Top News

Oil prices rose on Monday, extending gains for a second session as U.S. efforts to replenish strategic reserves provided some support, although concerns of crude oversupply and softer fuel demand growth next year persisted. Brent crude futures rose 0.6 per cent, or 48 cents, to $76.32 a barrel by 0406 …

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 …

China has taken a step ahead of competitors in civil nuclear energy technology as it started up the world’s first fourth-generation nuclear reactor this week. As many countries are starting to recognize that nuclear power generation will play an important role in the energy transition by providing additional net-zero electricity, …

A raft of new pledges announced at the COP28 climate summit – from tripling renewables to reining in methane emissions – won’t be enough on their own to limit global warming to 1.5 degrees Celsius, the International Energy Agency (IEA) said on Sunday. So far, 130 countries have agreed to …

Iran exported non-oil commodities valued at $46.5 million to Nigeria during the first seven months of the current Iranian calendar year (March 21-October 22), the spokesman of Trade Development Committee of Iran’s House of Industry, Mining and Trade announced. Ruhollah Latifi said that among the African trade partners of Iran …

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 …

Oil benchmarks were on track for a seven-week decline on Friday, their first in half a decade, on worries about a supply surplus and weak Chinese demand, though prices rebounded after Saudi Arabia and Russia lobbied OPEC+ members to join output cuts. Brent crude futures were up $1.46, or 2%, …

The Organisation of Petroleum Exporting Countries (OPEC) said yesterday there was no “single solution” to the energy transition as pressure grows to agree on phase-out of fossil fuels at the COP28 climate talks. “There is no single solution or path to achieve a sustainable energy future,” OPEC Secretary General, Haitham …

The European Union says it’s time for the oil boss presiding over this year’s global climate talks to step up and push for a fossil fuel phaseout. Spanish Ecological Transition Minister Teresa Ribera, who represents EU governments in the negotiations, said Sultan al-Jaber, the COP28 president and CEO of the …