International

Slowing demand growth and rising US crude production will make it more difficult for OPEC+ to continue to prop up prices, the IEA said on Thursday. The OPEC+ cartel, led by Saudi Arabia and Russia, has been restraining production to maintain prices but the latter have recently slumped due to …

Vietnam finds itself wooed by two large world powers. However, this time, it is not over any geopolitical consideration, but for a resource that the modern world covets: rare earths. China and the U.S. are locked in a race to court a country that boasts the world’s second-largest rare earth …

The US and OPEC+ are once again locked in a battle to establish a dominant position for control over oil prices. Oil prices have been on the slide for the past seven weeks; the longest sustained drop for around five years. From a 2023 high point of $94 a barrel …

Construction of China’s largest commercial underground oil reserve project began in Zhejiang Province on Saturday. It is expected to facilitate the rapid storage, processing and turnover of imported crude oil after completion, and secure stable domestic supply of oil and gas. Located in Ningbo City, the project was independently designed …

The world’s second-biggest coal company is looking to get out of the coal business. For years now, Glencore has stayed stalwart in its dedication to the coal sector, reaping the benefits as other companies have dropped out of the market under increasing pressure to phase down and phase out the …

OPEC members are pushing against attempts to include language on “phasing out” fossil fuels in a UN Climate Change Conference, or COP 28, deal, highlighting the struggle over whether the summit can for the first time in 30 years address the future of oil and gas. Negotiators and observers at …

Chinese mining companies have sharply increased their cobalt output in Congo as they seek to expand their market share, putting further pressure on a commodity whose price has badly tanked. Cobalt is widely used in the electric vehicle sector whereby it’s combined with nickel to produce higher energy density in …

The United States Department of Energy said on Friday that it plans to buy 3 million barrels of crude oil for the Strategic Petroleum Reserve for March delivery as oil prices sink to levels below the stated threshold for the government’s refill plan. The Biden Administration saw the stockpiles of …

As the price of Russia’s flagship crude fell below the $60 per barrel price cap and international benchmarks slumped, India expects to increase its purchases of Russian oil, an anonymous senior government official in India told Reuters on Friday. The price of Russia’s flagship crude, Urals, has dropped below the …

G7 leaders are expected to announce on Wednesday a ban on Russian diamonds and measures to manage some 300 billion euros ($323.58 billion) in immobilised Russian central bank assets and the G7 oil price cap, sources familiar with the matter said. G7 leaders are having a virtual meeting later on …