Oil futures reversed course after rising briefly on Monday amid persistent pressure from the OPEC+ decision and uncertainty over global fuel demand growth, although the risk of supply disruptions from the Middle East conflict limited the losses. Brent crude futures were down 0.9 percent, or 73 cents, to $78.15 a …
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Soaring U.S. LNG exports have made natural gas a global commodity and the United States vulnerable to global price volatility. As American exports of liquefied natural gas are set to grow further this decade, the once-isolated U.S. natural gas prices will become increasingly linked to the pace of LNG exports …
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Abu Dhabi Future Energy Company PJSC, better known as Masdar, on Friday unveiled a contract to buy a 49% stake in the 3-GW Dogger Bank South offshore wind farm in the UK, along with other deals for renewable energy initiatives in the Kyrgyz Republic, Kazakhstan and Indonesia. The UAE state-owned …
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The head of the International Monetary Fund on Sunday underlined the case for carbon pricing at the COP28 climate summit, saying that the oil and gas industry recognizes “the writing on the wall.” A long-time proponent of carbon pricing, IMF Managing Director Kristalina Georgieva said this approach creates an incentive …
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A total of 118 countries pledged Saturday to triple global renewable energy capacity by 2030 and double the progress in energy efficiency at the 28th Conference of the Parties (COP28) to the UN Framework Convention on Climate Change in the United Arab Emirates (UAE). As part of the initiative announced …
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Japan joined a U.S.-led declaration to triple the world’s nuclear energy capacity by 2050 from 2020 levels to realize net-zero greenhouse gas emissions. Twenty-two countries, including Britain, France and South Korea, supported the Declaration to Triple Nuclear Energy announced Dec. 2 to coincide the COP28 U.N. climate conference being held …
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The US Energy Information Administration (EIA) announced on Sunday that Iraq’s oil exports to the United States exceeded five million barrels during last November. According to a table provided by EIA, “Iraq exported 5.13 million barrels of crude oil to the US in November, averaging 171,000 bpd. This is lower …
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Basra crude oil reported weekly losses following a prolonged decline in global oil prices, marking the sixth consecutive week of downturn. During its last trading session on Friday, Basra Heavy crude concluded with a $2.84 drop, settling at $77.52, resulting in weekly losses of $1.08, representing a 1.37% decrease. Basra …
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France’s president encouraged G7 countries on Friday to stop using coal by 2030. Emmanuel Macron enumerated several key points to improve the fight against climate change during an address to the United Nations Climate Change Conference COP28 in Dubai. The “primary priority” for the most developed countries is to end …
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Oil prices slumped more than 2% on Friday following a volatile trading week, as the market kept a wary eye on the latest round of OPEC+ production cuts and sluggish global manufacturing activity. Brent crude futures for February settled $1.98 lower, or 2.45%, to $78.88 a barrel on their first …
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