In an effort to shore up prices, the OPEC+ oil alliance of 23 nations has implemented supply cuts of more than five million barrels per day (bpd) since the end of 2022. In 2022, Russia’s invasion of Ukraine sent oil prices soaring to $140, raising earnings across the industry. In …
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European industries continue to be hesitant about boosting natural gas consumption, although prices are now a fraction of the records seen in 2022 and Europe appears to have put the worst of the energy crisis behind. The still high volatility in gas futures prices, compared to historical averages, and uncertainties …
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India is set to launch a carbon capture policy that it says will allow it to keep exploiting its vast coal resources and deal with its growing emissions, according to to a top government energy adviser. The policy is expected to be unveiled later this year – should Prime Minister …
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Last month, OPEC reduced oil production as the group and its allies made fresh efforts to support prices and prevent a global surplus. According to a Bloomberg survey, OPEC decreased its daily oil production by 490,000 barrels last month to reach 26.57 million bpd. About half of the reduction came …
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Eni SPA said it is awaiting government clearance to begin construction of its third biofuel production plant in Italy, proposed to rise in the port city of Livorno. “The project, first announced in October 2022 and followed by an application for Environmental Impact Assessment in November 2022, is awaiting official …
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Japan’s liquefied natural gas imports for January fell to the lowest level for that month in over a decade, as nuclear reactor restarts, higher renewables output, and energy-savings efforts curb fossil-fuel needs. Deliveries fell to just shy of 6 million tons last month, according to ship-tracking data compiled by Bloomberg. …
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Oil prices edged up on Thursday, supported by signals from the U.S. Federal Reserve on a possible start to rate cuts and as China unveiled new support measures for its embattled property market. Brent crude futures inched up 5 cents to $80.60 a barrel and U.S. West Texas Intermediate crude …
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A French quartet with huge gas expertise have unveiled a preliminary design of a 150,000 cu m liquefied hydrogen carrier. Unveiled at the Hyvolution Summit 2024 trade show in Paris, gas containment system specialist GTT, along with TotalEnergies, naval architect LMG Marin and Bureau Veritas have provided details of a …
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The UK’s Grain LNG, Europe’s largest liquefied natural gas terminal, signed on Wednesday a ten-year agreement that will extend the long-term storage and redelivery capacity of Algerian gas company Sonatrach at the Grain LNG terminal from January 2029. Grain LNG, located on the Isle of Grain in Kent, is the …
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Austrian energy company OMV expects German gas prices to average around EUR 30-35/MWh this year, down from EUR 41/MWh in the previous year, it said on Thursday. The front-month contract on Germany’s THE hub was last seen trading around EUR 30/MWh, roughly half of the value seen one year ago. …
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