Tag Archives: Bloomberg News Agency

OPEC+ defended its controversial oil-production cuts, saying they were justified by the growing risk of a global recession. The cartel agreed on Oct. 5 to reduce its collective crude-output target by two million barrels, sparking condemnation from consumers including the U.S., which accused it of aiding Russia’s war in Ukraine. …

The cost of clean hydrogen will fall to that of liquefied natural gas in a decade as global efforts to replace fossil fuels accelerate, according to Europe’s biggest operator of gas infrastructure. “Green hydrogen today is not economically competitive against alternative energy sources, which will not be the case in …

The number of carbon capture and storage projects in development grew to record levels this year on the back of rising carbon prices and government incentives, but would still only mitigate less than 1% of annual emissions, a new report finds. There are now 153 CCS projects in the planning …

Key oil market indicators are flashing signs of weakness in Asia as China’s Covid Zero policy continues to weigh on the demand outlook. The discount of Dubai swaps to global benchmark Brent has widened since the start of the month, while the prompt Dubai time spread recently narrowed to the …

President Xi Jinping has promised a slow and steady end to the growth of planet-warming emissions in China, with energy security taking top priority as the country contends with a flagging economy and tumult on global fuel markets. In a two-hour speech to kick off the weeklong Communist Party Congress, …

The European Union’s planned package to curb surging natural-gas prices must avert an increase in the use of the fuel amid an unprecedented supply crunch, EU energy chief Kadri Simson said. The European Commission is due to propose a set of measures Tuesday to alleviate the impact of Russia’s cuts …

The OPEC+ decision to sharply curtail oil production threatens to push prices to levels that tip the global economy into recession, the International Energy Agency warned. “The massive cut in OPEC+ oil supply increases energy security risks worldwide,” with “resulting higher price levels exacerbating market volatility,” the IEA said in …

Some Biden administration officials are growing concerned that their plan to cap the price of oil purchased from Russia may backfire after the OPEC+ alliance’s surprise production cut last week, according to people familiar with the matter. The plan seeks to keep enough Russian supplies on the global market to …

The European Union is moving closer to proposing a temporary overhaul of the electricity market by limiting prices of gas used for power generation even as pressure mounts for the bloc to impose a broader cap. EU energy ministers gathering in Prague on Wednesday will consider that model, which has …

European natural gas prices slumped to the lowest level in more than three months as imports of liquefied natural gas and warmer-than-expected weather provide some relief to the market. Benchmark Dutch front-month futures dropped as much as 7.8% to 144 euros per megawatt-hour, the lowest intraday since July 1. LNG …