Top News

Petroleum products accounted for the largest share, 57%, of the amount U.S. consumers spent on energy in 2021, as overall energy spending jumped by inflation-adjusted 25% from 2020, due to higher consumption and prices, the Energy Information Administration (EIA) said this week. In 2021, the amount U.S. consumers spent on …

A third survey has come in showing that OPEC’s production dipped even more than earlier estimates, according to Argus, which showed that production fell in July by more than 1 million bpd as Russia and Saudi Arabia stepped up their efforts to curtail production. Argus’ survey is just one of …

Russia is expecting extra oil and gas revenues to reach 1 trillion rubles, or $11 billion, in the last five months of the year despite sanctions, embargos, and price caps, two people with knowledge of the situation told Bloomberg. The Finance Ministry hopes to put the fat revenues toward covering …

Global prices for food commodities like rice and vegetable oil have risen for the first time in months after Russia pulled out of a wartime agreement allowing Ukraine to ship grain to the world, and India restricted some of its rice exports, the UN Food and Agriculture Organization said Friday. …

For years, climate experts have been begging the world’s biggest economies to wean themselves off of fossil fuels. Instead, coal use is at an all time high, hitting a brand new record of 8.3 billion metric tons in 2022, up 3.3% from the prior year, according to figures from the …

With the aviation industry contributing around 2 percent of global carbon emissions, the sector must find a way to go greener. While many industries are beginning to decarbonise operations, some are finding it extremely difficult to find the right path to cleaner operations. The aviation sector has long relied on …

Qatar’s government plans to increase LNG export capacity and natural gas production through a major expansion in the North Field, Qatar, is expected to be completed by 2028. Expanded North Field natural gas production is expected to offset declines from mature fields and will increase overall natural gas output in …

The price cap on Russian crude oil products isn’t as effective as the implementers intended, according to Bloomberg, citing Argus Media Ltd data. Several of Russia’s refined oil products continue to trade above the capped price laid out by the G7 as the nation continues to defy Western sanctions. Diesel …

Oil slid further on Thursday after dropping sharply from more than three-month highs in the previous session as a U.S. government credit downgrade weighed on sentiment, while concerns around supply tightness provided support. Ratings agency Fitch on Wednesday downgraded the main U.S. credit rating, reflecting an expected fiscal deterioration as …

A panel of OPEC+ is unlikely to change the current oil production policy of the alliance at the Friday meeting, several sources in the group told Reuters on Wednesday, as prices rallied to more than a three-month high. The Joint Ministerial Monitoring Committee (JMMC) of the group, which regularly discusses …