Top News

Oil prices rose on Monday, after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Brent crude futures rose $1.03, or 1.21 per cent, to $85.92 a barrel by 0834 GMT, while U.S. West Texas Intermediate crude was …

Qatar is set to provide a substantial 40% of all new LNG supplies by the end of the decade, the Minister of State for Energy Affairs Saad bin Sherida al-Kaabi said. The statement was made during the official’s keynote speech at the Sinopec Forum in Shanghai, where he stressed the …

Russia will stick to its voluntary oil exports cuts through 2023 in a move to balance the oil market, according to Deputy Prime Minister Alexander Novak. The nation will continue with a policy of curbing overseas supplies of crude and oil products by 300,000 barrels a day until the end …

China’s leading wind developer, Longyuan, and turbine-maker Shanghai Electric have launched what they claim is the world’s first integrated floating wind, solar and fish farming system. The facility is located off Nanri Island in Fujian Province. In 2021, the parties announced they would build the world’s first aquaculture farm integrated …

Morgan Stanley estimates a sustained oil price of $110 a barrel could undermine India’s economic stability, likely forcing the central bank to resume hiking interest rates. As the world’s third-biggest consumer of oil, India is one of the most exposed economies in Asia to rising crude prices. A $10 increase …

The value of trade exchanges between Iran and the Eurasian Economic Union (EAEU) in the first seven months of the current Iranian calendar year (March 21 to October 22, 2023) reached $4.258 billion. In that period, Iran exported $922 million worth of products to EAEU member states and imported $3.3 …

Despite the falling and flatlining rig count, U.S. crude oil production managed to hit a monthly record-high in August 2023, boosted by productivity gains and more efficient operations. U.S. exploration and production companies are drilling longer laterals and deploying rigs to the most promising areas to get more bang for …

Petrochemicals have been driving oil demand in recent years but that could all change if new restrictions come into place to curb the production of plastics and other products. The global demand for petrochemicals has been gradually rising over the last two decades, as an increasing number of consumers spend …

It’s not just Orsted that just realized the Green revolution is really deep red when it comes to shareholder value. Speaking at the FT Energy Transition summit on Wednesday, a clean energy executive at supermajor BP said that the U.S. offshore wind industry is “fundamentally broken” and needs a reset. …

China is installing about as many solar panels and wind turbines as the rest of the world combined, and is on track to meet its target for clean energy six years early. It is using renewables to meet nearly all of the growth in its electricity needs. Yet there is …