the same time the government “tightens its grip” on the industry, according to Nikkei Asia. Companies like Rising Nonferrous Metals, a rare-earth miner listed in Shanghai, are losing money this year, a stark contrast to last year’s …