International

During the 2023 World Bank Group and International Monetary Fund Annual Meetings in Marrakech, Morocco, the government of Uzbekistan and the World Bank signed an agreement to allocate $46.25 million for financing the Innovative Carbon Resource Application for Energy Transition Project (iCRAFT). These funds will help implement a project supporting …

Month-over-month, the Construction MMI (Monthly Metals Index) narrowly missed trading completely flat, ultimately moving sideways with just a 0.2% increase. Meanwhile, steel prices, specifically h-beam steel and steel rebar costs, either dropped or traded sideways, as did bar fuel surcharges. Energy have risen at an astounding rate since 2021 due …

India’s diesel exports loading for Europe hit a record high in September amid open arbitrage for westbound shipments, Reuters reported on Wednesday, citing tanker-tracking data and analysts. Last month, diesel cargoes loading from India and bound for Europe averaged between 280,000 barrels per day (bpd) and 303,000 bpd – or …

Russian Deputy Prime Minister Alexander Novak said that Russia and Saudi Arabia will discuss the oil market situation and oil prices later on Wednesday, news agencies reported, as the Israel-Palestinian conflict rages on. Saudi Arabia’s Minister for Energy Prince Abdulaziz bin Salman is due to take part in an energy …

The past couple of UN Climate Change Conferences have featured a growing number of fossil fuel lobbyists who almost inevitably end up clashing with climate activists and environmentalists over the role and fate of the fossil fuel industry in the global energy transition. For instance, more than 600 delegates affiliated …

OPEC has raised forecasts for global oil demand through to the middle of the century, even as the world shifts away from fossil fuels to avert catastrophic climate change. Oil consumption will climb 16% over the next two decades to reach 116m barrels a day in 2045, about 6m a …

Last week, OPEC+ decided to keep current oil production cuts in effect until the end of the year. The announcement was anything but surprising, and yet crude oil prices fell substantially, sparking suggestions that the OPEC+ cuts may already be activating what many call the cure for high oil prices, …

Russia’s potential withdrawal from the Comprehensive Nuclear-Test-Ban Treaty (CTBT) will not imply that the country will restore nuclear tests, Kremlin spokesperson Dmitry Peskov said Friday in a statement. The statement came after Russian President Vladimir Putin said at the 20th Annual Meeting of the Valdai Discussion Club on Thursday that …

There is widespread speculation that India could soon overtake China in terms of its oil demand to become the biggest consumer in the world. As China’s investment in renewable energy, metals and minerals and electric transportation begins to pay off, the Asian giant may soon no longer be the biggest …

The OPEC Fund for International Development has announced the allocation of a grant to support relief and recovery efforts in Libya, in the aftermath of Storm Daniel, which struck the country last month. In response to the humanitarian emergency, the OPEC Fund has approved a $500,000 aid grant to provide …