Chinese state-held oil and gas giant CNOOC is keeping its capital expenditure flat this year compared to 2024 as it lowered its oil and gas production growth target, although it still expects annual output records going forward. CNOOC, which specializes in offshore oil and gas developments in China and internationally, …
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Aframax oil tankers that serviced crude oil exports from Russia’s western ports are now being redirected to the Russian Far East-China route to service the exports of Russia’s ESPO crude, a favorite with Chinese refiners, Bloomberg reports, citing shipbroker and ship-tracking data. The Biden Administration’s final sanctions on Russian oil …
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Oil prices dipped in Asian trade on Thursday, extending losses amid uncertainty over how U.S. President Donald Trump’s proposed tariffs and energy policies would impact global economic growth and energy demand. Brent crude futures fell 26 cents, or 0.3%, to $78.74 a barrel at 0427 GMT, while U.S. West Texas …
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Bitcoin hit record highs on Monday, as President- Donald Trump, and First Lady-again Melania Trump launched their meme coins, days ahead of the inauguration. The cryptocurrency leader reached above $108,000(£88,668) for the first time ever on Monday morning, ahead of Trump’s official return to office. Susannah Streeter, head of money …
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Europe’s wind energy and renewable companies were pressured after President Trump signed an executive order on Monday to halt US offshore wind lease sales in federal waters temporarily. Adding to the industry-wide gloom, Danish offshore wind developer Orsted revealed impairment charges that exceeded Wall Street analyst expectations. Shares of Orsted …
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For much of the past year, oil traders were desperate to find a bullish thesis. Now, in the span of just a few weeks, they have two. On one hand, amid mounting fears of a supply and inventory glut, Biden’s parting gift of accelerated sanctions against Russian oil exporters and …
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Italy, Austria, Germany, Algeria, and Tunisia reiterated on Tuesday their intention to develop a pipeline that would carry renewable hydrogen from North Africa to Europe, the Italian energy ministry said. The 3,300-km (2,050 miles) hydrogen pipeline, named SouthH2 Corridor, is planned to ship green hydrogen from the African coast to …
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The European Union has been funding wind power as a priority in energy policy. Buildout has been fast and sizable—and yet the bloc remains more dependent on coal than wind. This dependence could deepen instead of vanishing because the pace of new capacity additions is slowing down. Last year, the …
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Low wind speeds have pushed the UK’s power prices to their highest level in two years on Tuesday, with wind generation expected to plunge to the lowest level on Wednesday since September 2023, Bloomberg models show. The day-ahead power price in the UK hit $296.28 (£241.49) per megawatt-hour (MWh) on …
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Saudi Aramco, the world’s largest oil exporter, expects global oil demand to grow by a steady 1.3 million barrels per day (bpd) this year compared to 2024, the chief executive of the biggest oil firm in the world told Reuters. Oil demand is set to hit nearly 106 million bpd …
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