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Released ahead of the COP28 climate summit in Dubai, a report from the International Energy Agency (IEA) emphasised the need for oil and gas companies to let go of the “illusion” that carbon capture technology is a solution to climate change and invest more in clean energy. “The Oil and …

Russian state-owned energy giant Gazprom has said it planned to cut investment spending by a fifth next year amid dwindling gas flows to Europe and a heavy tax burden. Since Russia launched its assault on Ukraine in February 2022, European countries have sharply cut gas imports from Russia in a …

Europe’s weaker natural gas demand in the autumn is now rising amid lower-than-usual temperatures in most areas and freezing weather expected to last until early December. The forecast for many countries, including Europe’s largest economy and natural gas user, Germany, has been updated to expect colder temperatures this weekend and …

The OPEC+ group has made progress in talks with its African producers over their oil output quotas next year, three OPEC+ sources told Reuters on Friday, after the alliance had to postpone this weekend’s meeting over the spat. On Wednesday, OPEC said that the OPEC+ meeting scheduled for this weekend …

One of the biggest oil exporters in the Middle East, the United Arab Emirates, is set to increase from 2024 the exports of its flagship Murban crude grade as the UAE will see its production quota in the OPEC+ deal increased, traders have told Reuters. Refinery maintenance in the UAE …

The European Commission is expected to propose next week a plan for accelerating investment in grids to support the EU’s renewable energy targets, according to a draft of the plan seen by Reuters. “The backbone of today’s electricity systems, grids are set to become increasingly important as clean energy transitions …

Empire Offshore Wind, a joint venture between Equinor and BP, has secured approval for its offshore wind farm project on the US East Coast. The project is the sixth commercial-scale wind farm to be given a go-ahead under President Joe Biden’s administration. Equinor and BP plan to build two offshore …

South Korea is avoiding the global trend toward long-term agreements on liquefied natural gas due to high prices, a risky move that will leave the top importer exposed to the volatile spot market. State-owned Korea Gas Corp. plans to rely on short-term deals or spot purchases to fill its supply …

The Mediterranean has big dreams of becoming Europe’s clean energy powerhouse, but they have a long way to go before that goal becomes economically and logistically feasible. Between its plentiful sun for solar energy and its considerable existing natural gas infrastructure, which could be repurposed for piping green hydrogen across …

Oil prices were largely unchanged in Asian trade on Wednesday as a potentially big build-up of U.S. crude cancelled out gains triggered by likely supply cuts from the OPEC+ producers group. Brent crude futures rose 11 cents, or 0.1%, to $82.56 a barrel by 0004 GMT. U.S. West Texas Intermediate …