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US commercial crude oil inventories increased 0.6% during the week ending May 5, according to data released by the Energy Information Administration (EIA) late Wednesday. Inventories rose by around 3 million barrels to 462.6 million barrels, lower than the American Petroleum Institute’s expectation of a rise of 3.6 million barrels. …

Abu Dhabi’s main energy company will sell a 15% stake in its logistics and shipping unit in an initial public offering, kicking off the second listing of one of its businesses this year. Abu Dhabi National Oil Co. will offer about 1.11 billion shares in Adnoc Logistics & Services, it …

The United Arab Emirates (UAE) said on Tuesday (May 9) that countries should agree to phase out fuel emissions – not the production of oil, gas and coal – at the upcoming United Nations climate change negotiations that it will host this December. The comments reflect deep divisions between nations …

Renewable energy is on a massive growth trend. Solar and wind installation rates are soaring and EV sales continue to balloon as technology advances, prices become more competitive, governments get serious about supporting the clean energy transition, and all kinds of geopolitical stars have aligned. While more renewable energy is …

French TotalEnergies is set to launch long-awaiting drilling offshore Lebanon in Q3 of this year, with the restive, energy-starved country now awaiting news of a potential first discovery by the end of 2023. The consortium drilling offshore Lebanon in Block 9 is led by TotalEnergies, with partners Italian Eni and …

Pakistan has placed an order for a single cargo of Russian oil, but is keen for a long-term deal to buy the crude in Chinese currency, according to the country’s power minister. The payment for the first shipment has been made in US dollars but Pakistan would like further purchases …

Freight rates for supertankers have plunged by 75% in a month since several large OPEC+ producers announced a new round of oil production cuts that will lead to lower volumes shipped between May and December this year. Daily rates on the Middle East to China route for the very large …

Australia will allocate A$2 billion ($1.4 billion) to support renewable hydrogen projects, as the major fossil fuel exporter attempts to reinvent itself as a clean energy powerhouse. The funding, announced in the budget late Tuesday, will provide revenue support to private developers, with the aim of having two or three …

German utility EON SE warned that Europe may not have seen the end of turmoil in its energy markets and the situation could still take a turn for the worse. “The crisis is not over yet,” the energy company’s Chief Financial Officer Marc Spieker said Wednesday alongside an earnings report. …

Oil prices dipped on Wednesday, stalling a three-day rally, as an unexpected rise in U.S. oil inventories sparked demand concerns, while investors awaited U.S. inflation data to gauge the next rate decision in the top oil consuming nation. Brent crude dropped 52 cents, or 0.7 per cent, to $76.92 a …