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The cold spell that began earlier this month has prompted the shut-in of 15% of refining capacity along the Gulf Coast. The data comes from Wood Mackenzie, as quoted by Bloomberg, and translates into 1.5 million bpd in throughput capacity. While the outage is not expected to last for a …

Global oil demand is set to rise by 1.2 million barrels per day (bpd) this year compared to 2023, the International Energy Agency (IEA) said on Thursday, raising its 2024 demand growth outlook for a third consecutive month. Although the IEA flagged today in its monthly report a significantly slower …

Global coal-fired power generation reached a record-high level in 2023, per data from environmental think tank Ember reported by Reuters columnist Gavin Maguire. As countries, especially in Asia, looked to meet growing electricity demand and ensure their energy security, coal use in power generation hit record highs. Per Ember data, …

The United States Department of the Treasury’s Office of Foreign Assets Control (OFAC) has taken its first oil price cap enforcement action of the year, according to a Thursday press release. The enforcement action is against UAE-based shipping company Hennesea Holdings Limited (Hennesea) linked to a price cap violation. Hennesea …

Despite the continued escalation of tensions and conflicts in the Middle East and the diversion of LNG cargoes away from the Red Sea, natural gas prices in Europe and spot LNG prices in Asia have dropped to the lowest levels in years and months, respectively, even during peak winter season. …

Higher global economic growth and solid activity in China will see robust world oil demand growth of 1.8 million barrels per day (bpd) in 2025, OPEC said on Wednesday in its first outlook into next year’s demand levels. OPEC expects global economic growth at 2.8% in 2025, up from the …

The Organization of Petroleum Exporting Countries produced more crude oil in December than it had in November, according to the group’s latest edition of its highly anticipated Monthly Oil Market Report. For December, the group produced 26.7 million barrels of crude oil per day, up from 26.628 million barrels of …

Turkey needs more investments for the development of the identified 62,00 megawatt (MW) of geothermal energy potential, which will contribute to the country’s 2053 net zero emissions target, the head of the Turkish Geothermal Energy Association said on Wednesday. Geothermal energy is classified as a renewable energy source that can …

Oil and gas companies operating offshore Norway have set their sights on exploring for natural gas in the Arctic Barents Sea, eager to unlock new supply in light of the strong European demand for non-Russian gas. Over the next three years, some of the largest firms operating on the Norwegian …

Saudi Aramco is more than doubling funding to its venture capital arm by injecting an additional $4 billion funding, the Saudi state oil giant said on Wednesday. The fresh funding will raise Aramco’s total investment allocation to its unit Aramco Ventures from $3 billion to $7 billion. The decision to …