Tag Archives: Oil Price

Energy prices across Europe fell below zero for a record number of hours in 2024. An accelerated buildout of large-scale wind and solar farms has flooded European grids at peak production hours, causing surplus energy to be sold at a loss at increasingly frequent increments, for a grand total of …

The European Union is prepared to discuss with U.S. President-elect Trump boosting economic ties, including in the energy sector, an EU spokesperson told Reuters on Friday, hours after Trump threatened to impose “tariffs all the way” on the bloc if it doesn’t buy large volumes of American oil and gas. …

The rise of data centers and their quest for renewable energy to power AI technology will boost the growth of renewables even under President Donald Trump, the Americas head of Japan’s biggest bank, Mitsubishi UFJ Financial Group, told Reuters. “The new administration will be more constructive on fossil fuels, but …

The UN climate conference, COP29, held in Baku in November garnered plenty of global attention. But another, lower-profile UN-sponsored COP, shorthand for conference of parties, convened earlier in December in Saudi Arabia. That COP tackled another global warming-related challenge – the spread of desertification. Barron Joseph Orr, the lead scientist …

The 2024 hurricane season was relentless, and it took U.S. energy infrastructure along for the ride. Above-average storm activity—18 named storms, five of which were major hurricanes—created disruptions in electricity markets and oil and gas production in the Gulf of Mexico. Hurricanes Helene and Milton, both Category 3 storms, were …

India’s second-largest fuel retailer, Bharat Petroleum Corporation Limited (BPCL), plans to raise its refining capacity by 10 million tons per year by 2028, as the biggest Indian refiners consider a massive expansion to processing capacity to meet growing demand. State-controlled BPCL expects to raise its total refining capacity to 45 …

Russian crude oil exports by sea have dropped by 11% from a recent high in October, due to maintenance at the Baltic port of Primorsk, pressure for Russia to align with its OPEC+ quota, and increased sanctions pressure. In the four weeks to December 15, Russia’s seaborne crude exports averaged …

Spare oil production capacity at the highest quartile in history is weighing on Brent crude prices, and time spreads have looked undervalued since the summer, according to Goldman Sachs. The expectations for a large surplus next year are also likely weighing on the deferred time spreads, the investment bank said …

Equinor has made an oil and gas discovery next to the giant Troll field in the North Sea and will continue to explore the area for further potential resources close to existing infrastructure. The discovery, provisionally named Ringand, is currently estimated to contain between 2 and 12 million barrels of …

Following a big push from the government and electric vehicle (EV) producers, the U.K. is expected to undergo a significant shift away from internal combustion (ICE) vehicles in favour of EVs in the coming years. This news comes despite lower-than-expected EV sales in the U.S. and Europe this year, which …