Oil prices backed off on Monday, reversing their Friday rally, as renewed concerns over waning demand in the United States and China dented market sentiment. Brent crude futures for January were down 71 cents, or 0.87%, at $80.72 a barrel at 0400 GMT, while the U.S. West Texas Intermediate (WTI) …
Read More »China to Compensate Coal Plants as it Seeks Power Supply Stability
China will start guaranteeing payments to coal-fired power plants based on their installed capacity as of January 2024, as the world’s top coal consumer looks to ensure stability of electricity supply amid soaring renewable energy output. The National Development and Reform Commission (NDRC), the state planner, said on Friday that …
Read More »China’s Oil Demand Weakens
Lower refining margins, higher oil and fuel inventory levels, and a slower-than-expected increase in air travel have combined to push down oil demand in China, according to a Bloomberg report, with analysts expecting little change in the status quo in the coming months. “Domestic demand has lost steam following the …
Read More »Oil Prices Sputter Near 3-Month Lows as Demand Concerns Mount
Oil prices struggled on Wednesday after sliding to their lowest levels in over three months in the previous session, weighed down by concerns over waning demand in the world’s top oil consumers, the United States and China. Brent crude futures advanced by 15 cents to $81.76 a barrel by 0636 …
Read More »China’s Strategic Export Control Upends Rare Earth Markets
China has spent years staking out near-total domination of a laundry list of rare earth minerals with a vital and growing role in clean energy supply chains. The nation has been building up its own domestic wealth of these key primary materials while simultaneously expanding its acquisitions and influence in …
Read More »China Launches First All-in-One Floating Fish Farm Powered by Wind and Solar Energy
China’s leading wind developer, Longyuan, and turbine-maker Shanghai Electric have launched what they claim is the world’s first integrated floating wind, solar and fish farming system. The facility is located off Nanri Island in Fujian Province. In 2021, the parties announced they would build the world’s first aquaculture farm integrated …
Read More »China is Winning in Solar Power, but its Coal Use is Raising Alarm
China is installing about as many solar panels and wind turbines as the rest of the world combined, and is on track to meet its target for clean energy six years early. It is using renewables to meet nearly all of the growth in its electricity needs. Yet there is …
Read More »China’s Largest LNG Storage Tank Put into Use
China’s first domestically-produced LNG storage tank of 270,000 cubic meters was put into operation in Qingdao, Shandong Province, on Thursday. It is the largest LNG storage tank in the country, which has significantly increased the supply capability in north China. The tank has a diameter of 100.6 meters and a …
Read More »Russia and China Look to Speed up Development of New Natural Gas Route
Russia’s gas giant Gazprom is working with China to further raise Russian pipeline deliveries to the Chinese market and is discussing speeding up the start of supply via the Far Eastern route, Xie Jun, vice president at China National Petroleum Corporation (CNPC), said at a gas forum in Russia on …
Read More »EU Unveils Global Gateway to Rival China’s Belt and Road
The European Union has announced a raft of multimillion dollar deals at a forum for its Global Gateway program, the bloc’s new infrastructure partnership plan that’s seen as an alternative to China’s worldwide Belt and Road Initiative (BRI). The first Global Gateway Forum kicked off in Brussels on October 25 …
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