Europe’s oil demand, especially road fuel consumption, has rebounded in recent weeks, as many Europeans hit the road for late summer vacations after a year and a half of restrictions and lockdowns. Airline traffic in Europe is still 30 percent below pre-COVID levels from 2019, but road fuel demand has …
Read More »
Europe is facing an energy price shock as the cost of natural gas and electricity surges to record levels. A gas supply crunch is boosting the cost of producing power from the U.K. to Germany just as businesses reopen and people return to the office, increasing demand. Rising prices are …
Read More »
European energy executives have warned of a difficult winter ahead as natural gas prices soar to records, a grim prospect for households and businesses recovering from the global pandemic. Gas prices in Europe are breaking records day after day as economies reopen and people return to the office, boosting demand …
Read More »
Natural gas prices are undergoing a historic surge, and it’s bad news for everyone from ceramic makers in China to customers of patisseries in Paris. The cost of the fuel is already at record seasonal highs in most major markets and looks likely to rise further, threatening to dent the …
Read More »
The United Arab Emirates awarded an oil concession to companies from Pakistan for the first time. A group led by state-owned Pakistan Petroleum Ltd. will invest about $305 million to find crude and natural gas in the UAE’s Persian Gulf waters, according to Abu Dhabi National Oil Co. Adnoc is …
Read More »
Chancellor Angela Merkel reinforced her pledge to ensure Russian gas flows through Ukraine, an economic lifeline for the former Soviet republic threatened by the Nord Stream 2 gas pipeline linking Russia to Germany. A gas-transit accord between Russia and Ukraine must be extended “as quickly as possible,” Merkel said at …
Read More »
Saudi Aramco is joining a group led by ACWA Power to build a nearly $1 billion solar power plant in the kingdom as the world’s largest oil-exporting nation expands renewable energy supply. Aramco will hold a 30% stake in the Sudair solar project, while ACWA and partner Water & Electricity …
Read More »
India aims to wind down energy imports in the next 25 years and invest 100 trillion rupees ($1.35 trillion) in infrastructure to boost economic growth, Prime Minister Narendra Modi said Sunday, laying out national priorities on the country’s 75th Independence Day. “For India to be self-reliant it is imperative that …
Read More »
China XD Group Co.’s listed unit gained on a report authorities are advancing plans to combine electricity transmission and distribution equipment makers to create a 110 billion yuan ($17 billion) behemoth. Units of China XD and State Grid Corp. of China would be merged under the proposal to help drive …
Read More »
The era of cheap natural gas is over, giving way to an age of far more costly energy that will create ripple effects across the global economy. Natural gas, used to generate electricity and heat homes, was abundant and cheap during much of the last decade amid a boom in …
Read More »
Iran Energy News Oil, Gas, Petrochemical and Energy Field Specialized Channel